Green Swan Capital Corp. Announces Continued Success in Sudbury
August 15, 2016 (Source) — Green Swan Capital Corp. (TSXV: GSW) (“Green Swan”) announces the latest strong results from its ongoing work program at its 100%-owned Sudbury cobalt asset, the Copper Prince.
Significant cobalt values exceeding 0.07% cobalt are seen in two of three tested areas, and all areas are elevated in gold (see chart below). Said Green Swan’s CEO Peter M. Clausi, “The work program is on schedule and on budget, with tremendous results to date. We’re eager to get to this autumn’s diamond drill program.”
In the southern four claims, the Sudbury Breccia is observed to the west and east of the Nipissing Gabbro, and is cross-cutting and subparallel to metasediments that strike north-eastward. The Main Zone in the north and the Blue Pit in the east are separated by approximately 330m within metasediments with a local Sudbury Breccia vein network around the Blue Pit.
Historic work by third parties on the 260 hectare property concentrated on three areas, namely, the Main Zone, the Blue Pit, and Ed’s Watering Hole (‘EWH’) in the south. EWH is roughly 1.2 km south of the Blue Pit. Ed’s Watering Hole appears to occur in altered rock (skarn) at the contact between Nipissing Mafic (Gabbro) sills and dykes (2.22 Ga), and the metasediments of the Huronian Supergroup, Hough Lake Group and Mississage Formation (2.2 to 2.45Ga), and is associated with a 30-centimetre quartz vein.
A map showing the location of the property, its close proximity to Glencore plc’s smelter and key data points can be seen at Green Swan’s website at http://www.greenswancapital.com/map-of-copper-prince.html. The map does not show Green Swan’s recently acquired claims in the area.
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Green Swan previously released results from chip and grab samples (press release of June 20, 2016) in which it announced cobalt values of up to 4.5%, gold values up to 15g/Au/t and nickel values up to 1.6%. Subsequently a reconnaissance group of 20 samples (both chip and grab) were collected from these three areas to test and confirm past results for cobalt, gold, nickel, copper and precious metals. The results from that 20-sample group are presented below:
|(# of samples)||%||ppm||%||%||%|
|Main Zone (4)||0.32 —0.78||0.48-3.80||0.01-0.29||0.15-0.41||9.04-35.9|
|Blue Pit (7)||NSR||0.27-4.58||NSR||0.33-1.67||0.5-2.28|
|EWH (9)||0.01-1.32||Up to 2.99||0.02-0.39||Up to 0.35||0.08-16.0|
Notes: 1) All zones are open in all directions. 2) PGM’s have No Significant Results.
Glencore plc’s Resources and Reserves Report, 2015 states its “proved ore reserves” has an average grade of 0.03% in the Sudbury Mines (page 29). Two of Green Swan’s three tested areas are hosting cobalt values at surface that are well above that average. It appears from Green Swan’s limited sampling to date that the cobalt in the Main and EWH areas may be positively correlated with nickel and negatively with copper.
Status and Next Steps
As set out in Green Swan’s press release of August 9, 2016, an excavator carried out power stripping in the EWH area, on selected outcrops, pits and trenches. The excavator partially uncovered several new quartz pods or veins (yet to be determined) east of EWH and on the west side of newly-exposed outcrops leading into the Blue Pit. Follow-up work will be required on these old pit areas. The excavator is now offsite, as scheduled. Pictures of the excavator and the clearing process can be found in Green Swan’s twitter feed at https://twitter.com/GreenSwanCap.
The results to date strongly support Green Swan’s exploration strategy to carry out further washing, mapping and channel sampling, and to then execute a short diamond drill program in November, 2016, focussing on the area around Ed’s Watering Hole. Green Swan has the cash on hand to complete this drill program. Upon completion of the drill program, Green Swan expects to receive a grant under the JEAP program, in an amount to be determined. Green Swan expresses its thanks to the Ontario Prospectors Association, the Northern Ontario Heritage Fund Corporation, and the Ministry of Northern Development & Mines for their support.
Scot Halladay, P.Geo., Consulting Geologist (HGCS), a Qualified Person (Q.P.) under National Instrument 43-101, has reviewed and approved the scientific and technical data presented in this press release. HGCS conducts a quality control program for all of its exploration work, to ensure best practices in the industry from field work to reporting. Mr. Halladay has supervised the work programs on the Copper Prince property, visited the property on several occasions, examined outcrops, and trenched areas, reviewed results with management, and reviewed both AGAT’s analytical and quality control results. The samples referred to in this release were analyzed with the same mining package as described in the June 20, 2016 press release, at AGAT Laboratories. AGAT Laboratories is a highly specialized, Canadian-based company that provides analytical laboratory services to the mining industry worldwide, with over 30 years of experience and over 1,000 employees Canada-wide.
About Green Swan Capital Corp.
Green Swan Capital Corp. is a Canadian mining company with a proven leadership team, targeting cobalt in Ontario. Green Swan is well-poised to deliver real value to its shareholders.
Forward Looking Statements
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Green Swan cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Green Swan currently foresees. Discussion of the various factors that may affect future results is contained in Green Swan’s recent filings, available on SEDAR. Green Swan assumes no liability for repeating or referring to any facts, statements, releases, data or reports disseminated by any other issuer. Any reference to any other issuer should be cross-checked for accuracy and context by the reader. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Directors
Green Swan Capital Corp.
“Peter M. Clausi”
Peter M. Clausi
President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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