First Phosphate Corp. [PHOS-CSE; FRSPF-OTC; KD0-FSE] has obtained strong assay results from a geological reconnaissance program at its Larouche property at only 40 km distance from the deep sea Port of Saguenay in Saguenay-Lac-St-Jean, Quebec.
Grab sampling from the geological reconnaissance program in the Larouche area assayed up 36.46% P2O5 (phosphorus pentoxide) in massive apatite found within nelsonite layers. Thirteen of 22 samples collected returned from 8.29% P2O5 to 36.46% P2O5, while four others assayed between 17.32% TiO2 (titanium dioxide) to 19.22% TiO2.
Phosphate is found within layers of apatite-bearing nelsonite within anorthosite host rock. The geological context is similar to what the company’s winter drilling program revealed in the northern part of its Begin-Lamarche property. At Larouche, the mineralized area is up 1,000 metres long by 500 metres wide.
“These results demonstrate once again that First Phosphate has multiple rich, high-grade phosphate-bearing prospective properties at close proximity to the deep sea Port of Saguenay,” explained John Passalacqua, CEO. “The high-grade nature of this mineralization, its 40 km distance from Port Saguenay and its close proximity to existing infrastructure are key elements for a successful project.”
The geological reconnaissance program also included 3 other First Phosphate Bluesky properties.
At the Perron property, 9 samples out of the 44 gathered returned values greater than 5% P2O5 with up to 13.68% P2O5 and 19.02% TiO2. Mineralization is found within centimetric to decimetric layers of nelsonite in the anorthosite mass.
At the Lac Alex property, more than 50% of the grab samples assayed over 3% P2O5 and up to 5.79% P2O5 and TiO2 varying from 4 to 8%. The mineralization occurs within an oxide-apatite gabbronorite (OAGN) similar to the company’s Lac a l’Orignal project.
At the Brochet property, 12 out of 48 samples returned over 3% P2O5 and up to 6.99% P2O5 with up to 12.28% associated TiO2. The mineralization occurs within an oxide-apatite gabbronorite (OAGN) similar to the Company’s Lac a l’Orignal project.
Peter Kent has retired as President and Director of the company. Mr. Kent will continue as a member of its advisory board.
Garry Siskos has stepped down as COO/CFO to pursue fundraising opportunities in his private practice and will remain as a consultant.
The company approved the granting of 500,000 stock options good to buy common shares of the company to certain advisors of the company, at an exercise price of $0.70 per share, with an expiry date of three years from the date of issuance. The Options are subject to time-based vesting such that increments of 25% vest every 6 months for two years.
The company settled $273,200 of debt for accrued management and board salaries through the issuance of 718,947 Common Shares at the deemed price of $0.38 per Common Share, with such shares subject to a statutory four month and one day hold period.
Further, the company has settled $216,676 of debt for accrued amounts owing to arm’s length service providers through the issuance of 570,200 Common Shares at the deemed price of $0.38 per Common Share..
The company also granted restricted share units (RSUs) of the company to certain directors, officers, and consultants in lieu of cash compensation. The company will issue 1,018,424 RSUs at a deemed price of $0.38 per Common Share.
The company has engaged Laura Stein for Investor Relations activities.
In order to further align the interests of the company’s senior executives, key employees, consultants and directors with those of the shareholders of the company, the board of directors has approved the implementation of an Omnibus Equity Incentive Plan as approved by disinterested shareholders at the company’s annual and special meeting of shareholders held on August 25, 2023.
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 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 cathode active material 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 that it is actively developing. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements.