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First Phosphate Corp
Symbol PHOS
Shares Issued 53,181,458
Close 2024-03-18 C$ 0.22
Market Cap C$ 11,699,921
Recent Sedar Documents

First Phosphate drills 89.10 m of 9.44% P2O5 at Begin

2024-03-19 12:00 ET - News Release

Mr. John Passalacqua reports

FIRST PHOSPHATE DRILLS 9.44% P2O5 OVER 89.10 M AT ITS BEGIN-LAMARCHE PROJECT IN SAGUENAY-LAC-ST-JEAN, QUEBEC, CANADA

First Phosphate Corp. has released initial assay results from the first 3,394 metres of its 25,000-metre drill program at its Begin-Lamarche project in Saguenay-Lac-St-Jean, Que. In total, 10,000 m of drilling have been completed to date. Assay results are awaited on 6,606 m and will be released over the coming weeks as they become available.

Highlights:

  • Phosphate Mountain zone: Nine drill holes have been completed to date in the Phosphate Mountain zone, ones which have intersected high apatite-bearing peridotite visually containing from 30 per cent to 80 per cent apatite over widths of up to 43 m.
  • Northern zone: Drill hole BL-24-25 intersected 9.89 per cent P2O5 (phosphate) over 42.80 m starting at a depth of 74.20 m. Drill hole BL-24-26 intersected 9.44 per cent P2O5 over 89.10 m starting at a depth of 6.90 m.
  • Northwestern zone: Drill holes BL-24-49 and BL-24-54 intersected 20 m and 40 m of peridotite, respectively, visually containing 30 per cent apatite.
  • Southern zone: Drill hole BL-24-24 intersected 5.22 per cent P2O5 over 129.60 m starting at a depth of 61.30 m. Drill hole BL-24-35 intersected a new higher-grade layer of 7.82 per cent P2O5 over 22.40 m starting at a depth of 165.10 m.

"We are impressed by the high-grade nature and volume of the phosphate layers being defined at Begin-Lamarche," said First Phosphate chief executive officer John Passalacqua. "Begin-Lamarche is showing increased open-pit surface feasibility in an area of developed infrastructure with direct paved-road access to the deep-sea port of Saguenay at only 70 kilometres away."

Apatite versus phosphate

Apatite is very common as an accessory mineral in igneous and metamorphic rocks where it is the most common phosphate mineral form to be found. Occurrences are usually found as small grains which are often visible only in thin sections. The chemical formula of apatite is Ca5(PO4)3(F,Cl,OH). The molecular weight of the phosphate molecule (PO4) in apatite is 41.8 per cent. Apatite is also found in clastic sedimentary rock as grains eroded out of the source rock over time. Phosphorite is a phosphate-rich sedimentary rock containing as much as 80 per cent apatite which is present as cryptocrystalline masses. Economic quantities of apatite are also sometimes found in nepheline syenite or in carbonatites. Apatite was recently added to the critical and strategic minerals list of Quebec, Canada. The European Union, South Korea, and the provinces of Ontario and Newfoundland-Labrador are other jurisdictions that recognize phosphate as a critical and strategic mineral.

Phosphate Mountain zone

A total of nine drill holes have been completed to date in the Phosphate Mountain zone and have intersected high apatite-bearing peridotite visually containing from 30 per cent to 80 per cent apatite over widths of up to 43 m. Hole BL-24-53 intersected 70 per cent apatite over a length of one m.

Multiple semi-massive apatite veins have been intersected across the nine drill holes where the background apatite content is 30 to 35 per cent These results compare well in terms of the apatite content discovered in this zone during last fall's surface sample prospection program where more than 50 per cent of surface samples returned results of above 10 per cent P2O5. These nine drill holes have been prioritized for assay analysis and their data should be available in the coming weeks.

Northern zone

Expanded drilling in the Northern zone has confirmed grades and widths that were originally identified during the initial 2023 drilling program. In addition, the three drill holes BL-24-25, BL-24-26 and BL-24-31 have intersected high-grade phosphate layers, grading 9.89 per cent P2O5 over 42.80 m from a depth of 74.20 m; 9.44 per cent P2O5 over 89.10 m from a depth of 6.90 m; and 10.47 per cent P2O5 over 48.05 m from a depth of 4.85 m. These results indicate that there are one or more high-grade phosphate layers that outcrop on surface and which may be important starting points for an eventual open-pit mining operation.

Drill hole BL-24-23 intersected 7.02 per cent P2O5 over 154.1 m from a depth of 21 m and could be interpreted to represent a phosphate layer drilled along dip. If so, this result could be indicative of the average grade for this layer and to be confirmed as the drilling campaign progresses.

Northwestern zone

Two drill holes completed to date in the Northwestern zone have intersected 30 to 35 per cent visual apatite. Similarly to the Mountain zone, visual inspection confirms the apatite content discovered in this zone during last fall's surface sample prospection program. These two drill holes have been prioritized for assay analysis and their data should be available in the coming weeks.

Southern zone

Results from the Southern zone confirm those from the initial 2023 drill program and include further intersects of over 100 m of phosphate mineralization. Drill holes BL-24-24 and BL-24-33 intersected 5.22 per cent P2O5 over 129.60 m from a depth of 61.6 m and 5 per cent P2O5 over 106.20 m from a depth of 3.8 m. Preliminary interpretation of the results suggests a tabular and horizontal body of phosphate mineralization with a thickness of over 100 m and grading approximately 5 per cent P2O5.

Quality assurance/quality control

The sampling of, and assay data from, the drill core is monitored through the company's implementation of a quality assurance/quality control (QA-QC) program designed to the Canadian Institute of Mining, Metallurgy and Petroleum mineral exploration best practices guidelines.

A formal chain-of-custody procedure was adopted for security of samples until their delivery at the laboratory. Drill core (NQ size) is logged and samples are selected by Laurentia Exploration Inc. geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from 0.5 to three metres in length depending on the geological observations. A blank and a standard are inserted at the beginning of each sample batch, usually one complete hole, and a blank and a standard are then inserted alternately every 10 samples. Half core samples are packaged and sent by ground transportation in sealed rice bags to an independent laboratory, Activation Laboratories Ltd. of Ancaster, Ont. (ISO/IEC 17025:2005 with CAN-P-1579). The core samples are crushed up to 80 per cent passing two millimetres (10 mesh), riffle split 250 grams and pulverized (mild steel) to 95 per cent passing minus 200 mesh. Each sample is analyzed for whole rock analysis (code 4B) for 10 major oxides and seven trace elements by lithium metaborate/tetraborate fusion of three grams of material and analyze by inductively coupled plasma optical emission spectroscopy. The laboratory has its own QA/QC protocols.

Qualified person

The scientific and technical disclosure for First Phosphate included in this news release has been reviewed and approved by Gilles Laverdiere, PGeo. Mr. Laverdiere is chief geologist of First Phosphate and a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About First Phosphate Corp.

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 is committed to producing at high purity level, at full ESG (environmental, social, governance) 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 square km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean region of Quebec, Canada, 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.

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