First Phosphate Corp. (CSE:PHOS) has announced plans to initiate a 25,000m drill program at its Bégin-Lamarche project.
The program, funded by the recent successful financing that raised $8.2 million, aims to delineate a maiden resource estimate, paving the way for a subsequent preliminary economic assessment (PEA).
The drilling plan involves targeting the three-kilometre-long phosphate mineralization strike zone, with drilling at every 100-meter section and at 50-meter intervals within each section.
First Phosphate said it will start with three drill rigs, with one additional rig mobilized per week.
During the summer of 2023, First Phosphate conducted a preliminary drill program at Bégin-Lamarche, resulting in 21 holes and a total of 4,544 metres of drilling.
The company also said it would be able to start immediately, with permits in hand. It is also seeking additional permits to expand the drilling scope.
The Begin-Lamarche property is only 70 km from the deep-sea port of Saguenay, which brings logistical advantages, explained First Phosphate CEO, John Passalacqua.
"In our experience, proximity to port and access to infrastructure and workforce are the single largest determinants of the economic viability of any phosphate project. Bégin-Lamarche has all these strong requisites,” Passalacqua said.
“We feel that it could become one of the first phosphate mines to see production in Quebec. This extensive drill program is meant to accelerate its development."
Laurentia Exploration from Jonquière, Québec, will manage the drilling program, while First Nations Drilling of Mashteuiatsh, Québec, and Forages Diafor of Rivière-Héva, Québec, will oversee drilling operations.
First Phosphate is a mineral development firm exclusively focused on the extraction and refinement of phosphate to produce cathode active material for the Lithium Iron Phosphate battery sector.