Results are in for initial drilling at the Begin-Lamarche property, owned by First Phosphate Corp (CSE: PHOS). Located in the Saguenay-Lac-St-Jean region of Quebec, the property consists of a total of 612 hectares of prospective claims.
The released results consist of two holes drilled, which collectively intersected four high-grade phosphate layers. The results are said to consist of some of the highest grade phosphate assays seen in the region.
- BL-23-01: 23.8 metres of 10.6% phosphate, 5.2% titanium from 5.9 metres depth
- BL-23-01: 83.5 metres of 7.8% phosphate, 4.2% titanium from 131.9 metres depth
- BL-23-02: 13.1 metres of 9.9% phosphate, 6.5% titanium from 16.6 metres depth
- BL-23-02: 57.3 metres of 8.4% phosphate, 3.4% titanium from 143.8 metres depth
“These initial drill results confirm our earlier high grade surface findings and are some of the highest grade drill results ever established in the Saguenay-Lac-St-Jean region of Quebec. What is more, the Bégin-Lamarche property is optimally located within existing regional infrastructure and is situated at only 75 km driving distance from the deep sea port of Saguenay,” commented Peter Kent, President of First Phosphate.
Hole 2 is said to have terminated in mineralization, indicating that the fourth layer encountered may be thicker than current results demonstrate. The holes are said to have been drilled from the same location, with one hole drilled to the southeast, while the other was drilled to the northwest.
The magnetic trend targeted is said to continue for 1.0 kilometre to the southeast.
The Begin-Lamarche property is considered one of the firms premier “bluesky” properties, after its flagship Lac a l’Orignal property, with the property featuring a 7 kilometre long airborne magnetic linear anomaly. Samples previously collected at Begin-Lamarche have featured up to 20.52% phosphate content.
The results, released yesterday, follow an announcement by the company on Monday that indicated they have engaged consultants to conduct a preliminary economic assessment on the Lac a l’Orignal phosphate project, which is found in the same region of Quebec.
The planned PEA will look to establish a mine plan, production schedule, and costing estimate into a financial model for a potential mine. The assessment will look to include the economics of producing three marketable concentrates, being phosphate, titanium oxide, and iron oxide, from the operation of an open-pit mine and a concentrator facility.
The PEA is currently slated to be completed in the third quarter.
First Phosphate last traded at $0.96 on the CSE.
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