Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company" or
"Swingplane") is pleased to update information pertaining to the
Algarrobo property.
Swingplane Venture 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).
The Algarrobo's data to date gives us many indications that the
property has the same potential as the Olympic Dam property in
south Australia, which is the sixth largest know copper ore body,
fifth largest gold ore body and the largest uranium ore body in the
world. Olympic Dam's copper assets based on today's copper price
would be valued at approximately $863 billion, including $470
billion in copper, $270 billion in uranium, $116 billion in gold
and $8 billion in silver.
Worldwide Iron Oxide-Copper-Gold (IOCG) deposits represent a
potential source for a diverse suite of metals and/or minerals,
including base (Cu, Fe, Pb, Ni, Zn), precious (Au, Ag, PGE), Rare
Earth Elements and strategic (Co, Bi, V). The Property has already
confirmed potential for high grade copper mineralized vein style
mineralization (see News Release dated January 31 and February 14,
2013). Previous work on the Property (see News Release dated
January 24, 2013) returned anomalous results for Au and, to a
lesser extent, silver from surface and underground workings on, and
immediately adjacent to, the Property. Sampling associated with
preliminary Due Diligence assessment of the Property has confirmed
anomalous results for gold (Au), silver (Ag), cobalt (Co),
molybdenum (Mo) and the Light Rare Earth Elements (La and Ce).
Background levels of copper, between well mineralized veins,
vary between 0.10% and 1.05%, with copper mineralization produced
from veins on the Property ranging from low grade, copper leachable
material (1.88% to 4.28% Cu), low grade "Direct Shipping Ore" (5%
to 15% Cu) to very high grade, Brochantite-rich material grading up
to 46.58% copper. Future work is proposed to further assess and
evaluate potential for gold (Au), silver (Ag), cobalt (Co),
molybdenum (Mo) and the Light Rare Earth Elements (La and Ce), as
well as for Platinum Group Elements (PGE).
Further work will need to be completed on the Property, both in
terms of exploration and development, to further evaluate and
quantify the mineral potential believed to exist on the Property.
However, a brief review of IOCG deposits from around the world
underscores the potential available.
The following table represents resources and/or reserves from a
number of localities around the world. It is not known to what
extent the reported data is (or is not) NI 43-101 compliant.
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Deposit Total Ore Reserves (remaining) Resources
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Olympic Dam 589 Mt @ 1.81% Cu, 0.59 kg/t 9,090 Mt @ 0.87% Cu, 0.27 kg/t
U3O8, 0.66 g/t Au, 3.36 g/t Ag U3O8, 0.32 g/t Au, 1.50 g/t Ag
Products: Cu, U3O8, Au, Ag + 151 Mt @ 0.99 g/t Au
----------------------------------------------------------------------------
Phalaborwa 118 Mt @ 0.64% Cu 850 Mt @ 0.5% Cu, (+Au, Ag,
Products: Cu, magnetite and PGE, U, Zr, REE, Ni, Se, Te,
vermiculite Bi, vermiculite)
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Salobo 789 Mt @ 0.96% Cu, 0.52 g/t Au
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Manto Verde 67.2 Mt @ 0.63% Cu (heap 600 Mt @ 0.5% Cu, 0.1 g/t Ag
leach), 43.9 Mt @ 0.39% Cu
(dump leach)
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Candelaria 470 Mt @ 0.95% Cu, 0.22 g/t
Au, 3.1 g/t Ag
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Ernest Henry 167 Mt @ 1.1% Cu, 0.5 g/t Au
----------------------------------------------------------------------------
Prominent Hill 63.5 Mt @ 0.94% Cu, 0.50 g/t
Au, 2.40 g/t Ag (+21 t @ 0.97
g/t Au, 1.09 g/t Ag)
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Bayan Obo 48-100 Mt @ 6% REE2O3 (+1 Mt @
0.13% Nb)
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NICO 21.8 Mt @ 1.08 g/t Au, 0.16%
Bi, 0.13% Co
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Sue Dianne Not Estimated 8.4 Mt @ 0.80% Cu, 0.07 g/t
Au, 3.2 g/t Ag
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Source: "Exploring for Iron Oxide Copper-Gold
(Ag-Bi-Co-U) Deposits: Case Examples, Classification and
Exploration Vectors, in Exploring for Iron
Oxide Copper-Gold Deposits: Canada and Global Analogues,
Geological Association of Canada Short Course Notes 20, 2010.
From the above table, it is evident that IOCG deposits are
commonly associated with copper, gold and silver as primary and
by-product commodities. Furthermore, it is also evident that a
diverse suite of metals can be associated with IOCG deposits,
representing potential primary and by-product metals and minerals.
Finally, the table documents that IOCG deposits can vary up to two
orders of magnitude in size, from the Sue Dianne (8.4 Mt) to
Olympic Dam (9,090 Mt). In summary, given the diverse suite of
metals as possible primary, secondary and by-products metals, as
well as the potential size of such deposits, IOCG represent
desirable, and potentially valuable, exploration targets.
The Property currently has at least three "Major Veins"
identified, within the "Main Mineralized Trend", located within,
and immediately adjacent to, the Property. Within the Main
Mineralized Trend are well mineralized, secondary and tertiary
veins, as well as additional potential Major Veins (i.e. Manto Ossa
and Veta Gruesa). Furthermore, the Company currently has a total of
five drifts developed on the Property for production purposes.
Three of the drifts, the "Veta Gruesa Centre", "Exploration" and
"Veta Gruesa East" drifts, have been developed along a single vein,
the Veta Gruesa, separated by a minimum of 150 m. The remaining
two, False Estaca and Descubridora, are developed along interpreted
extensions of Major Veins. More recent work has resulted in
development of a second drift (Descubridora II) on the Descubridora
Vein, approximately 40 m farther west, and at slightly lower
elevation, than Descubridora I. This second drift was developed to
further exploit very high grade copper ore (up to 50% Cu) exposed
in the initial Descubridora Drift.
The content of this news release has been reviewed by Rick
Walker, B.Sc., M.Sc., P. Geo., a Qualified Person for the purposes
of NI 43-101, with the ability and authority to verify the
authenticity and validity of the data herein.
Michel Voyer President and Director For more information please
visit our web site at: W: www.swingplaneventuresinc.com Or contact;
Investor relations: 1-800-253-1692
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ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS
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CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR
INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL
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COMMISSION.
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TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALLTHERE BE
ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION
OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH
JURISDICTION.
Michel Voyer President and Director For more information please
visit our web site at: W: www.swingplaneventuresinc.com Or contact;
Investor relations: 1-800-253-1692