First Phosphate Corp. (CSE:PHOS) this week unveiled its initial Mineral Resource Estimate for the Bégin-Lamarche phosphate project, located in Quebec.
CEO John Passalacqua and Chief Geologist Gilles Laverdiere joined Proactive to discuss the milestone.
Proactive: John, I thought I’d start with you. Big news today from the company: your initial mineral resource estimate is out for Bégin-Lamarche. I know it took time to get here. Could you remind us about the project and why it's so strategic?
John Passalacqua (JP): So, the Bégin-Lamarche property is in the Saguenay-Lac-Saint-Jean region of Quebec, about 250km north of Quebec City and 40km north of Alma. It’s in an area with great infrastructure and a skilled industrial workforce, thanks to Rio Tinto’s presence with aluminum smelters and hydroelectric dams. We're 70km from the Port of Saguenay and 50km from the intermodal station. This proximity to infrastructure really strengthens our economics, which we’ll further explore with the PEA coming after this mineral resource estimate.
Gilles, you’ve been working on the mineral resource estimate. Could you share the numbers with us?
Gilles Laverdière (GL): Yes, we’re very excited. We have inferred resources of 214 million tons at 6% phosphate and indicated resources of 41 million tons at 6.5%. The Mountain zone, in particular, has high grades, with indicated resources of 9.3 million tons at 8.2% and inferred resources of 6.8 million tons at 8.6%. Preliminary metallurgical tests also show a 40% concentrate with a recovery rate of 91%.
Impressive numbers. This places the project among the larger ones, right?
GL: Yes, especially with its proximity to infrastructure in the Saguenay-Lac-Saint-Jean area.
There's also potential for iron and titanium. Can you elaborate?
GL: Yes, we’ve produced magnetite (iron) and titanium concentrates. The deposit is still open at depth, so we expect more growth as we drill down.
John, the next stage is the PEA. Can you tell us about what comes next and your reaction to these numbers?
JP: Absolutely. Every end is a new beginning, and that’s what drives us at First Phosphate. We’re moving quickly, like a tech company. What’s exciting is that we’ve identified three critical minerals—phosphate, iron, and titanium—that are on Canada’s critical minerals list. The next step is to qualify the mineral resource estimate for the PEA, which should be completed by the end of this year. We’re eager to see the economics, given the high grades and proximity to infrastructure.
That sounds like an exciting phase. John, anything else you’d like to add?
JP: Yes, I just want to highlight that our downstream processing facilities at Saguenay are only about 60 to 70km away. This proximity will provide excellent integration for our operations.
Quotes have been lightly edited for clarity and style