First Phosphate Confirms Another High Grade Intersect of 11.85% Igneous Phosphate Across 84 Metres Starting from Surface at Its Begin-Lamarche Project in Saguenay-Lac-St-Jean, Quebec, Canada

Rhea-AI Summary

First Phosphate Corp. has announced significant high-grade phosphate intersects at its Bégin-Lamarche project in Quebec. The company's 25,929 m drill program was completed ahead of schedule, and results from 29 drill holes were reported. Notable findings include an 11.85% P2O5 intersect over 84.0 m starting at 3.0 m depth in the Phosphate Mountain Zone, and a 5.81% P2O5 intersect over 216.1 m from surface in the Southern Zone. Drill holes revealed layers exceeding 10% P2O5 and a massive apatite vein with 30.73% P2O5. The company is preparing for a 43-101 resource estimate followed by a Preliminary Economic Assessment (PEA).

Positive

• Completed 25,929 m drill program ahead of schedule.
• Drill hole BL-24-67 intersected 11.85% P2O5 over 84.0 m.
• Drill hole BL-24-82 returned a sub-intersect of 20.51% P2O5 over 9.75 m.
• Southern Zone drill hole BL-24-60 intersected 5.21% P2O5 over 194.0 m.
• Drill hole BL-24-83 intersected 5.81% P2O5 over 216.1 m.
• Phosphate layers over 10% P2O5 and apatite vein with 30.73% P2O5.
• Preparation for 43-101 resource estimate and Preliminary Economic Assessment.

Negative

• A remaining 1,775 assays are pending, creating uncertainty.
• No significant results from drill hole BL-24-61 and BL-24-79, indicating variability in mineralization.

Saguenay, Quebec--(Newsfile Corp. - May 14, 2024) - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to report results from another 29 drill holes at its Bégin-Lamarche project located in Saguenay-Lac-St-Jean, Quebec, Canada. The Company's 25,929 m drill program was completed ahead of schedule on April 29, 2024. To date, 4,557 assays have been received representing 16,468 m of drilling. A remaining 1,775 assays are expected to be delivered by the end of May.

Highlights:

• Phosphate Mountain Zone:

• Drill hole BL-24-67 intersected 11.85% P₂O₅ (phosphate) over 84.0 m starting at a surface depth of 3.0 m. Drilling in the Phosphate Mountain Zone revealed a thick 90 m layer of phosphate bearing nelsonite rock outcropping at surface with numerous other high grade intersects grading at over 10% P₂O₅.

• Drill hole BL-24-82 returned a sub-intersection of 20.51% P₂O₅ over 9.75 m within a 77.7 phosphate intersect grading at 11.07% P₂O₅. This sub-section also contains a 2.1 m massive apatite vein that returned 30.73% P₂O₅.

• Southern Zone:

• Drill hole BL-24-60 intersected 5.21% P₂O₅ over 194.0 m from a surface depth of 4.0 m and drill hole BL-24-83 intersected 5.81% P₂O₅ over 216.1 m starting at surface.

• Drilling revealed many phosphate layers over 10% P₂O₅ at he base of the main phosphate layer.

• Drill hole BL-24-84 intersected 8.41% P₂O₅ over 77.1 m starting at 6.0 m. Results demonstrate that high grade phosphate layers also occur in the Southern Zone.

"We are pleased with the continued high grade phosphate results encountered across the 3 km strike zone at our Bégin-Lamarche project," said First Phosphate CEO, John Passalacqua. "The drill program is now completed and we begin preparations for a 43-101 resource estimate followed immediately by a Preliminary Economic Assessment ("PEA")."

Phosphate Mountain Zone

A total of 23 drill holes have been completed to date in the Phosphate Mountain Zone while results from 14 drill holes have been received to date. Data received from these 14 drill holes shows grades of over 10% P₂O₅ over widths ranging from 7 m to 92 m. The Phosphate Mountain Zone has been drilled for a total length of 250 m to date. This zone is beginning to merge (from the southeast) with the Northern Zone where a 500 m thick phosphate mineralized envelope exists, one which has delineated up to 5 individual layers ranging from 60 m to 100 m in thickness starting at surface and continuing down to a depth of 300 m. The overall strike length of the Phosphate Mountain Zone and the Northern Zone is approximately 600 m.

Drill hole BL-24-67 intersected 11.85% P₂O₅ (phosphate) over 84.0 m starting at a surface depth of 3.0 m. Drilling in the Phosphate Mountain Zone revealed a thick 90 m layer of phosphate bearing nelsonite rock outcropping at surface with numerous other high grade intercepts grading at over 10% P2O5. Drill hole BL-24-82 returned a sub-intersection of 20.51% P₂O₅ over 9.75 m within a 77.7 phosphate intersection grading at 11.07% P₂O₅. This sub-section contains a 2.1 m massive apatite vein that returned 30.73% P₂O₅. (See Table 1).

Table 1 - Drill Results for the Phosphate Mountain Zone

Hole	From (m)	To (m)	Length1 (m)	P2O5 (%)	TiO2 (%)	Fe2O3T (%)
BL-24-59	6.55	59.4	52.85	12.44	5.65	33.60
BL-24-59	71.0	88.0	17.0	10.68	4.58	23.33
BL-24-59	123.0	145.0	22.0	11.61	2.52	20.20
including	132.0	145.0	13.0	16.45	2.56	21.18
BL-24-59	150.35	166.4	16.05	7.98	1.13	11.13
BL-24-62	3.8	48.0	44.2	11.37	4.65	22.77
BL-24-62	69.0	144.65	75.65	9.97	3.66	20.71
including	69.0	128.3	59.3	11.04	4.30	23.55
BL-24-62	156.0	160.0	4.0	14.40	4.90	26.34
BL-24-64	3.0	42.0	39.0	9.06	4.11	25.45
including	3.0	26.0	23.0	12.04	5.40	34.63
BL-24-64	75.0	126.5	51.5	7.20	2.64	16.44
including	102.0	120.9	18.9	10.67	4.13	20.59
BL-24-67	3.00	87.0	84.0	11.85	5.09	32.49
BL-24-67	117.0	152.0	35.0	9.86	3.22	18.88
including	117.0	143.0	26.0	11.85	3.95	22.03
BL-24-69	2.4	10.43	8.03	13.81	5.07	31.14
BL-24-69	28.0	65.1	37.1	9.55	3.17	21.76
including	28.0	39.75	11.75	16.70	6.20	32.09
BL-24-74	11.5	21.4	9.9	9.81	3.65	22.68
	48.0	57.0	9.0	6.25	2.96	16.14
	82.0	102.3	20.3	10.30	4.28	19.01
	66.8	102.3	35.6	8.78	3.49	16.44
BL-24-76	49.0	64.25	15.3	11.27	4.40	24.29
BL-24-78	50.55	62.1	11.55	11.88	4.90	29.82
including	47.55	102.7	55.15	8.72	3.18	19.87
including	82.4	102.7	20.3	10.04	3.53	19.32
BL-24-82	6.0	83.7	77.7	11.07	3.28	18.63
including	6.0	36.0	30.0	13.21	4.82	24.31
including	54.0	63.75	9.75	20.51	3.87	16.59
BL-24-82	102.0	119.1	17.1	9.96	2.78	14.97

 

¹ Lengths are measured along the core. True widths are estimated to be between 70 and 90% of the core interval.

Southern Zone

The Southern Zone has been drilled at 100 m spaced sections over a strike length of 1,600 m. Results to date from the Southern Zone show continuous widths of over 100 m of phosphate mineralization. Drill hole BL-24-60 intersected 5.21% P₂O₅ over 194.0 m from a surface depth of 4.0 m and drill hole BL-24-83 intersected 5.81% P₂O₅ over 216.1 m from surface. Drilling also revealed many phosphate layers over 10% P₂O₅ at he base of the main phosphate layer. Drill hole BL-24-84 intersected 8.41% P₂O₅ over 77.1 m. Results demonstrate that high grade phosphate layers also occur in the Southern Zone.

Table 2 - Drill Results for the Southern Zone

Hole	From (m)	To (m)	Length1 (m)	P2O5 (%)	TiO2 (%)	Fe2O3T (%)
BL-24-58	81.0	144.0	63.00	4.02	3.46	18.82
including	81.0	102.0	21.00	7.09	4.50	25.47
	176.55	185.7	9.15	9.55	4.72	26.28
	195.0	212.4	17.40	6.51	3.88	18.85
including	206.3	212.4	6.10	11.96	5.01	26.27
BL-24-60	3.7	197.7	194.00	5.21	3.81	22.50
BL-24-61	No significant results
BL-24-63	37.7	297.0	259.3	5.21	3.80	21.65
including	37.7	60.0	22.3	8.02	5.07	30.02
including	240.0	285.0	45.0	7.57	4.54	26.60
BL-24-65	12.5	19.5	7.0	4.27	3.09	17.72
	49.2	63.3	14.1	9.44	5.19	30.12
	144.7	162.5	17.8	10.37	5.40	31.00
	223.4	235.4	12.0	11.61	5.61	28.72
BL-24-66	6.0	97.0	91.0	5.35	4.43	26.85
BL-24-68	13.0	46.65	33.65	5.64	4.02	22.83
	81.8	92.0	10.20	3.92	3.90	17.92
BL-24-70	73.6	148.0	74.40	4.27	3.49	20.55
BL-24-71	73.3	174.9	101.6	4.76	3.52	19.60
	193.5	238.2	44.7	6.52	4.98	26.00
	261.0	272.0	11.0	6.27	4.42	24.32
	292.7	304.0	11.3	7.75	3.85	30.68
BL-24-72	196.0	305.

FAQ

What are the recent drilling results at First Phosphate's Bégin-Lamarche project?

Recent drilling results at First Phosphate's Bégin-Lamarche project revealed high-grade phosphate intersects, including an 11.85% P2O5 over 84.0 m in the Phosphate Mountain Zone and 5.81% P2O5 over 216.1 m in the Southern Zone.

When was the drill program at Bégin-Lamarche completed?

The 25,929 m drill program at Bégin-Lamarche was completed on April 29, 2024.

What is the significance of the 43-101 resource estimate for First Phosphate?

The 43-101 resource estimate will provide a formalized assessment of the phosphate resources at Bégin-Lamarche, which is important for advancing to a Preliminary Economic Assessment (PEA).

What was the highest grade of phosphate intersect reported?

The highest grade reported was a sub-intersect of 20.51% P2O5 over 9.75 m within a 77.7 m intersect grading at 11.07% P2O5, which includes a 2.1 m massive apatite vein with 30.73% P2O5.

What are the next steps for First Phosphate after the drill program?

After completing the drill program, First Phosphate will prepare a 43-101 resource estimate followed by a Preliminary Economic Assessment (PEA).