FULL DISCLOSURE: This is sponsored content for First Phosphate.
First Phosphate (CSE: PHOS) is reporting two high grade discoveries at its projects in the Saguenay-Lac-St-Jean regions of Quebec.
The first discovery, made at the firms Begin-Lamarche project, follows grab sampling conducted north of the existing Northern Zone. The sample, collected 500 metres to the north at what is now referred to as the Mountain Zone, is currently measured as being 350 metres long by 175 metres wide.
26 grab samples taken at the mountain zone graded between 7.17% P2O5 and 17.83% P2O5, with the average grade coming in at 10.6% P2O5.
A further eight samples were taken at what is being deemed the Northwestern Zone, which identified a second new zone. Four of the samples assayed over 10% P2O5.
Further south at the Larouche project, 27 samples were collected under a field reconnaissance and sampling program. A single sample here returned the highest phosphate grade collected by the company to date at 39.45% P2O5. At this grade, mineral would be considered direct shipping ore. The sample is said to have been collected from an irregular layer of pure apatite, which is the host mineral that contains phosphate.
Preliminary work suggests that layers here could be flat-lying, with substantial potential depth. Layers to date have been identified as being up to 760 metres long, while the width is not yet fully known. The company has applied for drill permits here to further test the target.
The discoveries follow First Phosphate last week entering into a memorandum of understanding for LFP cathode active material production in North America. Entered into with American Battery Factor and Integrals Power, the MOU outlines an arrangement that is to support 40,000 tonnes of LFP CAM production per year by 2028.
First Phosphate last traded at $0.375 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.