Eagle Star Minerals Corp.
TSX VENTURE : EGE
PINKSHEETS : ELGSF
FRANKFURT : E6R
February 20, 2013 09:38 ET
Eagle Star Intersects 17.41% P2O5 Outside the Originally Estimated High-Grade Phosphate Zone at the East Portion of Bomfim Hill
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2013) - Eagle Star Minerals Corp., (TSX VENTURE:EGE)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) ("Eagle Star" or "the Company") is very pleased to announce that hand held XRF results from Pit-11 has returned 2m @ 17.41% P 2 O 5 average grade (from 2.1 to 4.1 meters and remains open at depth). Pit-11 was opened outside of what was originally estimated to be the high-grade zone at the Eastern portion of Bomfim Hill (Phosphate Zone East - PZE).
Upon successful intersection of high-grade phosphorite at Pit-11, two additional pits were opened even further north. They too have intersected high-grade phosphorite. Together, these three pits confirm that the high-grade mineralization at the Eastern portion of Bomfim Hill now extends over a longer strike then originally estimated while it is still open in all directions. Pit-12 returned XRF readings of 3m @ 7.43% (from 2.0 to 5.0 meters, including 1m @ 9.92% P 2 O 5 , open at depth) and Pit-13 returned XRF readings of 1m @ 10.19%P 2 O 5 (from 2.0 to 3.0 meters, open at depth). Due to the hard nature of the phosphate rock found in this northern area the team was not able to reach its target depth of 5 meters in each pit by way of manual digging. Drilling is therefore required to fully test these pits at depth and to continue with exploration further north.
The 6 pits reported here in the north portion are aligned over 300m and extend mineralized continuity along strike to at least 1.5 kilometers. The results from Pit-11, 12 and 13 also further strengthen Eagle Star's geological model that suggests grades of phosphorite rock will increase at depth due to decreased exposure to weathering. This trend is supported by all other pit results announced to date.
Note: To view the map of additional pits, please click the following link: http://media3.marketwire.com/docs/ege0220.pdf .
XRF readings were collected systematically following recommended procedures of the manufacturer, Innov-X Systems. Pits are channel sampled along meter intervals and for each sample three readings are collected and averaged. Prior to analysis, the sample collected is homogenized, dried (using microwave oven) and manually crushed to fine grain. The composite grade for the pit is reached by weighted averaging of the values obtained for each sample. The handheld XRF analyzer is an Olympus Delta model and was calibrated according to Innov-X Systems in-house calibration procedure. The Company conducts field XRF analysis using industry recognized sample preparation and analysis protocols, and has conducted sufficient quality control using the XRF method to believe that although the method cannot be relied upon to have the equivalent precision and accuracy of a certified analytical laboratory, the results are of sufficient quality to direct exploration pending analytical laboratory confirmation.
CONCLUSIONS
"We are very excited about these developments. To further extend an already sizeable mineralized strike comes as a complete bonus and just goes to show how substantial the Bomfim discovery is shaping up to be." Commented Eran Friedlander President & CEO Eagle Star Minerals Corp. "With plans for early production focused on the east side of Bomfim Hill (PZE) it is clear how this new discovery can bring significant value to the company in the short term".
In light of significant progress achieved over the past twelve months, Eagle Star Minerals wishes to announce that, in accordance with the policies of the TSX Venture Exchange, the board of directors has approved a grant of incentive stock options to twelve of the Company's directors, managers, consultants, and employees to purchase an aggregate of 2,800,000 common shares pursuant to its 2012 stock option plan.
All options granted as per this press release will have an exercise price of $0.38 per common share and expire on February 18, 2018.
John Harrop PGeo., FGS, 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.
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
