First Phosphate Corp (CSE:PHOS) announced that it has obtained additional drill results from its Bégin-Lamarche property in the Saguenay-Lac-St-Jean region of Quebec, Canada.
Following results reported earlier in March, the mineral development company noted that full drill results to date indicate the presence of four large phosphate layers ranging from 60 meters (m) to 83m in thickness and at least 300m in length. Grades vary from 5.0% to 10.6% P2O5 (phosphate), it added.
"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 2,000m magnetic trend and all of them carry phosphate layers ranging from a few meters to an excess of 100m."
READ: First Phosphate hits multiple high-grade phosphate layers at Bègin-Lamarche property in Quebec
Highlights:
- Drill hole BL-23-03 intersected 8.4% P2O5 over 64.2 m starting in mineralization at bedrock ground level;
- Layer 3 discovered originally with drill hole BL-23-02 (8.4% P2O5 over 57.3m) was found to extend to drill hole BL-23-03 (8.4% P2O5 over 64.2m). This establishes continuity of Layer 3 on strike and along dip; and
- Newly discovered layer 4 across drill hole BL-23-03 (between 143m and 201m) and across drill hole BL-23-04 (between 4.8m to 45m).
The company noted that drill hole BL-23-03 intersected 8.4% P2O5 over 64.2m and this phosphate layer is the extension of the originally discovered Layer 3 that returned 8.4% P2O5 over 57.3m (drill hole BL-23-02). BL-23-03 is located 100m to the east of BL-23-02. It said the new results from BL-23-03 establish the continuity of this phosphate layer along strike and along dip. The mineralization is found within nelsonitic peridotite containing 15-20% apatite on average.
Another area of interest was discovered to the southeast of Layer 3, the company said. Both new drill holes reported the presence of another phosphate layer, Layer 4, to the southeast that averages 5% P2O5. This layer is composed of smaller beds of nelsonitic peridotite with rocks in between the beds that also carry apatite (phosphate mineral).
The company said it has now drilled 17 holes into the main magnetic trend at its Bégin-Lamarche property for a total length of 2,000m. Layers with apatite mineralization have been identified in all drill holes. Layers range from a few meters to an excess of 100m in thickness along the length of the holes. Samples from another seven holes have been delivered to the assay laboratory and results are expected in the coming weeks.
"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 Gérald Savard, Mayor of Bégin 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.”
Market maker and consulting services
First Phosphate also announced that it has engaged the services of Independent Trading Group (ITG) to provide market-making services in accordance with CSE policies.
ITG will trade shares of the company on the Canadian Securites Exchange, the NEO Exchange, the TSX Venture Exchange, and all other trading venues with the objective of maintaining a reasonable market and improving the liquidity of the company's common shares.
Additionally, it has entered into a contractual agreement for consulting services, including market research, market insights, analysis services and other services which have recently fallen under investor relations activities with Yabucoa Partners, doing business as Streetwise Reports and affiliate StreetSmart.
The company said Yabucoa's engagement is for six months. The engagement began on January 3, 2023, and will end on 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.
Contact the author at stephen.gunnion@proactiveinvestors.com