- First Phosphate has revealed initial assay results from the first 3,394 metres of its 25,000-metre drill program at the Begin-Lamarche Project in Quebec
- A total of 10,000 metres of drilling has been done to date
- Nine holes have been completed at the Phosphate Mountain Zone and have intersected high-apatite-bearing peridotite visually containing from 30 to 80 per cent apatite over widths of up to 43 metres
- Shares of First Phosphate are down 4.55 per cent to C$0.21 as of 11 am ET
First Phosphate (CSE:PHOS) has revealed initial assay results from the first 3,394 metres of its 25,000-metre drill program at the Begin-Lamarche Project in Quebec.
In a news release, the Saguenay, Quebec-based company stated a total of 10,000 metres of drilling has been drilled to date with assays from the remaining 6,606 metres to be released as they become available.
“We are impressed by the high-grade nature and volume of the phosphate layers being defined at Begin-Lamarche,” John Passalacqua, CEO of First Phosphate, said in a news release. “Begin-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 kilometres away.”
Nine holes have been completed at the Phosphate Mountain Zone that have intersected high apatite-bearing peridotite visually containing from 39 per cent to 80 per cent apatite over widths of up to 43 metres.
Over at the Northern Zone, drill hole BL-24-25 intersected 9.8 per cent phosphate over 42.80 metres starting at a depth of 74.20 metres. Meanwhile, drill hole BL-24-26 intersected 9.44 per cent phosphateover 89.10 metres starting at a depth of 6.90 metres.
Highlights from the Northwestern Zone include drill holes BL-24-49 and BL-24-54, which intersected 20 metres and 40 metres of peridotite, respectively visually containing 30 per cent apatite.
Finally, at the Southern Zone drill hole BL-24-24 intersected 5.22 per cent phosphate over 129.60 metres, starting at a depth of 61.30 metres. Drill hole BL-24-35 intersected a new higher-grade layer of 7.8 per cent phosphate over 22.40 metres starting at a depth of 165.10 metres.
First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the lithium iron phosphate battery industry.
Shares of First Phosphate are down 4.55 per cent to C$0.21 as of 11 am ET.
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