FULL DISCLOSURE: This is sponsored content for First Phosphate.
First Phosphate (CSE: PHOS) continues to conduct exploration work on its properties within the Saguenay-Lac-St-Jean region of Quebec. The firm recently conducting a geological reconnaissance program at its Larouche property in the region, from which it has reported assay results from grab samples.
Grab samples conducted at Larouche are reported to have assayed as high as 36.46% P2O5 within massive apatite. A total of 22 samples were collected under the program, of which 13 samples returned values ranging from 8.29% P2O5 to 36.46% P2O5. Four other samples meanwhile returned values ranging from 17.32% to 19.22% TiO2.
The mineralized area is currently said to be up to 1,000 metres long by 500 metres wide, with the geological context said to be similar to the northern portion of the Begin-Lamarche property. Phosphate is found within layers of apatite-bearing nelsonite within anorthosite host rock.
“These results demonstrate once again that First Phosphate has multiple rich, high-grade phosphate-bearing prospective properties at close proximity to the deep sea Port of Saguenay. The high grade nature of this mineralization, its 40 km distance from Port Saguenay and its close proximity to existing infrastructure are key elements for a successful project,” commented CEO John Passalacqua on the results.
Exploration also occurred at three other properties under the reconnaissance program. At Peron, 44 samples were collected of which 9 returned values greater than 5% P2O5. The samples returned figures as high as 13.68% P2O5 and 19.02% TiO2.
At Lac Alex, over half the samples assayed over 3% P2O5, up to 5.79% P2O5. Finally, at Brochet, 12 of the 48 samples collected saw values of over 3% P2O5 returned., with up to 12.28% TiO2.
Separately, the company has indicated that Peter Kent has retired as President and Director, but will remain with the company as a member of the advisory board.
“We thank Peter for his outstanding contributions to the Company in its early formative stages and we wish him the best for his well-deserved retirement after a long and well distinguished career in media and politics,” commented Passalacqua.
Bennett Kurtz meanwhile has been named as the firms CFO, with Garry Sisko’s, the former CFO, to remain as a consultant to the company.
First Phosphate last traded at $0.38 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.
