FULL DISCLOSURE: This is sponsored content for First Phosphate.
A major drill campaign is now underway at First Phosphate’s (CSE: PHOS) Begin-Lamarche project in the Saguenay-Lac-St-Jean region of Quebec.
The program will see a total of 25,000 metres of drilling conducted, which follows the company successfully raising $8.2 million in a financing earlier this month. The program is intended to enable a maiden resource to be established for the project that will lead to a preliminary economic assessment.
Drilling is set to take place along a 3 kilometre strike zone, with drilling to occur at every 100 metre section and at every 50 metres within the section. Three drill rigs are slated to conduct the program, with the program intending to confirm the full extension of the known phosphate layers at the project.
The exploration program follows a 21 hole program conducted last year under a 4,544 metre program. That program produced a number of notable results, including:
- BL-23-14: 5.00% P2O5, 27.17% Fe2O3, 4.15% TiO2 over 133.45 metres from a depth of 18.00 metres
- BL-23-15: 4.50% P2O5, 19.88% Fe2O3, 3.36% TiO2 over 133.65 metres from a depth of 50.0 metres
- BL-23-19: 7.02% P2O5, 25.46% Fe2O3, 3.30% TiO2 over 110.80 metres from a depth of 197.40 metres
- BL-23-21: 6.75% P2O5, 24.37% Fe2O3, 3.94% TiO2 over 133.20 metres from a depth of 122.85 metres
“In our experience, proximity to port and access to infrastructure and workforce are the single largest determinants of the economic viability of any phosphate project. Bégin-Lamarche has all these strong requisites. We feel that it could become one of the first phosphate mines to see production in Quebec. This extensive drill program is meant to accelerate its development,” commented CEO John Passalacqua.
The launch of the drill program follows First Phosphate reporting two high grade discoveries just two days at Begin-Lamarche. The discoveries follow grab samples taken at what is referred to as the Mountain Zone and the Northwestern Zone. 26 grab samples collected at the Mountain Zone returned an average grade of 10.6% P2O5, while four samples at Northwestern assayed over 10% P2O5.
First Phosphate last traded at $0.325 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.