First Phosphate Corp. (CSE:PHOS) said it has obtained initial drill results from its Bègin-Lamarche property in Quebec, which included four high-grade phosphate layers that returned grades of 7.8% to 10.6% P2O5 (phosphate).
The mineral development company also said there is a strong aptite presence in drill holes along layer 2 strike, which follows over a 500-metre length.
“These initial drill results confirm our earlier high grade surface findings and are some of the highest grade drill results ever established in the Saguenay-Lac-St-Jean region of Quebec,” First Phosphate president Peter Kent said in a statement.
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“What is more, the Bégin-Lamarche property is optimally located within existing regional infrastructure and is situated at only 75 kilometres (km) driving distance from the deep sea port of Saguenay,” Kent added.
First Phosphate noted the magnetic trend continues for 1 km to the southeast.
As well, the company reported that it has closed the acquisition of 13 additional mineral claims in the Bégin-Lamarche claim block, representing about 612 hectares in the region of Saguenay-Lac-St-Jean, Quebec, for the consideration of $25,000 to be satisfied through the issuance of 27,173 First Phosphate common shares at a deemed price of $0.92 per share.
The company added that it now holds 2,778 royalty-free claims covering an area of 1,531 square kilometres in the region of Saguenay-Lac-St-Jean, Quebec.
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.
Contact Sean at sean@proactiveinvestors.com