FULL DISCLOSURE: This is sponsored content for First Phosphate.
The first drill results are in from a massive 25,000 metre drill campaign being conducted by First Phosphate (CSE: PHOS) at its Begin-Lamarche property in Quebec.
The results come from the first 3,394 metres drilled on the property, while assay results from a further 6,606 metres of drilling are awaiting assay results. Drilling is currently being conducted across four zones at the property, with assay results released for drilling conducted at the Northern and Southern zones.
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Highlights from the results include:
- Northern Zone:
- BL-24-23: 7.02% P2O5 over 154.10 metres from a depth of 21.00 metres
- BL-24-25: 9.89% P2O5 over 42.80 metres from a depth of 74.20 metres
- BL-24-26: 9.44% P2O5 over 89.10 metres from a depth of 6.90 metres
- BL-24-31: 7.16% P2O5 over 93.95 metres from a depth of 119.85 metres
- BL-24-34: 6.34% P2O5 over 99.00 metres from 93.00 metres depth
- Southern Zone
- BL-24-24: 5.22% P2O5 over 129.60 metres from a depth of 61.30 metres
- BL-24-33: 5.00% P2O5 over 106.20 metres from a depth of 5.00 metres
- BL-24-35: 7.82% P2O5 over 22.40 metres from a depth of 165.10 metres
“We are impressed by the high-grade nature and volume of the phosphate layers being defined at Bégin-Lamarche. Bégin-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 km away,” commented First Phosphate CEO John Passalacqua.
Drilling at the Northern Zone has indicated that there are one or more high grade phosphate layers at the zone, which outcrop on surface. The company has suggested that these layers may be a starting point for an open pit mine.
Exploration conducted to date at the Southern Zone meanwhile suggest a tabular and horizontal body of phosphate mineralization which is over 100 metres thick, with an average grade of 5.00% P2O5. Two layers of phosphate are believed to exist below this tabular body, with drilling currently working to determine if these layers connect.
READ: First Phosphate Successfully Creates Battery-Grade Purified Phosphoric Acid From Concentrate
Assay results from the Phosphate Mountain Zone and the Northwestern Zone have yet to be received. Preliminary data from nine holes conducted at Phosphate Mountain suggest 30% to 80% apatite has been intersected over widths of up to 43 metres, while the Northwestern Zone has intersected up to 30% apatite on widths of up to 40 metres.
First Phosphate last traded at $0.22 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.
