The latest news release around 7:15 a.m. ET
With APS and other sites still making this the top pick,
and it being at rock bottom, nowhere to go but up, only
question is how high, shorts R running scared, posting
endless neg and often illiterate nonsense. We have to
ask ourselves, what's their purpose in doing so? Why
R they not just ignoring this if not desperate shorts?
Ask AND Bid have just jumped up!
Swingplane Reports on Additional Ore Shipments to ENAMI
Marketwire via CMTX - 13 mins ago
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SWVI - Swingplane Ventures
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SWVI 0.2200 -0.0500 -18.52%
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 Company previously reported that multiple shipments of low grade, copper mineralized vein material ("Mineral Cobre Lixiviacion," or Cu mineral for leaching) had been delivered to the ENAMI facility (see News Release dated February 13, 2013). The ENAMI facility at Copiapo (45 km south of the Property) is a government owned smelter and processing facility, primarily for copper ore.
The material shipped consisted of copper mineral for leaching, having documented grades, as determined and reported by ENAMI, ranging between 1.88% and 8.8%. These shipments comprized of approximately 500 tonnes was shipped from stockpiles of copper mineralized material from three of the drifts developed over the past year. The material represents hand sorted material produced from mineralized haloes around high grade, copper mineralized veins exposed along the "Veta Gruesa Centre," "Exploration" and "Descubridora I" drifts. These shipments were made to evaluate the expenditures and financial return associated with processing and shipping low grade mineralized material produced during development along high grade, copper mineralized veins.
An additional 11 shipments, totaling approximately 300 tonnes, has been shipped to ENAMI for processing over the last month. Payment will be received once the material has been processed. The following table documents the particulars, together with check assays at an independent lab, for each shipment.
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Submission Batch Wet Weight
Date Number (tonnes) ENAMI Independent Check
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Cu (%) Acid (%) Cu (%) Acid (%)
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Jan. 30, 2013 21091 28.24 6.87 2.49 6.68 2.60
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Jan. 31, 2013 12447 29.04 10.96 2.01 N/A N/A
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Feb. 12, 2013 28.24 28.24 6.68 2.60 N/A N/A
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Feb. 14, 2013 20185 26.99 6.24 2.27 N/A N/A
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Feb. 14, 2013 20242 24.54 8.11 2.13 7.68 2.39
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Feb. 14, 2013 20243 27.15 5.31 2.53 4.91 2.69
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Feb. 14, 2013 20244 27.25 9.28 2.21 8.80 2.24
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Feb. 14, 2013 20245 26.40 8.72 2.19 8.03 2.24
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Feb. 14, 2013 20297 26.66 8.46 2.27 N/A N/A
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Feb. 27, 2013 21397 26.66 8.18 2.36 8.46 2.29
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Feb. 27, 2013 21398 29.04 10.59 2.02 10.96 2.01
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Total 300.21
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The shipments comprise material produced, and stockpiled, from drifts developed on the Property. The active drifts include Veta Gruesa East, Veta Gruesa Centre, Descubridora I and Descubridora II.
Iron oxide-Copper-Gold (IOCG) deposits are characterized by high iron content, as magnetite and/or hematite, with variable amounts of copper and other by-product metals and/or minerals. The Property hosts vein-style IOCG mineralization consisting of multiple veins having high hematite content (as "almagrado," an intimate mix of copper minerals and hematite). High grade copper veins, up to 5 m thick, comprise at least three Major Veins, with relatively abundant secondary, en echelon and/or subsidiary veins or vein segments throughout the Main Mineralized Trend (see News Release dated January 30, 2013). Analytical results from samples taken during two Due Diligence Property Evaluations document copper grades ranging between 1.06 and 46.58% (representative grab samples from high grade veins and/or high grade mineralized material hand sorted for sale).