{kanada_flagge}One gets the feeling that First Phosphate management, now that the stock exchange listing is imminent, is really stepping on the gas again. After recently reporting high phosphate grades from surface samples taken at its Bégin Lamarche property, the company is now announcing a drill program on its phosphate property in the Saguenay-Lac-St-Jean region (Québec).
{kanada_flagge}One gets the feeling that First Phosphate management, now that the stock exchange listing is imminent, is really stepping on the gas again. After recently reporting high phosphate grades from surface samples taken at its Bégin Lamarche property, the company is now announcing a drill program on its phosphate property in the Saguenay-Lac-St-Jean region (Québec).
First Phosphate had flown a magnetics survey over the property in 2022, as phosphate-bearing rock layers in anorthosite can be easily traced in this way, because the phosphate occurs in association with magnetite. The Company thus discovered a continuous, highly magnetic structure consistent with numerous grab samples showing grades of up to 10% P2O5 and beyond.
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First Phosphate now intends to drill test this distinctive, high magnetic signature of the deposit identified on the Bégin-Lamarche property. To this end, a 4,000-meter drill program has been initiated to explore within the high-grade phosphate strata. The objective is to test the continuity of the high-grade phosphate-bearing nelsonites encountered at surface.
“Following the results of field sampling, geological reconnaissance and a high-resolution magnetic survey completed in the second half of 2022, we are excited to begin drilling on our Bégin-Lamarche property,” said Peter Kent, President of First Phosphate. “High-grade phosphate assays in nelsonites combined with a well-defined magnetic structure offer the potential for the discovery of a large-scale area of phosphate mineralization.”
Figure 1: First Phosphate’s vertically integrated Production Plan
Conclusion: Experts expect that a large proportion of new electric vehicles will be fitted with LFP (lithium ferro-phosphate) batteries in just five years. This cobalt- and nickel-free battery chemistry already has a market share of just under 30%. First Phosphate’s business model is based on the expected drastic increase in demand for high-purity phosphate for the battery industry. It has an ambitious plan to build an integrated supply chain in Canada, starting with mining and ending with refining of the finished battery product. The first step in this plan is to move its Lac à l’Orignal property into Preliminary Economic Assessment (41-101 already completed). Proving economic resources at the Bégin Lamarche property only adds to the potential of then bring an open pit mine into production. (see Figure 1 below) We look forward to the results of the drilling now announced and wish the company well in its upcoming IPO.
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According to §34b WpHG i (Germany) and according to paragraph 48f paragraph 5 BörseG (Austria) we would like to point out that principals, partners, authors and employees of GOLDINVEST Consulting GmbH hold or may hold shares of First Phosphate and therefore a possible conflict of interest exists. We also cannot exclude that other stock letters, media or research firms discuss the stocks we recommend during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is a consulting or other service contract between First Phosphate and GOLDINVEST Consulting GmbH, which means that there is a clear conflict of interest.
