VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2012) - Eagle Star Minerals Corp., (TSX VENTURE:EGE)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) ("Eagle Star" or "the Company") is very pleased to announce that it has received excellent results from its initial scout drilling program at The Bomfim Agro-mineral Project ("Bomfim") confirming the extension of phosphate belt mineralization from MbAC Fertilizers Itafós Arraias Project ("Itafós") onto the Bomfim claims. Furthermore, drill results confirm the discovery of at least one mineralized zone of a minimum 1.5km by 0.5km in size with an intercept of 16m of 4.2% P2O5 within it. The magnitude of this intersection is comparable in grade and strike to historical drill holes found at the nearby Itafós deposit. The data gathered from drill hole intersections thus far in collaboration with further geological mapping done by Eagle Star have identified additional highly potential targets within the property. These targets share the same geological environment as the mineralized zone discovered and allude to the presence of additional mineralized zones throughout the property.
Scheduled to start production in Q1 of 2013, the Itafós mine located 10kms away from Eagle Star's Bomfim claims has successfully validated the economics of a mining operation located in the midst of this vast agricultural region. Multiple ore bodies discovered throughout the Itafós project combine for a total resource of 58Mt @ 5.1% average P2O5 grade. Considering Bomfim's equally large area (30,922 Hectares) and the similar dispersed nature of the mineralized zones throughout the property, Eagle Star believes that the overall potential of their claims has yet to be uncovered. This will be achieved by way of an aggressive drilling campaign scheduled to commence early next year. The campaign will continue with the originally planned scout drilling program (2,200 meters remaining) and a further, targeted infill program on already identified mineralized zones, destined at defining a NI 43-101 resource report as soon as possible.
SCOUT DRILLING OBJECTIVES
The preliminary exploration work performed at Bomfim during Q2 2012 has provided a solid case for further investigation by way of scout drilling. Much the same as in Itafós, the objectives set for the drilling campaign were twofold: (i) proving the genetic model of the mineralization in the property and (ii) identifying mineralized zones within the claims boundaries that collectively combine for total resources. Though only 400 meters (of the total 2,600 meters of scout drilling planned) has been completed to date, Eagle Star is pleased to announce both objectives have already been met:
(i) Drilling results support the same genetic model found in the Itafós mine and (ii) Drilling results confirm the existence of at least one mineralized zone at the northern area of the property.
The next phase of the scout-drilling program (2,200 meters) will focus on the identification of additional mineralized zones concentrated in the central and southern portions of the concession blocks. In conjunction, Eagle Star will follow up with infill drilling of the newly discovered mineralized zone and further expanding other potential targets identified to date.
SIGNIFICANT DRILL HOLE INTERCEPTS
BLOCK OUTLINING AND PRIORITIES
Three priority blocks were defined according to drill hole results and favorable geological environments (association to the genetic model of the mineralization that is found within Itafós). Another two areas were outlined as possible continuities to the mineralized zones of the priority blocks (the same geologic occurrences are found here as to what was successfully drilled). Two other priority blocks to the south have not yet been drilled and show a strong resemblance to the ore bodies of the Itafós deposit and to what has been seen through Eagle Star's scout drilling program and further detailed mapping - i.e. phosphorite outcrops with 28% P2O5, in proximity to dolomites.
INTERPRETATION OF RESULTS
Within the northern block, holes BRF-3 and BRF-15 are in section (spaced 250m) along a NNE direction. The mineralization remains open N-S & E-W and may extend at least 1500m in strike by 500m wide.
Some considerations follow:
- It is expected that the basement rock will vary in depth throughout the property translating to larger drill intercepts and thicker packages of phosphate;
- Because spacing is wide between drill holes, it is likely to intersect additional higher grade envelopes;
- The areas of influence in proximity to phosphorite bodies appear to display thinner overburden (6.3 meters at hole BRF-3).
To view cross section map please click on the following link: http://media3.marketwire.com/docs/EGE1112a.pdf
CONTINUED EXPLORATION PROGRAM
Targeting for further scout drilling (2,200m) will be based on drill results, detailed mapping and trench/pit sampling. The high potential areas defined by the initial drilling program will be detailed by regular spaced drilling (100x100m and 50x50m) to assist geological modeling and resource calculation (measured to indicated).
Technological tests to determine the most economic process to extract, beneficiate and produce economic grade of P2O5 for commercial use are also programmed and are expected to commence effective immediately under supervision of Eagle Star's Metallurgic Engineering Consultant Dr. Lino Freitas and Eagle Star's newly appointed Director - Mr. Carlos Perruca.
To view further exploration map please click on the following link: http://media3.marketwire.com/docs/EGE1112b.pdf
"We are very excited about these results. The fact that we were able to not only prove the validity of the geological model we were operating on the basis of, but to also identify a significant mineralized zone through a small scale scout drilling program covering only a portion of what is a very large area lends a lot of credibility to the capabilities of our technical team," commented Eran Friedlander President & CEO. "We now look forward to the continuation of drilling with great confidence and a much better understanding of where the mineral potential lies within the region. We believe this is just the beginning of what is yet to come and expect to further uncover additional mineralized zones while working towards delineating a NI 43-101 resource report on what has been discovered to date."
Laboratory work was conducted by Intertek Minerals in Sao Paulo, Brazil.
Richard Kemps, of Coast Mountain Geological, a qualified person under NI 43-101, reviewed and approved the technical disclosures of this press release on behalf of the company.
The Bomfim Agro-mineral Project is located in the southern portion of Tocantins state, Brazil along the same phosphate mineralized trend in which MbAC Fertilizers holds the Itafós Arraias Project. The region is considered a new phosphate belt of Brazil wherein many majors (MbAC / Vale / Votorantim) are all in the process of developing mining operations. All exploration permits (30,922 hectares across 4 claims) are already in place and an aggressive exploration program is targeted to define NI 43-101 (measured and indicated) by Q4 of 2013.
Dr. Campos, Eagle Star's COO, Director and expert on phosphate has a long history of working in the region over the past 15 years. His experience includes his direct involvement as co-advisor to the technical study of the Itafós mine now owned by MbAc Fertilizers. Dr. Campos assisted with developing the geological model found at Itafós resembling what has now been found at Eagle Star's Bomfim.
The strategic location (near to agricultural centers of West Bahia State and NE Goiás State) allied to the local infrastructure (roads, communication, power lines) has proven this area economic for a profitable mining operation. Government mining incentives also reinforce a unique opportunity for investment.
ABOUT THE COMPANY
Eagle Star Minerals Corp is a publicly listed company focused on the acquisition, exploration and development of agro-mineral properties in Brazil. Over the past two years, Eagle Star Minerals has strategically grown its' presence in Brazil and continues to focus on maximizing shareholder value by acquiring assets located in geological areas known for proven phosphate mineralization, coupled with good logistics in close proximity to agriculture.
The Company's shares are publicly traded on the TSX Venture Exchange under the symbol EGE, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.
On behalf of the Board of Directors
EAGLE STAR MINERALS CORP.
Eran Friedlander, President
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.