First Phosphate confirms longest high-grade intersect to date of 8.9% igneous phosphate over 156 metres at Begin-lamarche Project, Quebec, Canada
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First Phosphate Corp. [CSE-PHOS] reported results from another 11 drill holes at its Bégin-Lamarche project located in the Saguenay-Lac-St-Jean region of Quebec, Canada.
The company’s 25,929-metre drill program was completed ahead of schedule on April 29, 2024. All samples have now been shipped to Actlabs, ON, for analysis. Shortly, a NI 43-101 resource estimate will be initiated followed immediately by a Preliminary Economic Assessment (PEA). Results of both studies are expected by end of fiscal Q4 2024.
Highlights – Phosphate Mountain Zone: Drill hole BL-24-92 intersected 8.13% P2O5 (phosphate) over 177.0 m starting at a surface depth of 15.0 m. Drill hole BL-24-94 returned an intersection of 11.38% P2O5 over 99.0 m starting at a depth of 51.0 m including an interval of 14.56% P2O5 over 42.7 m starting at 89.0 m. Drill hole BL-24-95 returned an intersection of 8.90% P2O5 over 156.0 m starting at a surface depth of 6.0 m.
Southern Zone: Drill hole BL-24-88 intersected 7.18% P2O5 over 144.0 m from a depth of 261.0 m. This intersection is one of the highest phosphate concentrations in the Southern Zone. Drill hole BL-24-89 intersected 5.99% P2O5 over 112.0 m starting at a depth of 233.0 m.
Northwestern Zone: Drill hole BL-24-91 intersected 7.63% P2O5 over 45.0 m starting from a depth of 84.0 m.
“So far, we have intersected significant phosphate layers in all but 2 holes continuously across the 3 km magnetic trend at our Bégin-Lamarche project,” said First Phosphate CEO, John Passalacqua. “We are dealing with a significant phosphate horizon to be quantified shortly by a 43-101 resource estimate followed immediately by a PEA.”
A total of 23 drill holes have been completed to date in the Phosphate Mountain Zone while results from 20 drill holes have been received to date. Data received from these 20 drill holes shows grades of over 10% P2O5 over widths ranging from 7 m to 99 m.
The Phosphate Mountain Zone has been drilled for a total length of 250 m to date. This zone is beginning to merge (from the southwest) with the Northern Zone where a 500-metre thick phosphate mineralized envelope exists, one which has delineated up to 5 individual layers ranging from 60 m to 100 m in thickness starting at surface and continuing down to a depth of 300 m. The overall strike length of the Phosphate Mountain Zone and the Northern Zone is approximately 600 m.
Drill hole BL-24-90 intersected 10.15% P2O5 (phosphate) over 84.0 m starting at a surface depth of 6.0 m. Drill hole BL-24-92 intersected 8.13% P2O5 (phosphate) over 177.0 m starting at a surface depth of 15.0 m. Within this intersection, three phosphate layers with grades over 10% were intersected. Drill hole BL-24-94 returned an intersection of 11.38% P2O5 over 99.0 m starting at a depth of 51.0 m including an interval of 14.56% P2O5 over 42.7 m starting at 89.0 m. Drill hole BL-24-95 returned an intersection of 8.90% P2O5 over 156.0 m starting at a surface depth of 6.0 m. (See Table 1).
Southern Zone: The Southern Zone has been drilled at 100 m spaced sections over a strike length of 1,600 m. Results to date from the Southern Zone show continuous widths in excess of 100 m of phosphate mineralization.
Drill hole BL-24-88 intersected 7.18% P2O5 over 144.0 m from a depth of 261.0 m. This intersection is one of the highest phosphate concentrations in the Southern Zone. Drill hole BL-24-89 intersected 5.99% P2O5 over 112.0 m starting at a depth of 233.0 m. These results show that phosphate grades seem to increase with depth while widths remain over 100 m wide. True width is estimated to be between 60% and 90% of the core interval.
Northwestern Zone: Drill hole BL-24-91 intersected 7.63% P2O5 over 45.0 m from a depth of 84.0 m and drill hole BL-24-99 intersected 7.25% P2O5 over 30.5 m starting at a depth of 92.0 m (See Table 3). These results show that the Northwestern zone has an average width of 40 m with grades between 7% and 9% P2O5. True width is estimated to be over 80% of the core interval.
First Phosphate entered into a mineral claims purchase agreement with arm’s length parties to acquire 15 additional mineral claims within the Bégin-Lamarche claim block in the area of the Saguenay-Lac-Saint-Jean, Quebec. The effective closing date of the transaction is July 10, 2024 and compensation is to be satisfied through the issuance of 200,000 common shares of the company at a deemed price of $0.20 per share. The newly acquired claims are free from any royalty.
The company approved grant ing 150,000 stock options to purchase common shares of the company (the Options) to an eligible person of the company, at an exercise price of $0.40 per share, with an expiry date of three years from the date of issuance. The Options vest in 4 tranches (25% on December 31, 2024, June 30, 2025, December 31, 2025 and June 30, 2026). The terms of the Options granted are in accordance with the company’s stock option plan approved by shareholders August 25, 2023.
The company also granted 175,000 RSUs of the company to an eligible consultant of the company. The RSUs vest in 3 tranches (14% on August 31, 2024, and 43% on both November 30, 2024 and February 28, 2025). The RSUs are subject to the terms of the Company’s Omnibus Equity Incentive Plan as approved by disinterested shareholders.
First Phosphate is dedicated to extracting and purifying phosphate for the production of cathode active material (CAM) for the lithium iron phosphate (LFP) battery industry. First Phosphate is committed to producing at high purity level, at full ESG standard and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP CAM emanating from a consistent and secure supply source. First Phosphate holds over 1,500 km2 of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada that it is actively developing.