First Phosphate Corp. (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

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

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

¹ Lengths are measured along the core. True width is estimated to be over 80% of the core interval.

Summary

The technical parameters of the drill holes being released in this press release are shown in Table 4 below and their location is shown in Figure 1 below. A summary of the mineralized intersections from the 2024 drilling program is presented in Table 5.

Table 4 – Parameters for the Current Drill Holes Being Released

Table 5 – Other Previously Released Results for the 2024 Drill Campaign

Detailed results from the 2024 drill program are available at:

May 14, 2024: https://firstphosphate.com/May_14_2024
April 23, 2024: https://firstphosphate.com/April_23_2024
April 2, 2024: https://firstphosphate.com/drilling-2m-vein-of-massive-apatite
March 19, 2024: https://firstphosphate.com/initial-assay-results

Results for the earlier 4,661 m drill program conducted in 2023 can be found in the June 5, 2023 press release available at: https://firstphosphate.com/begin-lamarche-2023

Figure 1 – Drill Map for the 2024 Drill Program at Bégin-Lamarche

Quality Assurance / Quality Control

The sampling of, and assay data from, the drill core is monitored through the Company’s implementation of a quality assurance – quality control (QA-QC) program designed to the CIM Mineral Exploration Best Practices Guidelines.

A formal chain-of-custody procedure was adopted for security of samples until their delivery at the laboratory. Drill core (NQ size) is logged and samples are selected by Laurentia Exploration Inc. geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from 0.5 to 3 metres in length depending on the geological observations. A blank and a standard are inserted at the beginning of each sample batch, usually one complete hole, and a blank and a standard are then inserted alternatively each 10 samples. Half-core samples are packaged and sent by ground transportation in sealed rice bags to an independent laboratory, Activation Laboratories Ltd. of Ancaster, Ontario (ISO/IEC 17025:2005 with CAN-P-1579). The core samples are crushed up to 80% passing 2mm (10 mesh), riffle split 250 g and pulverized (mild steel) to 95% passing -200 mesh. Each sample is analyzed for whole rock analysis (code 4B) for 10 major oxides and 7 trace elements by lithium metaborate/tetraborate fusion of 3g of material and analyze by ICP-OES. The laboratory has its own QA/QC protocols.

Qualified Person

The scientific and technical disclosure for First Phosphate included in this news release has been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is Chief Geologist of First Phosphate and a Qualified Person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects.

Purchase of Additional Mineral Claims for Shares

First Phosphate has entered into a mineral claims purchase agreement with arm’s length parties to acquire 15 additional mineral claims within the Bégin-Lamarche claim block in the area of the Saguenay-Lac-Saint-Jean, Quebec. The effective closing date of the transaction is July 10, 2024 and compensation is to be satisfied through the issuance of 200,000 common shares of the Company at a deemed price of $0.20 per Share. These Shares will be subject to a statutory four month and one day hold period from closing of the transaction as well as an additional escrow period of 24 months from the closing date. The newly acquired claims are free from any royalty.

Stock Options

The Company has approved the grant of 150,000 stock options to purchase common shares of the Company to an eligible person of the Company, at an exercise price of $0.40 per share, with an expiry date of three years from the date of issuance. The Options vest in 4 tranches (25% on December 31, 2024, June 30, 2025, December 31, 2025 and June 30, 2026). The terms of the Options granted are in accordance with the Company’s stock option plan approved by shareholders of the Company on August 25, 2023. All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

Restricted Share Units

The Company has also granted 175,000 RSUs of the Company to an eligible consultant of the Company. The RSUs vest in 3 tranches (14% on August 31, 2024, and 43% on both November 30, 2024 and February 28, 2025). The RSUs are subject to the terms of the Company’s Omnibus Equity Incentive Plan as approved by disinterested shareholders at the Company’s annual and special meeting of shareholders held on August 25, 2023. All securities issued are subject to a hold period of four months plus one day from the date of issuance.

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 battery industry. First Phosphate is committed to producing at high purity level, at full ESG standard 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 CAM 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.