BURLINGTON, ONTARIO--(Marketwire - Feb. 4, 2013) - Green Swan Capital Corp. ("Green Swan") (TSX VENTURE:GSW) announces diamond drilling results from its Phase 1 program on its 100% owned Geneva Lake Property ("Geneva Lake"). The program's goals were achieved, on budget and on schedule.
Geneva Lake, Ontario
Geneva Lake consists of four mineral claims located within the Benny Greenstone Belt in Hess Township in northern Ontario, north of Sudbury. Highway 144 provides access to the area, with logging roads providing access to, and through, these claims.
The former Geneva Lake Mine (Pb-Zn-Ag) is located on these claims, which mine produced 80,588 tons of ore with a grade of 3.34% lead and 9.21% zinc from 1941 to 1944 (see OGS report 206, Geology of the Benny Area). Historic data from that period (which data is not NI 43-101 compliant and cannot be relied upon) suggests that high grade base metal mineralization (approximately 44% combined Pb + Zn) may be found at Geneva Lake.
This Phase 1 drill program was Green Swan's first stage of exploration on Geneva Lake. There is not yet an accurate map of the underground workings with respect to surface. The two main goals of this program were therefore to make an initial assessment of the claims, and in particular, of volcanogenic massive sulphide-style, base metal mineralization remaining underground in proximity to the historic underground workings, and to help locate such workings relative to surface.
Hole 4 intersected the underground workings and could not proceed. The remaining four holes were drilled to their respective target depths. Hole 5 did not produce any significant sulphides. Holes 1, 2, and 3 intersected mineralization, as tabulated below:
| ||Hole|| ||From|
| ||1|| ||140.00|| ||142.00|| ||2.00|| ||0.24|| ||0.01|| ||0.17|| ||0.58|| |
| ||2|| ||253.00|| ||257.00|| ||4.00|| ||0.06|| ||0.01|| ||0.05|| ||0.48|| |
| ||Incl.|| ||255.00|| ||256.00|| ||1.00|| ||2.7|| ||0.02|| ||0.01|| ||0.83|| |
| ||3*|| ||157.00|| ||166.00|| ||9.00|| ||0.02|| ||0.01|| ||0.03|| ||0.46|| |
| ||Incl.*|| ||160.00|| ||162.00|| ||2.00|| ||0.04|| ||0.02|| ||0.04|| ||0.95|| |
| || || || || || || || || || || || || || || || || |
|* Note: True widths have not been calculated and are therefore not known at this time. |
In general, Holes, 1, 2 and 3 documented low grade, but anomalous, base metal mineralization over widths between 2.00 and 9.00 m. The holes were separated from one another by between 75 and 325 m. Holes 4 and 5 were located above and slightly north of the underground workings (based on available data). Holes 1 to 3 are believed to have been located between 75 and 125 m southwest of the underground workings.
Collar information is as follows:
| ||Hole|| ||Easting|| ||Northing|| ||Inclination|| ||Azimuth|| ||Length (m)|| |
| ||1|| ||460485|| ||5182135|| ||-76|| ||243|| ||301|| |
| ||2|| ||460695|| ||5181886|| ||-80|| ||226|| ||301|| |
| ||3|| ||460594|| ||5181909|| ||-49|| ||53|| ||301|| |
| ||4|| ||460549|| ||5181174|| ||-45|| ||270|| ||13|| |
| ||5|| ||460729|| ||5182991|| ||-50|| ||258|| ||50.5|| |
| || || ||Total|| ||996.5|| |
Although the holes did not intersect any of the high grade, base metal mineralization that is historically reported to remain underground and adjacent to the underground workings comprising the Geneva Lake Mine, they did document anomalous mineralization tentatively interpreted to comprise a halo to the mineralized horizon(s).
To test this interpretation, Green Swan has completed both Crone Geophysics and Earthprobe downhole geophysical surveys. The results are expected to provide a better understanding of the sub-surface mineralization and allow identification of additional targets for subsequent drilling. Results of these surveys will be released once received and evaluated by the Company, which is expected to be in the near future.
QA-QC: All samples were submitted to Actlabs Laboratories ("Actlabs") for analysis. Actlabs is an independent certified laboratory and preparation facility which maintains an ISO 17025 accreditation by the Standards Council of Canada (SCC).
Mikayla, British Columbia
Green Swan announced on November 26, 2012 that it had completed an airborne magnetic survey of Mikayla in southeast British Columbia. Mikayla covers 1144 hectares and is located in the Okanagan Valley in southeast British Columbia, roughly 15 km south of Xstrata Canada's Brenda Mine (molybdenum), and close to the Crowrea and Empress properties (Nevada Clean Magnesium Inc. / Goldrea Resources Corp. joint venture), both of which are molybdenum properties (www.nevadacmi.com).
The airborne survey at Mikayla represents Phase One of exploration. It covered approximately 220 kilometres, flown at 100 metre line spacing. Management has now received the final data from this survey and will release the results as soon as possible. The scope, budget and nature of Phase Two of exploration at Mikayla will be carried out in the first half of 2013.
The transaction with Interactive Capital Partners Corporation, announced on January 8, 2013, whereby Mikayla will be the basis for the Interactive Capital Partners Corporation Qualifying Transaction, continues as planned.
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.
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.