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Eagle Star Recaps Milestones From Its 2013 Exploration Program Success at Bomfim

2014-01-21 09:30 ET - News Release

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/21/14

Eagle Star Minerals Corp., (TSX VENTURE:EGE)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) ("Eagle Star" or "the Company") is pleased to provide highlights to its shareholders from its 2013 Bomfim exploration program recently completed. Work performed over the past year (detailed mapping, pit opening, trenching and drilling) was focused on quantifying high-grade resources on small portions of the first three (3) out of nine (9) targets identified to date in four (4) out of twelve (12) claims comprising the Bomfim Project. Consequently, significant results from this work program have been reported and they allude to the presence of multiple high-grade deposits at Bomfim that will combine into one preliminary resource estimate expected very shortly. This resource estimate is being prepared by Coffey Mining Ltd Brazil.

Introduction

In order to facilitate an efficient execution of exploration efforts, the Bomfim Project was geographically divided into three (3) concession blocks - BF-1, BF-2 and BF-3. Since August 2012 Eagle Star has focused its exploration efforts on only one (1) concession block (BF-1) and has so far identified nine (9) high priority targets:

1) Target A - "Amaury ",

2 to 5) Target D - "Bomfim Hill (With its sub targets PZE-North, PZE-South, PZW and MSZ)

6) Target E - "Maruim"

7) Target F - "Adepasa"

8) Target G - "Kalunga"

9) Target H - "Santiago".

Drilling to date investigated high-grade outcrops found on three (3) of these nine (9) targets. The outcrops represent only a small portion of each target. In all three (3) targets (PZE, Amaury & Santiago) high-grade phosphorite was systematically intersected- an exceptional outcome which lends a lot of confidence to Eagle Star's technical team as it prepares to pursue exploration on the remaining targets as part of their 2014 exploration program.

Santiago Target (H)

Target H "Santiago" is a former Vale owned property bordering the MbAC Fertilizers' ("MbAC") "Canabrava" deposit. It is described by MbAC as a deposit containing 20.4 Mt indicated phosphate resource at an average grade of 5.53% P2O5 and 3.7 Mt inferred phosphate resource at an average grade of 4.94% P2O5. (MbAC's Technical Report dated March 27, 2013 available at www.sedar.com). The Santiago target has been divided into two areas;

1) At the STP domain, drill holes have confirmed the continuity of the neighbouring MbAC Canabrava mineralization into the Santiago Target. Similar grades of phosphate to what MbAC is currently using for SSP production (MbAC's Technical Report dated March 27, 2013 available at www.sedar.com) are found here in thick drill intercepts in combination with outcropping areas of high-grade mineralization.

2) At the STW domain, detailed mapping has revealed the occurrence of a large, widespread high-grade phosphorite surface expression over a minimum area of 600 x 300 metres. Resource delineation drill results had yielded remarkable thickness and grade (drill hole STW-RC-08 intersected from SURFACE, 19m @ 16.48% P2O5 which includes 11m @ 21.72% P2O5 and 5m @ 26.08% P2O5), clearly demonstrating the enormous potential of this area and the Santiago Target overall. The following tables of drilling results have been published by Eagle Star in previous press releases.

Five more significant drill holes from Santiago are shown in the table below:


----------------------------------------------------------------------------
    Hole ID       From (m)     To (m)     Interval length (m)     P2O5 (%)  
----------------------------------------------------------------------------
   STP-RC-01        0.00       14.00             14.00              8.73    
   including        0.00        4.00             4.00              25.24    
   including        0.00        3.00             3.00              29.69    
----------------------------------------------------------------------------
   STW-RC-03        0.00       18.00             18.00             10.46    
               -------------                                                
   including        0.00       12.00             12.00             14.24    
               -------------                                                
   including        1.00        8.00             7.00              17.01    
               -------------                                                
   including        2.00        5.00             3.00              19.89    
----------------------------------------------------------------------------
   STW-RC-07        0.00       36.00             36.00              7.46    
               -------------                                                
   including        0.00       21.00             21.00             10.18    
               -------------                                                
   including        0.00       11.00             11.00             15.45    
               -------------                                                
   including        0.00        7.00             7.00              19.93    
               -------------                                                
   including        0.00        3.00             3.00              27.43    
----------------------------------------------------------------------------
   STW-RC-08        0.00       19.00             19.00             16.47    
   including        0.00       11.00             11.00             21.71    
   including        0.00        5.00             5.00              26.07    
----------------------------------------------------------------------------
   STW-RC-09        0.00       32.00             32.00              7.84    
   including        1.00       14.00             13.00             13.36    
----------------------------------------------------------------------------
   STW-RC-12        0.00       21.00             21.00             13.95    
   including        0.00       15.00             15.00             18.07    
   including        8.00       15.00             7.00              23.46    
----------------------------------------------------------------------------

Bomfim Hill Target (D)

Due to its size, Target D "Bomfim Hill" was divided into four (4) sub-targets as a means to facilitate efficient exploration: PZW, MSZ, PZE North and PZE South. The investigation conducted to date at Bomfim Hill was focused on the PZE target, where a high-grade nucleus of phosphorite is outcropping at or near to surface.


--  PHOSPHORITE ZONE EAST ("PZE"): The PZE sub target is characterized by
    the presence of higher grade mineralization near or at surface.
    According to the exploration model developed for the Bomfim Hill, a
    sequence of geological events provoked the erosion and transportation of
    the phosphorite mineralization from the top of the hill (MSZ) into
    dolomite paleo-channels of the PZE target at the base of the hill. The
    correlation of data between drill holes, pits, trenches and geophysics
    enabled Eagle Star to gain a precise understanding of the nature of
    mineralization at the PZE sub target. Drill hole RC-L9-1/2 intersected
    from 1m depth, 10m @ 15.78% P2O5 which includes 8m @ 18.78% P2O5 and 5m
    @ 25.01% P2O5. 

Five more significant drill holes from PZE are shown in the table below:


----------------------------------------------------------------------------
    Hole ID       From (m)     To (m)     Interval length (m)     P2O5 (%)  
----------------------------------------------------------------------------
    RC-L8-04        1.00        7.00             6.00              14.33    
   including        3.00        7.00             4.00              20.26    
   including        3.00        5.00             2.00              23.87    
----------------------------------------------------------------------------
    RC-L9-01        1.00       11.00             10.00             10.39    
   including        5.00       11.00             6.00              15.89    
----------------------------------------------------------------------------
   RC-L9-1/2        1.00       11.00             10.00             15.78    
   including        2.00       10.00             8.00              18.78    
   including        5.00       10.00             5.00              25.01    
----------------------------------------------------------------------------
   RC-L9-3/4        1.00        8.00             7.00              20.45    
   including        2.00        7.00             5.00              26.37    
   including        4.00        7.00             3.00              30.29    
----------------------------------------------------------------------------
    RC-L9-04        0.00        9.00             9.00              15.06    
   including        2.00        7.00             5.00              18.10    
   including        3.00        5.00             2.00              20.00    
----------------------------------------------------------------------------
   RC-L10-1/2       0.00        7.00             7.00              16.55    
   including        2.00        6.00             4.00              20.13    
----------------------------------------------------------------------------

Amaury Target (A)


--  Target A "Amaury" is characterized by a stratified mineralization (a
    combination of phosphated siltstone and laminated phosphorite rock
    types) that extends laterally over hundreds of meters throughout a
    topographically flat area. As a whole, Amaury is considered to be high
    tonnage - lower grade target but extensive detailed mapping and pit work
    had also revealed the presence of a high-grade nucleus, which enticed
    Eagle Star to investigate this target as part of its initial exploration
    program by way of drilling. The outcropping or near to surface high
    grade nucleus of laminated phosphorite is located at the center of the
    mineralized outline of the siltstone rock type domain. Drill hole RC-L9-
    1/2 intersected from SURFACE, 25m @ 12.50% P2O5 which includes 18m @
    18.32% P2O5 and 6m @ 19.9% P2O5. 

Five more significant drill holes from Amaury are shown in the table below:


----------------------------------------------------------------------------
    Hole ID       From (m)     To (m)     Interval length (m)     P2O5 (%)  
----------------------------------------------------------------------------
    AM-RC-09        0.00       20.00             20.00              4.60    
   including        0.00       14.00             14.00              5.67    
   including        3.00        7.00             4.00               9.68    
   including        4.00        5.00             1.00              16.31    
----------------------------------------------------------------------------
    AM-RC-10        0.00       25.00             25.00             12.16    
   including        0.00       18.00             18.00             15.05    
   including        1.00       13.00             12.00             18.32    
   including        7.00       13.00             6.00              19.90    
----------------------------------------------------------------------------
    AM-RC-11        0.00       15.00             15.00              8.77    
   including        0.00        6.00             6.00              14.92    
   including        0.00        3.00             3.00              19.93    
----------------------------------------------------------------------------
    AM-RC-12        0.00       14.00             14.00              6.35    
   including        2.00        5.00             3.00              12.96    
   including       10.00       11.00             1.00              10.82    
----------------------------------------------------------------------------
    AM-RC-13        6.00       18.00             12.00              6.75    
   including        6.00       12.00             6.00              10.67    
   including        6.00        8.00             2.00              13.47    
----------------------------------------------------------------------------

CONCLUSIONS

"The success of our 2013 exploration program at Bomfim is an important stepping stone and a source of vital information to our 2014 drilling campaign. We are certain that the results reported to date will prove to be highly instrumental to the initial resource evaluation of high-grade mineralization at Targets A, D & H and demonstrate the enormous potential of the Bomfim Project once these and the remaining six (6) targets are fully explored," commented Eran Friedlander, President and CEO.

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 the 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.

Contacts:
Eagle Star Minerals Corp.
Patrick Brandreth
Senior Manager, Corporate Development
1-604-282-7157
patrick@eaglestarminerals.com
www.eaglestarminerals.com

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