Green Swan Completes Drill Program on Schedule
November 28, 2016 (Source) — Green Swan Capital Corp. (TSXV: GSW) (“Green Swan”) has completed the previously announced diamond drill program on its cobalt / gold property (the “Property”) in Sudbury, Ontario. The program was completed on schedule and to the best of management’s knowledge on budget.
The program consisted of five diamond drill holes aggregating 299 metres, all drilled from the west of Ed’s Watering Hole in the south end of the Property, targeting quartz veins in a structurally controlled corridor. All holes were drilled at a 45 degree angle, except for CP16-03 which was at a 50 degree angle.
Approximate locations and drill hole traces for the five diamond drill holes are provided in the map below.
As Green Swan previously reported, management theorizes that mineralized quartz veins up to 1.2 metres in width occur over a 10 to 20 metre wide pinch and swell zone extending discontinuously up to 50 metres from Ed’s Watering Hole northward, within the contact zone between the Nipissing Gabbro to the west, and Sudbury Breccia and metasediments to the east. The diamond drill program was designed to further test this theory.
The core from drill hole CP16-01, drilled to a depth of 69 metres, has been logged, sampled, and submitted for analysis. Drill hole CP16-01 intersected a zone of quartz veining between 12.93 to 16.20 m. Visible gold was also noticed at 48.2 m within a 4 cm quartz-carbonate vein.
Assay results from drill hole CP16-01 are expected by mid-December.
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Logging of drill holes CP16-02 through to CP16-05 is in progress. It is expected that the samples for CP16-02 and CP16-03 will be submitted for analysis by the end this week.
Finally, Green Swan previously reported the assay results from certain surface samples (the “samples”) on November 7th, 2016. Included in those results was sample 60210 returning 4.15 Au g/t and 0.002% cobalt. Green Swan at that time disclosed that the samples including 60210 had been collected by a former consulting geologist who had not fully communicated his sampling methodology to Green Swan, and as a result Green Swan had not been able to determine what standards, if any, had been introduced in the testing process. On November 16th, 2016, Green Swan was provided with a sample spreadsheet from the former consulting geologist that identified sample 60210 as a standard, and not as a grab sample taken from the Property. Readers are cautioned to disregard the results for sample 60210.
Mr. Kleinboeck is Green Swan’s Consulting Geologist, a Qualified Person (Q.P.) under National Instrument 43-101. He has reviewed and approved the scientific and technical data presented in this press release.
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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