FULL DISCLOSURE: This is sponsored content for First Phosphate.
Further assay results are in for First Phosphate’s (CSE: PHOS) ongoing drill program at the Begin-Lamarche project in the Saguenay-Lac-St-Jean region of Quebec.
The company continues to hit significant intersects of igneous phosphate starting at surface, which is said to present “an ideal scenario for an eventual starting point for an open pit operation,” as per First Phosphate’s CEO John Passalacqua.
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Highlights from the results include:
- BL-24-40: 7.76% P2O5 over 88.2 metres from a depth of 186.0 metres
- BL-24-54: 9.18% P2O5 over 40.0 metres from a depth of 61.1 metres
- BL-24-55: 4.60% P2O5 over 190.8 metres from a depth of 4.0 metres
- BL-24-56: 11.82% P2O5 over 92.5 metres from a depth of 6.5 metres
The current 25,000 metre drill program has seen exploration spread across four separate zones on the property, including the Southern Zone, the Northern Zone, the Phosphate Mountain Zone, and the NW Zone.
Much of the program has been focused on the Phosphate Mountain Zone, where a total of twenty drill holes have been completed to date. While only five holes have been completed, data to date has demonstrated grades of over 10% P2O5 that covers widths of up to 92 metres. The zone is currently over 250 metres long, and is “beginning to merge” with the Northern Zone, which has a 500 metre thick phosphate mineralized envelope. The Northern Zone has seen five layers of phosphate identified, which extend up to 300 metres deep. Combined, the two zones have seen a strike of 600 metres identified.
READ: First Phosphate Drills 15.01% P2O5 Over 7.6 Metres At Begin-Lamarche
The Southern Zone meanwhile has seen strike delineated over a distance of 1,000 metres, with the zone demonstrating continuous widths of over 100 metres of mineralization. Current results have also shown additional phosphate layers exist within the zone.
23,398 metres of the 25,000 metre program have been completed to date. Assay results for just 9,155 metres of drilling have been returned.
First Phosphate last traded at $0.30 on the CSE.
FULL DISCLOSURE: First Phosphate is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Phosphate. The author has been compensated to cover First Phosphate on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
