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First Phosphate Confirms Longest High Grade Intersect to Date of 8.9% Igneous Phosphate across 156 Metres from Surface at its Bégin-Lamarche project in Saguenay-Lac-St-Jean, Quebec, Canada.

Press Release

Saguenay, Quebec – July 10, 2024 – First Phosphate Corp. (“First Phosphate” or the “Company”) (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) is pleased to report results from another 11 drill holes at its Bégin-Lamarche project located in the Saguenay-Lac-St-Jean region of Quebec, Canada.

The Company’s 25,929 m drill program was completed ahead of schedule on April 29, 2024. All samples have now been shipped to Actlabs, ON, for analyses.  Shortly, a 43-101 resource estimate will be initiated followed immediately by a Preliminary Economic Assessment (“PEA”).  Results of both studies are expected by end of fiscal Q4 2024.

Highlights:

Phosphate Mountain Zone:

  • Drill hole BL-24-92 intersected 8.13% P2O5 (phosphate) over 177.0 m starting at a surface depth of 15.0 m.
  • Drill hole BL-24-94 returned an intersection of 11.38% P2O5 over 99.0 m starting at a depth of 51.0 m including an interval of 14.56% P2O5 over 42.7 m starting at 89.0 m.
  • Drill hole BL-24-95 returned an intersection of 8.90% P2O5 over 156.0 m starting at a surface depth of 6.0 m.

Southern Zone:

  • Drill hole BL-24-88 intersected 7.18% P2O5 over 144.0 m from a depth of 261.0 m. This intersection is one of the highest phosphate concentrations in the Southern Zone.
  • Drill hole BL-24-89 intersected 5.99% P2O5 over 112.0 m starting at a depth of 233.0 m.

Northwestern Zone:

Drill hole BL-24-91 intersected 7.63% P2O5 over 45.0 m starting from a depth of 84.0 m

“So far, we have intersected significant phosphate layers in all but 2 holes continuously across the 3 km magnetic trend at our Bégin-Lamarche project.” said First Phosphate CEO, John Passalacqua.  “We are dealing with a significant phosphate horizon to be quantified shortly by a 43-101 resource estimate followed immediately by a PEA.”

Phosphate Mountain Zone

A total of 23 drill holes have been completed to date in the Phosphate Mountain Zone while results from 20 drill holes have been received to date. Data received from these 20 drill holes shows grades of over 10% P2O5 over widths ranging from 7 m to 99 m. The Phosphate Mountain Zone has been drilled for a total length of 250 m to date. This zone is beginning to merge (from the  southwest) with the Northern Zone (See Figure 1) where a 500 m thick phosphate mineralized envelope exists, one which has delineated up to 5 individual layers ranging from 60 m to 100 m in thickness starting at surface and continuing down to a depth of 300 m. The overall strike length of the Phosphate Mountain Zone and the Northern Zone is approximately 600 m.

Drill hole BL-24-90 intersected 10.15% P2O5 (phosphate) over 84.0 m starting at a surface depth of 6.0 m. Drill hole BL-24-92 intersected 8.13% P2O5 (phosphate) over 177.0 m starting at a surface depth of 15.0 m. Within this intersection, three phosphate layers with grades over 10% were intersected. Drill hole BL-24-94 returned an intersection of 11.38% P2O5 over 99.0 m starting at a depth of 51.0 m including an interval of 14.56% P2O5 over 42.7 m starting at 89.0 m. Drill hole BL-24-95 returned an intersection of 8.90% P2O5 over 156.0 m starting at a surface depth of 6.0 m. (See Table 1).

Table 1 – Drill Results for the Phosphate Mountain Zone

Hole From (m) To (m) Length1 (m) P2O5 (%) TiO2 (%) Fe2O3T (%)
BL-24-85 102.0 134.0 32.0 11.54 4.28 25.80
BL-24-85 150.0 165.0 15.0 6.02 1.63 11.46
BL-24-90 6.0 90.0 84.0 10.15 2.82 21.43
including 6.0 35.0 29.0 10.95 3.09 26.07
including 54.0 90.0 36.0 12.29 3.23 21.60
BL-24-92 15.0 192.0 177.0 8.13 3.89 22.49
including 36.0 72.0 36.0 11.92 5.91 33.41
including 93.0 108.0 15.0 13.93 6.88 31.80
including 138.0 171.0 33.0 10.52 5.19 29.86
BL-24-94 51.0 150.0 99.0 11.38 3.98 25.37
including 5.0 27.0 22.0 9.62 5.14 29.73
including 89.0 131.7 42.7 14.56 4.52 26.11
BL-24-95 6.0 162.0 156.0 8.90 4.14 20.97
including 6.0 45.0 39.0 11.09 4.96 23.59
including 69.0 108.0 39.0 12.10 5.39 26.41
including 141.0 162.0 21.0 13.54 6.94 33.94
BL-24-98 18.0 33.0 15.0 4.62 2.24 12.74

1 Lengths are measured along the core. True widths are estimated to be between 70 and 90% of the core interval.

Southern Zone

The Southern Zone has been drilled at 100 m spaced sections over a strike length of 1,600 m. Results to date from the Southern Zone show continuous widths in excess of 100 m of phosphate mineralization.

Drill hole BL-24-88 intersected 7.18% P2O5 over 144.0 m from a depth of 261.0 m. This intersection is one of the highest phosphate concentrations in the Southern Zone. Drill hole BL-24-89 intersected 5.99% P2O5 over 112.0 m starting at a depth of 233.0 m. These results show that phosphate grades seem to increase with depth while widths remain over 100 m wide (see Table 2).

Table 2 – Drill Results for the Southern Zone

Hole From (m) To (m) Length1 (m) P2O5 (%) TiO2 (%) Fe2O3T (%)
BL-24-88 172.25 180.0 7.75 6.64 5.40 36.62
BL-24-88 219.0 363.0 144.0 7.18 4.61 31.02
including 261.0 307.6 46.6 8.89 5.25 34.84
BL-24-89 52.2 58.0 5.8 5.74 3.11 20.02
BL-24-89 128.7 141.0 12.3 4.65 2.83 16.20
BL-24-89 166.0 183.0 17.0 3.70 2.14 11.10
BL-24-89 195.7 199.0 3.3 7.64 5.17 28.45
BL-24-89 233.0 345.0 112.0 5.99 4.67 25.64
BL-24-93 132.0 349.4 217.4 4.92 4.08 21.90
including 324.0 349.4 25.4 7.44 4.95 28.33

1 Lengths are measured along the core. True width is estimated to be between 60% and 90% of the core interval.

Northwestern Zone

Drill hole BL-24-91 intersected 7.63% P2O5 over 45.0 m from a depth of 84.0 m and drill hole BL-24-99 intersected 7.25% P2O5 over 30.5 m starting at a depth of 92.0 m (See Table 3). These results show that the Northwestern zone has an average width of 40 m with grades between 7% and 9% P2O5.

Table 3 – Drill Results for the Northwestern Zone

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