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First Phosphate unearths new high-grade discoveries in Québec

Jonathon Brown, The Market Online

0 Comments| January 29, 2024

First Phosphate has confirmed a new high-grade discovery at its Bégin-Lamarche project in Québec
The original discovery of these areas was confirmed last fall with 26 grab samples returning high-grade P2O5 (phosphate)
Field reconnaissance and sampling in the Larouche area revealed the highest-ever phosphate sample found by the company
First Phosphate stock opened trading at $0.38 per share

First Phosphate (CSE:PHOS) has confirmed a new high-grade discovery at its Bégin-Lamarche project in Québec.

Located in the region of Saguenay-Lac-St-Jean, the original discovery of these areas was made in autumn 2022 during a prospection campaign and was confirmed last fall with 26 grab samples returning high-grade P2O5 (phosphate).

The Larouche area also continues to return high-grade analyses with one sample grading as high as 39.45 per cent phosphate in an irregular layer of pure apatite (the host mineral that contains phosphate). At this level of purity, the team noted that the mineral would be considered direct shipping ore.

Click to enlarge — Location of the New Mountain and Northwestern Zones. Source: First Phosphate Corp.

Grab sampling revealed a high-grade phosphate area 500 metres north of the existing Northern Zone. This new zone, named the Mountain Zone, is about 350 metres long by 175 metres wide.

The rock type is the most favourable rock type where phosphate is found on the property.

Assay results for the New Mountain Zone

Field station	Sample	UTM East	UTM North	Per cent P2O5	Per cent Fe2O3	Per cent TiO2
FP-23-RC-011	A1007212	326998	5403709	17.83	25.14	7.72
FP-23-JPA-114	A1007104	326769	5403913	15.99	32.03	3.83
FP-23-RC-008	A1007209	326988	5403834	14.25	24.14	3.91
FP-23-JPA-116	A1007106	326863	5403947	13.67	32.70	4.22
FP-23-RC-002	A1007203	326952	5403822	12.95	35.23	5.35
FP-23-JPA-113	A1007103	326758	5403910	12.79	40.40	7.05
FP-23-JPA-117	A1007107	326808	5403962	12.59	40.12	7.96
FP-23-JPA-119	A1007110	326732	5403936	11.56	36.97	5.57
FP-23-JPA-123	A1007114	326867	5403756	11.55	46.17	11.05
FP-23-JPA-121	A1007112	326823	5403823	11.08	37.74	6.31
FP-23-JPA-111	A1007102	326778	5403841	11.04	30.17	5.86
FP-23-RC-005	A1007206	326944	5403828	10.68	37.98	5.63
FP-23-RC-003	A1007204	326948	5403829	10.58	36.62	4.92
FP-23-RC-015	A1007216	326882	5403707	10.44	34.55	5.22
FP-23-RC-004	A1007205	326945	5403827	10.10	33.97	2.58
FP-23-RC-007	A1007208	326941	5403823	9.93	40.16	5.74
FP-23-JPA-115	A1007105	326799	5403924	9.40	29.51	1.96
FP-23-RC-006	A1007207	326946	5403828	9.18	39.47	5.81
FP-23-RC-001	A1007202	326949	5403815	8.85	37.09	3.91
FP-23-JPA-119	A1007109	326717	5403943	8.73	33.79	5.80
FP-23-RC-009	A1007210	326903	5403899	8.41	30.38	2.15
FP-23-JPA-120	A1007111	326776	5403891	8.26	34.39	4.59
FP-23-JPA-118	A1007108	326777	5403961	7.77	30.83	2.79
FP-23-RC-012	A1007213	326971	5403720	7.74	46.65	8.80
FP-23-RC-010	A1007211	326876	5403855	7.17	47.95	10.28
FP-23-JPA-122	A1007113	326838	5403785	4.64	29.75	2.30

A second new zone, named the Northwestern zone, was also discovered west of the existing Northern Zone from which four of eight samples returned grades of more than 10 per cent phosphate.

Field reconnaissance and sampling in the Larouche area also revealed high-grade phosphate. One sample returned 39.45 per cent phosphate, the highest-ever phosphate sample found by the company.

The team noted that preliminary geological indications suggest these layers could be flat-lying and therefore open at substantial potential depth, but only further drilling will be able to determine the full width of the layers. A drill permit application has been made for drilling in this area. To date, field work has outlined phosphate layers of a length of up to 760 metres.

Assay results from the Larouche Area

Field station	Sample	UTM East	UTM North	Per cent P2O5	Per cent Fe2O3	Per cent TiO2
FP-23-JPA-185	A1007140	316149	5375054	39.45	5.88	0.77
FP-23-JPA-187	A1007142	316094	5374900	23.12	36.44	8.89
FP-23-JPA-148	A1007130	316203	5375312	21.25	24.65	5.43
FP-23-MB-009	A1007229	315951	5374697	17.60	30.39	4.79
FP-23-JPA-169	A1007134	315617	5373838	16.13	32.72	5.22
FP-23-JPA-186	A1007141	316144	5375032	15.58	35.45	6.01
FP-23-JPA-184	A1097139	316138	5375057	14.99	40.94	10.94
FP-23-MB-009	A1007231	315952	5374693	11.91	34.65	6.00
FP-23-MB-009	A1007228	315951	5374699	11.56	36.21	6.19
FP-23-MB-019	A1007237	316083	5374676	8.96	1.57	0.19
FP-23-JPA-181	A1007138	315570	5375192	8.83	46.42	13.30
FP-23-MB-012	A1007233	315981	5374735	8.75	39.14	6.79
FP-23-JPA-151	A1007131	316202	5375323	8.13	35.15	9.48
FP-23-JPA-152	A1007132	316198	5375337	8.13	31.43	8.19
FP-23-MB-012	A1007232	315976	5374737	7.45	41.31	8.32
FP-23-MB-009	A1007230	315951	5374697	5.72	52.27	12.02
FP-23-MB-014	A1007235	316009	5374878	1.88	17.48	3.76
FP-23-MB-014	A1007236	316005	5374876	1.81	21,52	3.60
FP-23-JPA-174	A1007136	316041	5375054	1.67	58.58	11.49
FP-23-MB-021	A1007239	316111	5374719	1.11	68.35	19.15
FP-23-MB-021	A1007240	316110	5374720	1.05	68.39	19.38
FP-23-MB-013	A1007234	315961	5374724	0.89	42.52	7.31
FP-23-JPA-158	A1007133	316349	5375411	0.59	68.21	19.36
FP-23-MB-021	A1007241	316110	5374722	0.37	30.41	11.02
FP-23-JPA-175	A1007137	316037	5375052	0.16	58.68	11.50
FP-23-JPA-171	A1007135	316000	5375101	0.09	68.29	18.56
FP-23-MB-019	A1007238	316083	5374689	0.08	1.19	0.20

“Begin-Lamarche continues to show promise in delivering another significant phosphate horizon for the company,” First Phosphate’s CEO, John Passalacqua, said in a news release. “What is more, the Bégin-Lamarche property is found at 70 km from the deep-sea port of Saguenay and brings with it tremendous logistical advantages.”

First Phosphate is a mineral development company focused on extracting and purifying low-carbon phosphate for the lithium iron phosphate battery industry. The company is actively developing more than 1,500 square kilometres of royalty-free district-scale land claims in Québec.

First Phosphate stock opened 1.3 per cent higher, trading at $0.38 per share.

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