First Phosphate drills 8.4% P2O5 over 64.2 metres at Begin-Lamarche, Quebec

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First Phosphate Corp. [PHOS-CSE; KD0-FSE] reported additional drill results from its Begin-Lamarche property located in the region of Saguenay-Lac-St-Jean, Quebec, Canada. These additional results are further to the company’s press release dated March 9, 2023.

Highlights: Drill hole BL-23-03 intersected 8.4% P2O5 over 64.2 metres starting in mineralization at bedrock ground level.

Layer 3 discovered originally with drill hole BL-23-02 (8.4% P2O5 over 57.3 metres) was found to extend to drill hole BL-23-03 (8.4% P2O5 over 64.2 metres). This establishes continuity of Layer 3 on strike and along dip.

Newly discovered layer 4 across drill hole BL-23-03 (between 143.0 and 201.0 metres) and across drill hole BL-23-04 (between 4.8 and 45.0 metres).

“These drill results confirm the extension of the high grade phosphate layer discovered originally with hole BL-23-02 along with a new fourth layer,” commented First Phosphate President Peter Kent. “What is more, the company has now drilled 17 drill holes within the main 2,000 m magnetic trend and all of them carry phosphate layers ranging from a few meters to an excess of 100 metres.”

“We note the extent of the work carried out by First Phosphate that has brought forth these impressive phosphate discoveries to our region of the Fjord-du-Saguenay MRC,” commented Gerald Savard, Mayor of Begin and Prefect of the Fjord-du-Saguenay MRC. “The potential to create new jobs and wealth, as well as the possibility of improving our infrastructure through the responsible mining of phosphate, is very interesting for our municipality and for our MRC.”

Drill hole BL-23-03 intersected 8.4% P2O5 (phosphate) over 64.2 metres and this phosphate layer is the extension of the originally discovered Layer 3 that returned 8.4% P2O5 over 57.3 metres (drill hole BL-23-02). BL-23-03 is located 100 metres east of BL-23-02. The new results from BL-23-03 establish the continuity of this phosphate layer along strike and along dip.

Another area of interest was discovered to the southeast of Layer 3. Both new drill holes reported the presence of another phosphate layer, Layer 4, to the southeast that averages 5.0% P2O5. This layer is composed of smaller beds of nelsonitic peridotite with rocks in between the beds that also carrying apatite (phosphate mineral).

Full drill results to date indicate the presence of four large phosphate layers ranging from 60 metres to 83 metres in thickness and at least 300 metres in length. Grades vary from 5.0 % to 10.6% P2O5 (phosphate).

The company has now drilled 17 holes into the main magnetic trend at its Begin-Lamarche property for a total length of 2,000 metres. Layers with apatite mineralization have been identified in all drill holes. Layers range from a few meters to an excess of 100 metres in thickness along the length of the holes. Samples from another 7 holes have been delivered to the assay laboratory and results are expected in the coming weeks.

The company has engaged the services of Independent Trading Group (ITG) to provide market-making services in accordance with CSE policies.

The company has also entered into a contractual agreement for consulting services, being market research, market insights, analysis services and other services which have recently fallen under investor relations activities with Yabucoa Partners Corp., dba Streetwise Reports and affiliate StreetSmart. Yabucoa’s engagement is for a period of 6 months. The engagement began January 3, 2023 and will end July 3, 2023. The company has paid Yabucoa a fee of US$59,000.

First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the Lithium Iron Phosphate (LFP) battery industry.

First Phosphate holds over 1,500 km2 of total land claims in the Saguenay-Lac-St-Jean Region. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements.

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