Thursday, 5 July 2012

Eagle Star Minerals confirms phosphate mineralization over 15 km at Canabrava

Eagle Star Minerals Corp. (CVE:EGE)(PINKSHEETS:ELGSF) Thursday said that recent channel sampling results confirm phosphate mineralization at the Canabrava block at its Ruth project in Brazil.
The mineralization ocurred within the previously announced 7-meter mineralized package over the 15 kilometers outlined strike area. Results for an additional eight points are still pending, Eagle Star Minerals said.
Some of the composite interval channel sample results released today include up to 4.0 metres at 2.77% P2O5, including 3.0 metres at 3.17% P2O5.
"The team is now eagerly awaiting results from the chemical and metallurgical tests," Eagle Star's COO, director and phosphate expert Jose Eloi Guimares Campos said.
"The combination of positive results from these tests with the information already available on the extent of the mineralized package will confirm that we have discovered a package of significant volume and grade that could be further expanded by way of drilling and could be exploited economically."
The Canabrava Block is 100 per cent wholly-owned and covers 40,678 hectares across 23 mineral claims.
The company said that the area is located less than 20 kilometres to the north of Picos, the third largest city in Piaui State, Brazil.
The city is at the center of the state and benefits from good infrastructure including close proximity to large agricultural centers and railroads, Eagle Star noted. The Bocaina dam, located at the heart of the concession block, can supply water for the future beneficiation process.
Chemical and metallurgical tests with an objective to determine solubility are currently taking place, and results from the chip samples that are representative of the mineralized rock types are expected by mid-July.
The company said the potential outline of mineralization extends over at least 15 kilometres in strike and is supported by the spatial distribution of the composite results from channel sampling.
The fact that the rock types are stratified and horizontal by nature, and considering that the composite results occur within a topographic interval up to 100 meters, the possibility of having successive packages (with different thicknesses and grades) is believed to be highly likely, Eagle Star said.
The geology and the characterization of the elements uncovered thus far that control the mineralization at the site are supporting the genetic model that has been developed by the company's technical team, it added.
Eagle Star Minerals is focused on the acquisition, exploration and development of agro-mineral properties in Brazil.
Late last month, the company inked a deal to acquire the Bomfim agro-mineral project in Brazil, which is located 20 kilometres away from MBAC Fertilizers' (TSE:MBC) Itafos Arraias property.
Bomfim is located in the southern most part of the Tocantins state, along the same phosphate mineralized trend in which MbAC holds the Itafos mine.
The region is considered to be the new phosphate belt of Brazil and has seen action with majors such as MBAC, Vale, Votorantim and Bungee.
Eagle Star said all exploration permits, for 30,922 hectares across 4 claims, as well as licenses, are already in place. An aggressive exploration program has been outlined with the aim to define an NI 43-101 measured and indicated resource as soon as possible.

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