Swift Resources Samples 29.2 oz/t from the Amazing Grace
Vancouver – Monday, July 26, 2010 – Swift Resources Inc. – SWR: TSX.V (“Swift”) (the “Company”), has received analytical results from a June 2010 rock sampling program on the company’s Amazing Grace property, located near Castlegar in southern British Columbia. The company is extremely pleased with initial results from the property. Samples from the recent program had gold values including 1000.6 g/t Au (29.2 oz/t Au), 410.5 g/t Au (12.0 oz/t Au) and 161.4 g/t Au (4.7 oz/t Au) from the BW showing. The BW showing is an unexplored vein target which is untested by trenching or drilling, or by any other recent exploration methods. It is a high priority for further work.
Significant results from the recent rock sampling program are summarized below. All of the samples were collected from unexplored targets on the property. None of the showings described have been tested by trenching or drilling.
| Sample | Showing | Au | Ag | Pb | Zn | W | Mo |
|---|---|---|---|---|---|---|---|
| g/t | g/t | % | % | % | % | ||
| 16500 | Curt Gold | 2.36 | |||||
| 16501 | Curt Gold | 4.36 | |||||
| 16502 | Curt Gold | 2.55 | |||||
| 16503 | Scheelite | 0.05 | 0.237 | 0.017 | |||
| 16505 | Scheelite | 0.06 | 0.154 | 0.027 | |||
| 16506 | Scheelite | 0.08 | 0.254 | 0.106 | |||
| 16509 | BW | 410.5 | 218.3 | 1.76 | 0.60 | ||
| 16510 | BW | 1000.6 | 531.5 | 7.00 | 0.62 | ||
| 16511 | BW | 161.4 | 176.6 | 3.16 | 0.40 | ||
| 16512 | BW | 1.59 | |||||
| 16513 | Hilltop | 0.16 | 286.6 | 0.26 | 0.67 | ||
| 16519 | Roadside | 4.41 | |||||
| 16520 | Roadside | 2.61 | |||||
| 16526 | Breccia | 0.41 | 401.2 | 15.90 | 0.51 | ||
| 16532 | Free Gold | 18.13 | |||||
| 16541 | Mercy | 15.3 | |||||
| 16542 | Mercy | 8.4 |
The Amazing Grace property is underlain by a large quartz monzonite to granodiorite pluton of the Jurassic Nelson Plutonic suite and by Rossland Group volcanics and sediments which occur adjacent to and as large roof pendants within the pluton. Quartz and quartz-sulfide veins and zones of sheeted and/or stockwork veining occur within the intrusive and in the older Rossland Group rocks. Large alteration zones, with associated mineralization, occur along major structures on the property. Areas of skarn alteration and mineralization also occur. Gold skarn mineralization occurs in a similar geological setting at the Second Relief mine, 8 km to the northeast of the Amazing Grace property. The Second Relief mine is the third largest known gold skarn deposit in British Columbia. It was mined between 1900 and 1948 and has past production totaling 205,000 tonnes at a grade of 15 g/t Au (0.44 oz/t Au).
Samples listed above are from a number of different areas of mineralization on the Amazing Grace property. A map showing the various targets on the property is available on the company’s website at http://swiftres.com/ag/ag_map.pdf. The Curt Gold showing is a zone of quartz flooding and stockwork veining in strongly altered metasediments, which is poorly exposed in subcrop. Elevated gold values, to 4.36 g/t Au, were obtained from samples collected. Less than 100 meters to the south, tungsten-molybdenum skarn mineralization is seen in outcrop (the Scheelite zone). Values to 0.254% Mo and 0.106% W were obtained from samples collected.
The BW showing is a quartz vein, hosted in altered metasediments, that is located about 350 metres to the northwest of the Curt Gold/Scheelite zone. There is little or no outcrop at the showing but abundant quartz float is seen over approximately 40 metres. Quartz boulders range up to 30 by 20 centimetres in size and contain up to 10% sulfides, as fine bands and patches of pyrite, galena, arsenopyrite and sphalerite. Quartz vein material also forms a 5 by 3 by 1 metre sized dump pile, from a caved historic adit or open cut which is undocumented in the historical literature. Values to 1000.6 g/t Au, 531.5 g/t Ag, 7% Pb and 0.6% Zn were returned from grab samples collected. Arsenic and antimony values were also elevated.
Approximately 450 metres northwest of the BW showing, another area of shearing and veining within altered metasediments occurs. The Mercy showing is very poorly exposed in outcrop. One 0.5 by 0.5 metre exposure of white, low-sulfide quartz is seen, which returned 15.3 g/t Au from a sample collected. The vein contacts cannot be seen and its size and orientation are unknown. Nearby a 30 centimetre shear zone with quartz returned 8.4 g/t Au. The Curt Gold/Scheelite, BW and Mercy showings are aligned along an azimuth of 290 degrees, and may have a common structural control.
A new area of veining (the Roadside showing) was discovered in subcrop along a roadcut, several hundred metres north of the Maude S showing, where the company has previously reported values to 85.6 g/t Au. For a description of the Maude S showing, refer to Swift’s news release dated October 27, 2009. At the newly discovered Roadside showing, samples returned values to 4.41 g/t Au. The Breccia showing, in the western part of the property, is a quartz/limestone breccia with coarse galena mineralization which occurs within a large area of pyroxene-garnet skarn. A sample from the vein returned 15.9% Pb, with 401.2 g/t Ag. Other samples of interest from the recent program include 18.13 g/t Au from a narrow quartz vein with visible gold (the Free Gold vein) and an area of intense sericite alteration with patchy galena and sphalerite at the Hilltop zone, where samples returned up to 286.6 g/t Ag, 0.26% Pb and 0.67% Zn.
Field work on the property is ongoing. A soil geochemical survey has been completed and additional prospecting and rock sampling is underway. The company has submitted a permit application for a 2010 program of excavator trenching and diamond drilling. Trenching and drilling will test the BW, Scheelite/Curt Gold and Roadside showings, described above, as well as other targets on the property.
Samples described in this release were grab samples collected to determine the presence or absence of mineralization. The results should not be interpreted as being representative of average grade. Sample weight was variable, ranging from 0.9 to 2.1 kg, and averaging 1.6 kg. Samples were analyzed at Assayers Canada in Vancouver, an ISO 9001:2008 accredited laboratory. Gold analyses were by Fire Assay/AA finish on 30 element samples. A multi- element suite was analysed by ICP/AES, following a 4 acid digestion. Metallic screen gold assays were run on samples with visible gold, or those returning > 10 g/t Au by FA/AA finish. Samples returning overlimit values of Ag, Cu, Pb or Zn were assayed for those elements using standard assay techniques. Select Mo and W assays were also completed.
Linda Caron, M.Sc., P.Eng. is the qualified person under NI 43-101 who has reviewed and approved the technical content of this news release.
SWIFT RESOURCES INC.
For more information, please contact Swift Resources Inc.
s/“Mike Elson”
Stan Szary - Director (604) 685-6989 President & Chief Executive Officer
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 NEWS RELEASE.