Eagle Star Minerals Provides Update on Work Progress at Bomfim
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) - Eagle Star Minerals Corp., (TSX VENTURE:EGE)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) ("Eagle Star" or "the Company") is pleased to report that it has began its scout-drilling program on schedule at the Bomfim Agro-Mineral Project located in Tocantins State, Brazil as per it's press release dated August 9th 2012. Geomina Sondagens, a private Brazilian drilling company with a long history of experience in the region is performing this first stage of scout drilling.
Eagle Star has initiated 500 meters of diamond drilling on targets selected on behalf of Eagle Star by the Company's technical team to examine areas that show the most potential to host a large tonnage, commercial grade phosphate deposit. Considering an average depth of no more than 30 meters due to very little to no overburden seen thus far, 15-20 diamond drill holes are expected. It is of the company's intention to test and characterize the already known mineralization found on the property while also providing further evidence that supports a geological model similar to that of the Itafos Arraias Phosphate Project located 20kms to the south and owned by MbAC Fertilizers. Eagle Star plans to conclude the remainder of the scout drilling program and deliver at least partial results by the end of October 2012.
To date, as part of Eagle Star's due diligence and defining of drill target processes the Company has uncovered many strong similarities between Bomfim and MbAC's Itafos with respect to the geological modeling. Some of these indicators include,
-- The presence of paleo channels.
-- High-grade outcropping phosphorite bodies (28% P2O5).
-- Phosphated siltstone below 1-10m overburden (confirmed by pit opening).
-- Proximity of a phosphorus source to the mineralization (Aurumina Suite).
"The results from the preliminary work performed so far on Bomfim have given the team a great deal of confidence moving into this first phase of drilling," stated Dr. Campos Eagle Star's COO, Director and expert on phosphate. "We believe that this drill program will lend a lot of credibility to our assertion that we are sitting on something very substantial here at Bomfim."
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Eagle Star Minerals Corp.
Senior Manager, Corporate Development