First Phosphate Confirms Two Additional New High-Grade Discoveries at Begin-Lamarche Property and Up to 39.45% P2O5 at Larouche
Saguenay, Quebec - January 29, 2024 – First Phosphate Corp. (“First Phosphate” or the “Company”) (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) is pleased to announce that it has confirmed a new high-grade discovery 500 m from the existing northern zone of its Bégin-Lamarche project located in the region of Saguenay-Lac-St-Jean, Quebec, Canada. The original discovery of these areas was made in the fall of 2022 during a prospection campaign and was confirmed last fall with 26 grab samples returning high-grade P2O5 (phosphate).
The Larouche area also continues to return high-grade analyses with one sample grading as high as 39.45% P2O5 (phosphate) in an irregular layer of pure apatite (the host mineral which contains phosphate). At this level of purity, the mineral would be considered direct shipping ore (“DSO”).
Bégin-Lamarche Project Results
Grab sampling revealed a high grade phosphate area 500m north of the existing Northern Zone. This new zone, named the Mountain Zone, is about 350m long by 175m wide (See Figure 1). From field observation, the rock type is nelsonitic peridotite which is the most favorable rock type where phosphate is found on the property. A total of 26 grab samples were taken in this area, most of which, returned grades of between 7.17% and 17.83% P2O5 (phosphate). The average of the 26 samples was 10.6% P2O5. The assay results are presented in Table 1.
A second new zone, named the Northwestern zone, was also discovered west of the existing Northern Zone from which 4 of 8 samples returned grades of over 10% P2O5.
“Begin-Lamarche continues to show promise in delivering another significant phosphate horizon for the Company.” explained First Phosphate CEO, John Passalacqua. “What is more, the Begin-Lamarche property is found at 70 km from the deep-sea port of Saguenay and brings with it tremendous logistical advantages.”
Figure 1 – Location of the New Mountain and Northwestern Zones
Table 1 – Assay Results for the New Mountain Zone
Field Station
Sample
UTM East
UTM North
% P2O5
% Fe2O3
% TiO2
FP-23-RC-011
A1007212
326998
5403709
17.83
25.14
7.72
FP-23-JPA-114
A1007104
326769
5403913
15.99
32.03
3.83
FP-23-RC-008
A1007209
326988
5403834
14.25
24.14
3.91
FP-23-JPA-116
A1007106
326863
5403947
13.67
32.70
4.22
FP-23-RC-002
A1007203
326952
5403822
12.95
35.23
5.35
FP-23-JPA-113
A1007103
326758
5403910
12.79
40.40
7.05
FP-23-JPA-117
A1007107
326808
5403962
12.59
40.12
7.96
FP-23-JPA-119
A1007110
326732
5403936
11.56
36.97
5.57
FP-23-JPA-123
A1007114
326867
5403756
11.55
46.17
11.05
FP-23-JPA-121
A1007112
326823
5403823
11.08
37.74
6.31
FP-23-JPA-111
A1007102
326778
5403841
11.04
30.17
5.86
FP-23-RC-005
A1007206
326944
5403828
10.68
37.98
5.63
FP-23-RC-003
A1007204
326948
5403829
10.58
36.62
4.92
FP-23-RC-015
A1007216
326882
5403707
10.44
34.55
5.22
FP-23-RC-004
A1007205
326945
5403827
10.10
33.97
2.58
FP-23-RC-007
A1007208
326941
5403823
9.93
40.16
5.74
FP-23-JPA-115
A1007105
326799
5403924
9.40
29.51
1.96
FP-23-RC-006
A1007207
326946
5403828
9.18
39.47
5.81
FP-23-RC-001
A1007202
326949
5403815
8.85
37.09
3.91
FP-23-JPA-119
A1007109
326717
5403943
8.73
33.79
5.80
FP-23-RC-009
A1007210
326903
5403899
8.41
30.38
2.15
FP-23-JPA-120
A1007111
326776
5403891
8.26
34.39
4.59
FP-23-JPA-118
A1007108
326777
5403961
7.77
30.83
2.79
FP-23-RC-012
A1007213
326971
5403720
7.74
46.65
8.80
FP-23-RC-010
A1007211
326876
5403855
7.17
47.95
10.28
FP-23-JPA-122
A1007113
326838
5403785
4.64
29.75
2.30
Larouche Project Results
Field reconnaissance and sampling in the Larouche area also revealed high grade phosphate. As noted above, one sample returned 39.45% P2O5 (See Figure 2). This represents the highest ever phosphate sample found by the Company. The sample comes from an irregular layer found of almost pure apatite (the host mineral which contains phosphate). At this level of purity, the mineral would be considered DSO. Preliminary geological indications suggest that these layers could be flat-lying and therefore open at substantial potential depth. Other results from the samples in this area show high grade phosphate values up to 23.1% P2O5 (See Table 2). To date, field work has outlined phosphate layers of a length of up to 760m. The width of these layers is not fully known at this time due to their flat-lying geometry. Only further drilling will be able determine the full width of the layers. A drill permit application has been made for drilling in this area.
Figure 2 –Location of Samples Found in the Larouche Area
Table 2 – Assay Results from the Larouche Area
Field Station
Sample
UTM East
UTM North
% P2O5
% Fe2O3
% TiO2
FP-23-JPA-185
A1007140
316149
5375054
39.45
5.88
0.77
FP-23-JPA-187
A1007142
316094
5374900
23.12
36.44
8.89
FP-23-JPA-148
A1007130
316203
5375312
21.25
24.65
5.43
FP-23-MB-009
A1007229
315951
5374697
17.60
30.39
4.79
FP-23-JPA-169
A1007134
315617
5373838
16.13
32.72
5.22
FP-23-JPA-186
A1007141
316144
5375032
15.58
35.45
6.01
FP-23-JPA-184
A1097139
316138
5375057
14.99
40.94
10.94
FP-23-MB-009
A1007231
315952
5374693
11.91
34.65
6.00
FP-23-MB-009
A1007228
315951
5374699
11.56
36.21
6.19
FP-23-MB-019
A1007237
316083
5374676
8.96
1.57
0.19
FP-23-JPA-181
A1007138
315570
5375192
8.83
46.42
13.30
FP-23-MB-012
A1007233
315981
5374735
8.75
39.14
6.79
FP-23-JPA-151
A1007131
316202
5375323
8.13
35.15
9.48
FP-23-JPA-152
A1007132
316198
5375337
8.13
31.43
8.19
FP-23-MB-012
A1007232
315976
5374737
7.45
41.31
8.32
FP-23-MB-009
A1007230
315951
5374697
5.72
52.27
12.02
FP-23-MB-014
A1007235
316009
5374878
1.88
17.48
3.76
FP-23-MB-014
A1007236
316005
5374876
1.81
21,52
3.60
FP-23-JPA-174
A1007136
316041
5375054
1.67
58.58
11.49
FP-23-MB-021
A1007239
316111
5374719
1.11
68.35
19.15
FP-23-MB-021
A1007240
316110
5374720
1.05
68.39
19.38
FP-23-MB-013
A1007234
315961
5374724
0.89
42.52
7.31
FP-23-JPA-158
A1007133
316349
5375411
0.59
68.21
19.36
FP-23-MB-021
A1007241
316110
5374722
0.37
30.41
11.02
FP-23-JPA-175
A1007137
316037
5375052
0.16
58.68
11.50
FP-23-JPA-171
A1007135
316000
5375101
0.09
68.29
18.56
FP-23-MB-019
A1007238
316083
5374689
0.08
1.19
0.20
Figure 3 – Location of First Phosphate Projects in the Saguenay-Lac-St-Jean Area
Qualified Person
The scientific and technical disclosure for First Phosphate included in this news release have been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is the Chief Geologist of the Company and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has verified the data disclosed in this news release.
About First Phosphate Corp.
First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the Lithium Iron Phosphate (“LFP”) battery industry. First Phosphate is committed to producing at high purity level, in responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay–Lac-St-Jean Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements.
For additional information, please contact:
Jérôme Cliche, VP, Business Development
Tel: +1 (514) 815-8799
Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com
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LinkedIn: https://www.linkedin.com/company/first-phosphate
Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things, the Company’s planned exploration and production activities, the properties and composition of any extracted phosphate, the Company’s plans for vertical integration into North American supply chains, and the Company’s interpretations and expectations about the Begin-Lamarche and Larouche projects.
These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, expectations of the Company’s long term business outcomes given its short operating history; expectations regarding revenue, expenses and operations; the Company having sufficient working capital and ability to secure additional funding necessary for the exploration of the Company’s property interests; expectations regarding the potential mineralization, geological merit and economic feasibility of the Company’s projects; expectations regarding drill programs and the potential impacts successful drill programs could have on the life of the mine and the Company; mineral exploration and exploration program cost estimates; expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations; receipt and timing of exploration and exploitation permits and other third-party approvals; government regulation of mineral exploration and development operations; expectations regarding any social or local community issues that may affect planned or future exploration and development programs; expectations surrounding global economic trends and technological advancements; and key personnel continuing their employment with the Company.
There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include: limited operating history; high risk of business failure; no profits or significant revenues; limited resources; negative cash flow from operations and dependence on third-party financing; the uncertainty of additional funding; no dividends; risks related to possible fluctuations in revenues and results; insurance and uninsured risks; litigation; reliance on management and key personnel; conflicts of interest; access to supplies and materials; dangers of mineral exploration and related liability and damages; risks relating to health and safety; government regulation and legal uncertainties; the company’s exploration and development properties may not be successful and are highly speculative in nature; dependence on outside parties; title to some of the Company’s mineral properties may be challenged or defective; Aboriginal title and land claims; obtaining and renewing licenses and permits; environmental and other regulatory risks may adversely affect the company; risks relating to climate change; risks related to infrastructure; land reclamation requirements may be burdensome; current global financial conditions; fluctuation in commodity prices; dilution; future sales by existing shareholders could cause the Company’s share price to fall; fluctuation and volatility in stock exchange prices; and risks related to market demands. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant.
These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company’s other documents filed with the Canadian securities authorities, including without limitation the “Risk Factors” section of the Company’s Annual Information Form dated November 29, 2023 which is available on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.