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March 28, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (OTC-BB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo Property.
Swingplane Ventures, Inc.'s (the "Company") Algarrobo Property (the "Property") is an Iron Oxide-Copper-Gold (IOCG) property located approximately 850 km north of
Santiago, in the III Region, Province of Copiapo, Chile. The city of Copiapo is located approximately 43 km to the southeast of the Property, with the small port city of Caldera 25 km to the east. The Property consists of 32 tenures, comprising a total of 6,161 ha (15,224 acres).
Since December, 2012, the Optionor has undertaken a considerable amount of work to further develop existing drifts reported previously (see News Release dated
January 30, 2013). In addition, work has been undertaken to develop a new drift, the Maribel Drift, together with initial work to expose a mineralized vein for subsequent development, the proposed Angela Drift. Finally, a large open cut has been developed on the Descubridora I and II exposures to extract high grade, near surface material exposed in bedrock immediately underlying eolian sand cover.
At the current time, a total of approximately 734 m of underground development has been completed, as follows: Veta Gruesa Centre workings – 336.5 m; V CAMP workings ("Exploration" Drift) – 191 m; Descubridora; Open cut over approximate vertical exposure of 21 m, 41 m drift; False Estaca – 77 m and Veta Gruesa East – 89 m. Development on these workings will be reported in separate, subsequent News Releases.
In addition to the above, initial work has been completed to expose a front below and on strike with a well-developed, strongly oxidized, copper mineralized vein exposed 16 m above and 38 m to the east. The vein exposed along the road cut comprises an oxidized, leached zones approximately 2.8 m thick, having a 60 cm thick, strongly to completely oxidized, iron-oxide core. Strong azurite staining, with associated development of copper wad (cuprian manganese oxide), is evident over approximately 1.2 m above the base of the exposure.