First Phosphate Corp. (CSE:PHOS) has announced the release of a peer-reviewed research note conducted by Queen's University and Université du Québec à Chicoutimi that examines igneous phosphate ore bodies around the world.
The study highlights the company's Bégin-Lamarche property in Quebec, comparing its ore grade and beneficiated phosphate levels with those from major deposits in Russia, Finland, South Africa, and Brazil.
The research reveals that the phosphate ore at the Bégin-Lamarche property has an average P2O5 content of 6.01%, with testing indicating the potential to produce high-quality phosphate concentrate with a P2O5 content of approximately 40.9%.
This figure surpasses the global average of 36.9% for igneous phosphate concentrates.
The study highlighted that only about 10% of global phosphate ore supply comes from igneous rock, primarily sourced from deposits like the Khibiny Alkalic Igneous Complex in Russia and the Siilinjärvi Carbonatite Complex in Finland.
Drilling activities at Bégin-Lamarche have uncovered phosphate layers as close as 6.5 meters from the surface, with one notable drill hole intersecting a layer extending 92.5 meters at an average P2O5 content of 11.8%.
The presence of these layers suggests strong potential for future open-pit mining operations, pending further mine planning studies.
The company said it believes that Quebec igneous phosphate rock is an untapped source of high-purity phosphate to support North America's lithium iron phosphate (LFP) battery industry.
Further, First Phosphate said it has granted 358,000 Restricted Share Units (RSUs) to eligible consultants, with vesting scheduled for two phases: 50% on November 30, 2024, and 50% on February 28, 2025.
Additionally, the company has settled $25,000 in debt owed to an external service provider by issuing 83,334 common shares at a price of $0.30 each.