FULL DISCLOSURE: This is sponsored content for First Phosphate.
Drill results from a winter drill program conducted at First Phosphate’s (CSE: PHOS) Begin-Lamarche property in the Saguenay-Lac-St-jean region of Quebec were released this morning. The program saw a total of 4,274 metres drilled in aggregate across 20 holes.
“These drill results confirm our expectations of the size, grade and world-class phosphate potential of our Bégin-Lamarche property located at only 75 km from the deep-sea Port of Saguenay. With another light drill program, we should be in a position to initiate a 43-101 resource estimate for this property later this year,” commented First Phosphate President Peter Kent.
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The program identified two main zones with multiple phosphate-bearing layers, which are said to be at depths amenable to open-pit mining. The zones, referred to the Northern and Southern Zones, have been drilled to depths of at least 200 metres and are found within a larger 2,500 strike zone.
The Northern Zone is said to have four main layers, which average at least 60 metres in thickness. The layers have a strike of 375 metres, and are said to remain open in all directions. Two of the layers have grades in excess of 7.0% P2O5, while the four layers collectively have an average grade of 6.2% P2O5.
Highlights from the drill results include:
- BL-23-01: 7.82% P2O5, 4.16% TiO2 over 83.50 metres
- BL-23-02: 8.35% P2O5, 3.38% TiO2 over 57.30 metres
- BL-23-03: 8.35% P2O5, 4.37% TiO2 over 64.20 metres
- BL-23-18: 8.75% P2O5, 4.18% TiO2 over 85.55 metres
- BL-23-19: 7.02% P2O5, 3.30% TiO2 over 110.80 metres
The Southern Zone meanwhile has at least two layers that are up to 1,500 long, averaging 100 metres in thickness. The average grade of the layers is 4.7% P2O5, with the layers extending to a depth of at least 150 metres.
Highlights from the drill results include:
- BL-23-12: 4.67% P2O5, 2.63% TiO2 over 129.15 metres
- BL-23-14: 5.00% P2O5, 4.15% TiO2 over 133.45 metres
- BL-23-15: 4.50% P2O5, 3.36% TiO2 over 133.65 metres
- BL-23-16: 9.99% P2O5, 5.50% TiO2 over 34.50 metres
First Phosphate is said to be planning a second drill program at the Northern Zone, which is to consist of 2,000 metres in aggregate. The program, designed as an infill program, will aim to drill the known phosphate layers on a 100 metre by 100 metre grid, which will enable a resource estimate to be established for the Begin-Lamarche property.
First Phosphate last traded at $0.46 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.
