First Phosphate Corp. (CSE:PHOS) reported significant phosphate drill results from 11 holes on its Bégin-Lamarche project, with substantial mineralization across multiple zones.
The new drill results will support a resource estimate and preliminary economic assessment by the end of Q4 2024, the company said in a statement.
Highlights from the Phosphate Mountain Zone include 8.13% P2O5 over 177 meters from a depth of 15.0 meters; 11.38% P2O5 over 99 meters from 51 meters, including 14.56% P2O5 over 42.7 meters from 89 meters, and 8.9% P2O5 over 156 meters from 6 meters.
In the Southern Zone, intersections included 7.18% P2O5 over 144 meters from 261 meters and 5.99% P2O5 over 112 meters from 233 meters.
And in the Northwestern Zone one drill hole returned 7.63% P2O5 over 45 meters from 84 meters.
CEO John Passalacqua told shareholders that the results indicate a substantial phosphate horizon to be quantified in the upcoming resource estimate and PEA.
"So far, we have intersected significant phosphate layers in all but two holes continuously across the three kilometre magnetic trend at our Bégin-Lamarche project," Passalacqua said in a statement.
Twenty holes at the Phosphate Mountain Zone have returned grades over 10% P2O5 over widths ranging from 7 to 99 meters. This zone, merging with the Northern Zone, demonstrates significant mineralization with a total strike length of approximately 600 meters.
The Southern Zone, drilled at 100-meter sections over a 1,600-meter strike length, also shows continuous phosphate mineralization over widths exceeding 100 meters. Meanwhile, the Northwestern Zone reports an average width of 40 meters with grades between 7% and 9% P2O5.
First Phosphate has also acquired 15 additional mineral claims within the Bégin-Lamarche claim block and granted stock options and restricted share units (RSUs) to eligible persons.