Eagle Star Drills High-Grade Phosphate at Former Vale Property and Confirms Extension of MbAC’s Deposit
November 25, 2013 (Source: Marketwired) – Eagle Star Minerals Corp., (TSX VENTURE:EGE)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) (“Eagle Star” or “the Company”) is very pleased to announce the first set of lab results from the first six (6) drill holes of the resource delineation program at Target H, (“Santiago” or “the Property”) on the Bomfim Project.
The Santiago target was formerly owned by Vale and borders one of MbAC Fertilizers’ (“MbAC”) largest and highest grade deposits – “Canabrava.” The latter is described by MbAC as containing 20.4 Mt indicated at an average grade of 5.53% P2O5 and 3.7 Mt inferred at an average grade of 4.94% P2O5. (MbAC Technical Report dated March 27, 2013 available at www.sedar.com).
Drill hole STP-RC-01 intersected 14.00 meters @ 8.73% P2O5 (inc. 4.00 meters @ 25.24% P2O5 inc. 3.00 meters at 29.69% P2O5) beginning from surface and is located 250 meters from MbAC’s claim boundary. This hole was first drilled in order to test the extension of the Canabrava deposit into the Santiago target – the results from this hole now confirm that extension. Drill hole STW-RC-01 intersected 20.00 meters @ 6.90% P2O5 (inc. 11.00 meters @ 9.57% P2O5 inc. 4.00 meters @ 15.90% P2O5) also beginning from surface and is positioned a further 1.5 kilometres to the west of hole STP-RC-01 in the approximate centre of the target.
Commenting on these results, Eran Friedlander, President and CEO of Eagle Star Minerals Corp. has stated: “It is now very clear to us that the Santiago target which we have held in such high regard since day one indeed holds significant potential for our shareholders. By removing the thick vegetation that covered this target we have exposed a very large outcrop of high-grade phosphorite – the largest we have seen on any of our targets to date. The team is extremely enthusiastic about the potential here and we now look forward to updating our shareholders on more drilling results from the same area very shortly.”
The reverse circulation (“RC”) drilling program has completed 23 holes to date in a systematic pattern designed to delineate what the Company believes to be an extension of MbAC Fertilizers’ Canabrava deposit. The drilling program is ongoing with approximately 160 holes planned in the current phase.
All drilling has been with vertical holes and drill widths are believed to represent the true width of the mineralized zone. Chips from reverse circulation drilling are collected in bags for each one metre interval. Chips are logged at the drill site and a representative split is taken on site for submission to the analytical laboratory. The following table outlines results received to date from the ongoing drill program:
|Hole ID||From (m)||To (m)||Interval length (m)||P2O5 (%)||OBS|
|STP-RC-03||0.00||29.00||29.00||3.11||open at depth|
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Detailed geological mapping and chip sampling has outlined a prospective area with 3.4 kilometres strike length that forms the Santiago target. Within the central area of this target, higher grade mineralization (>15% P2O5) has now been identified by chip sampling an extensive outcrop of over 600 metres.
To view map of Santiago target and drill hole locations please click the following link: http://media3.marketwire.com/docs/EAGmap1125.pdf
The Company implements industry recognized QAQC methods at the project. The Qualified Person has reviewed the QAQC results and inspected procedures during a previous site visit but has not otherwise verified the data in this news release. Intertek Laboratories (Intertek) of Sao Paulo Brazil, was used for analytical work reported in this news release. Intertek is part of an international group of certified (ISO 9001:2008) laboratories recognized in industry for geochemical and agricultural testing. Determination of P2O5 was done by Intertek method XR55L which prepared the sample with a lithium tetraborate fusion followed by XRF analysis. Intertek is independent of the Company.
John Harrop PGeo, FGS, of Coast Mountain Geological Ltd, a qualified person and independent of the Company 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
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.
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