First Phosphate Drills 9.44% P2O5 Over 89.10 m at Its Begin-Lamarche Project in Saguenay-Lac-St-Jean, Quebec, Canada

Rhea-AI Summary

First Phosphate Corp. announces promising initial assay results from the Bégin-Lamarche Project. High-grade phosphate layers discovered in multiple zones. CEO impressed by the volume and quality of phosphate. Apatite recognized as a critical mineral in various jurisdictions.

Positive

• Promising initial assay results from the Bégin-Lamarche Project showcase high-grade phosphate layers.
• CEO John Passalacqua is impressed by the volume and quality of phosphate discovered at the project.
• Apatite, a critical mineral, is recognized in various jurisdictions including Quebec, Canada, and the European Union.
• Significant intersections of phosphate mineralization in multiple zones indicate potential for open-pit mining operations.
• Assay results from completed drill holes in different zones show promising phosphate grades and widths.
• The company follows a rigorous QA-QC program to ensure the accuracy and reliability of assay data.

Negative

• None.

Saguenay, Quebec--(Newsfile Corp. - March 19, 2024) - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce initial assay results from the first 3,394 m of its 25,000 m drill program at its Bégin-Lamarche Project in Saguenay-Lac-St-Jean, Quebec. In total 10,000 m of drilling have been completed to date. Assay results are awaited on 6,606 m and will be released over the coming weeks as they become available.

Highlights:

• Phosphate Mountain Zone: 9 drill holes have been completed to date in the Phosphate Mountain Zone, ones which have intersected high apatite-bearing peridotite visually containing from 30% to 80% apatite over widths of up to 43 m.

• Northern Zone: Drill hole BL-24-25 intersected 9.89% P₂O₅ (phosphate) over 42.80 m starting at a depth of 74.20. Drill hole BL-24-26 intersected 9.44% P₂O₅ over 89.10 m starting at a depth of 6.90 m.

• Northwestern Zone: Drill holes BL-24-49 and BL-24-54 intersected 20 m and 40 m of peridotite, respectively visually containing 30% apatite.

• Southern Zone: Drill hole BL-24-24 intersected 5.22% P₂O₅ over 129.60 m starting at a depth of 61.30 m. Drill hole BL-24-35 intersected a new higher-grade layer of 7.82% P₂O₅ over 22.40 m starting at a depth of 165.10 m.

"We are impressed by the high-grade nature and volume of the phosphate layers being defined at Bégin-Lamarche," said First Phosphate CEO, John Passalacqua. "Bégin-Lamarche is showing increased open-pit surface feasibility in an area of developed infrastructure with direct paved-road access to the deep-sea port of Saguenay at only 70 km away."

Apatite versus Phosphate

Apatite is very common as an accessory mineral in igneous and metamorphic rocks where it is the most common phosphate mineral form to be found. Occurrences are usually found as small grains which are often visible only in thin sections. The chemical formula of apatite is Ca₅(PO₄)₃(F,Cl,OH). The molecular weight of the phosphate molecule (PO₄) in apatite is 41.8%. Apatite is also found in clastic sedimentary rock as grains eroded out of the source rock over time. Phosphorite is a phosphate-rich sedimentary rock containing as much as 80% apatite which is present as cryptocrystalline masses. Economic quantities of apatite are also sometimes found in nepheline syenite or in carbonatites. Apatite was recently added to the Critical and Strategic Minerals List of Quebec, Canada. The European Union, South Korea, and the Provinces of Ontario and Newfoundland-Labrador are other jurisdictions that recognize phosphate as a critical and strategic mineral.

Phosphate Mountain Zone

A total of 9 drill holes have been completed to date in the Phosphate Mountain Zone and have intersected high apatite-bearing peridotite visually containing from 30% to 80% apatite over widths of up to 43 m. Hole BL-24-53 intersected 70% apatite over a length of 1.0 m (See Figure 1).

Multiple semi-massive apatite veins have been intersected across the 9 drill holes where the background apatite content is 30-35% These results compare well in terms of the apatite content discovered in this zone during last fall's surface sample prospection program where more than 50% of surface samples returned results of above 10% P₂O₅. These 9 drill holes have been prioritized for assay analysis and their data should be available in the coming weeks.

Figure 1 -70% Apatite Concentration Visible Over 1.0 m in Drill Hole BL-24-53

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8917/202160_ad6a7d2054bf5a55_001full.jpg

Northern Zone

Expanded drilling in the Northern Zone has confirmed grades and widths that were originally identified during the initial 2023 drilling program. In addition, the 3 drill holes BL-24-25, BL-24-26 and BL-24-31 have intersected high grade phosphate layers, grading 9.89% P₂O₅ over 42.80 m from a depth of 74.20 m; 9.44% P₂O₅ over 89.10 m from a depth of 6.90 m; and 10.47% P₂O₅ over 48.05 m from a depth of 4.85 m. These results indicate that there are one or more high grade phosphate layers that outcrop on surface and which may be important starting points for an eventual open-pit mining operation.

Drill hole BL-24-23 intersected 7.02% P₂O₅ over 154.1 m from a depth of 21.0 m and could be interpreted to represent a phosphate layer drilled along dip. If so, this result could be indicative of the average grade for this layer and to be confirmed as the drilling campaign progresses. Results for the Northern Zone are shown in Table 1 below.

Table 1 - Drill Results for the Northern Zone

Hole_ID	From (m)	To (m)	Length1 (m)	P2O5 (%)	TiO2 (%)	Fe2O3T (%)
BL-24-22	10.55	47.65	37.10	5.82	4.41	23.88
	96.00	117.00	21.00	4.36	3.17	18.60
	156.00	174.00	18.00	3.06	2.99	18.88
	195.00	259.50	64.50	5.80	2.94	21.04
BL-24-232	21.00	175.10	154.10	7.02	4.40	27.34
	188.30	194.00	5.70	12.49	6.30	35.91
BL-24-25	74.20	117.00	42.80	9.89	3.54	28.65
BL-24-26	6.90	96.00	89.10	9.44	3.92	27.59
BL-24-272	6.60	13.40	7.80	9.43	6.12	36.18
	138.00	189.00	51.00	4.41	3.05	20.62
	242.55	258.00	15.45	7.80	3.73	25.56
BL-24-29	99.00	276.00	177.00	4.46	3.63	22.85
including	99.00	138.00	39.00	4.04	2.65	20.26
including	150.00	165.00	15.00	2.95	3.57	21.26
including	174.00	195.00	21.00	5.75	4.79	30.21
including	205.80	276.00	70.20	6.06	3.90	25.01
BL-24-31	4.85	52.90	48.05	10.47	4.97	30.13
	66.00	90.00	24.00	4.55	2.33	13.03
	119.85	213.80	93.95	7.16	3.49	18.76
including	195.00	213.80	18.80	12.29	5.39	31.76
BL-24-32	37.05	39.80	2.75	11.46	5.60	30.99
	44.00	48.00	4.00	10.39	5.24	26.86
	55.50	58.35	2.85	5.08	2.23	17.25
	63.70	70.00	6.30	15.31	4.04	33.51
	94.00	110.70	16.70	9.51	3.90	24.84
	159.00	228.00	69.00	5.51	3.82	24.60
including	159.00	181.10	22.10	8.38	5.23	33.27
BL-24-34	9.00	24.00	15.00	2.92	2.33	19.39
	93.00	192.00	99.00	6.34	2.74	20.09
including	93.00	135.00	42.00	5.27	3.14	20.45
including	144.00	192.00	48.00	8.27	2.86	22.96

 

¹ Lengths are measured along the core. True widths are estimated to be between 50% and 80% of the core interval.l

²These holes have been seemingly drilled parallel to the phosphate layer (potentially along dip)

Northwestern Zone

Two drill holes completed to date in the Northwestern Zone have intersected 30-35% visual apatite. Similarly to the Mountain Zone, visual inspection confirms the apatite content discovered in this zone during last fall's surface sample prospection program. These 2 drill holes have been prioritized for assay analysis and their data should be available in the coming weeks.

Southern Zone

Results from the Southern Zone confirm those from the initial 2023 drill program and include further intersects of over 100 m of phosphate mineralization. Drill holes BL-24-24 and BL-24-33 intersected 5.22% P₂O₅ over 129.60 m from a depth of 61.6 m and 5.00% P₂O₅ over 106.20 m from a depth of 3.8 m. Preliminary interpretation of the results suggests a tabular and horizontal body of phosphate mineralization with a thickness of over 100 m and grading approximatively 5.0% P₂O₅.

Drill hole BL-24-35 intersected two higher grade phosphate layers located below the tabular body mentioned above. This drill hole intersected 7.82% P₂O₅ over 22.40 m and 6.25% P₂O₅ over 41.20 m. Preliminary interpretation indicates that these two layers may connect with the high-grade phosphate layers discovered in drill holes from the already completed 2023 drill campaign. For example, drill hole BL-23-16 returned 7.60% P₂O₅ over 28.7 m and 9.99% P₂O₅ over 34.5 m. Drill hole BL-23-16 is located 300 m to the southwest of current drill hole BL-24-35. Infill drilling is currently underway in the area between these two drills holes to confirm if connectivity exists between these two layers. Currently available drill results for the Southern Zone are presented in Table 2 below. Drill results from the initial already completed 2023 drill campaign can be found in Table 4 below.

Table 2 - Drill Results for the Southern Zone

Hole_ID	From (m)	To (m)	Length1 (m)	P2O5 (%)	TiO2 (%)	Fe2O3T (%)
BL-24-24	61.30	190.90	129.60	5.22	3.63	22.32
	230.00	249.20	19.20	5.12	3.38	24.85
	284.70	310.40	25.70	3.73	2.74	17.17
BL-24-28	56.10	65.10	9.00	4.91	3.80	23.32
	73.25	152.20	78.95	5.48	4.07	24.68
	203.00	214.00	11.00	2.87	3.63	19.37
	231.00	244.10	13.10	4.50	2.54	18.42
	273.00	285.00	12.00	3.07	2.04	14.88
BL-24-30	33.00	78.65	45.65	4.28	2.97	19.83
	239.00	250.00	11.00	4.12	3.19	21.06
BL-24-33	3.80	110.00	106.20	5.00	3.70	21.19
	126.00	145.50	19.45	5.80	3.33	17.07
BL-24-35	12.00	44.00	32.00	3.79

FAQ

What are the initial assay results from the Bégin-Lamarche Project?

The initial assay results from the Bégin-Lamarche Project show high-grade phosphate layers.

Who is the CEO of First Phosphate Corp?

The CEO of First Phosphate Corp is John Passalacqua.

What is apatite and why is it significant?

Apatite is a critical mineral found in various jurisdictions recognized for its importance.

What does the QA-QC program of the company entail?

The company's QA-QC program ensures the accuracy and reliability of drill core sampling and assay data.

Where is the Bégin-Lamarche Project located?

The Bégin-Lamarche Project is located in Saguenay-Lac-St-Jean, Quebec.

What are the key highlights of the assay results?

The assay results highlight high apatite content in various drill holes across different zones.

What is the significance of phosphate mineralization in the Southern Zone?

Results from the Southern Zone confirm significant phosphate mineralization with potential high-grade layers.

Who is the Qualified Person overseeing the technical disclosure?

Gilles Laverdière, P.Geo, is the Chief Geologist of First Phosphate and the Qualified Person under NI 43-101.

What are some of the key findings from the drilling progress at Bégin-Lamarche?

The drilling progress at Bégin-Lamarche has revealed significant phosphate mineralization in multiple zones.

What is the chemical formula of apatite?

The chemical formula of apatite is Ca5(PO4)3(F,Cl,OH).