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 Itafos Arraias
Project ("Itafos") 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
Itafos 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 Itafos 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 Itafos 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 Itafos, 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
Itafos 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
-----------------------------------------------------------------------
Interval
From To length
Hole ID (m) (m) (m) P2O5 (%)
-----------------------------------------------------------------------
BRF-02 9.30 19.35 10.05 1.91
incl. 16.40 19.35 2.95 3.45
-----------------------------------------------------------------------
BRF-03 6.30 22.30 16.00 4.23
incl. 12.00 22.30 10.30 5.33
incl. 12.60 17.00 4.40 9.13
incl. 12.60 15.00 2.40 13.60
-----------------------------------------------------------------------
BRF-013 17.00 18.85 1.85 5.90
-----------------------------------------------------------------------
BRF-015 16.00 21.50 5.50 4.77
incl. 19.20 21.50 2.30 7.06
-----------------------------------------------------------------------
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 Itafos).
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 Itafos
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
CONCLUSIONS
"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.
PROJECT BACKGROUND
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 Itafos
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 Itafos mine now owned by MbAc Fertilizers.
Dr. Campos assisted with developing the geological model found at
Itafos resembling what has now been found at Eagle Star's
Bomfim.
The strategic location (near to agricultural centers of West
Bahia State and NE Goias 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.
Contacts: Eagle Star Minerals Corp. Patrick Brandreth Senior
Manager, Corporate Development
1-604-282-7157patrick@eaglestarminerals.com
www.eaglestarminerals.com