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) -- 02/20/13 -- 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% P2O5 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 -
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% P2O5, open at depth) and Pit-13 returned XRF readings of 1m @
10.19%P2O5 (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
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
"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
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
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.
Eagle Star Minerals Corp.
Senior Manager, Corporate Development
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