First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) is pleased to report results from another 29 drill holes at its Bégin-Lamarche project located in Saguenay-Lac-St-Jean, Quebec, Canada. The Company’s 25,929 m drill program was completed ahead of schedule on April 29, 2024. To date, 4,557 assays have been received representing 16,468 m of drilling. A remaining 1,775 assays are expected to be delivered by the end of May.

Highlights:

• Phosphate Mountain Zone:

• • Drill hole BL-24-67 intersected 11.85% P₂O₅ (phosphate) over 84.0 m starting at a surface depth of 3.0 m. Drilling in the Phosphate Mountain Zone revealed a thick 90 m layer of phosphate bearing nelsonite rock outcropping at surface with numerous other high grade intersects grading at over 10% P₂O₅.
  • Drill hole BL-24-82 returned a sub-intersection of 20.51% P₂O₅ over 9.75 m within a 77.7 phosphate intersect grading at 11.07% P₂O₅. This sub-section also contains a 2.1 m massive apatite vein that returned 30.73% P₂O₅.
• Southern Zone:

• • Drill hole BL-24-60 intersected 5.21% P₂O₅ over 194.0 m from a surface depth of 4.0 m and drill hole BL-24-83 intersected 5.81% P₂O₅ over 216.1 m starting at surface.
  • Drilling revealed many phosphate layers over 10% P₂O₅ at he base of the main phosphate layer.
  • Drill hole BL-24-84 intersected 8.41% P₂O₅ over 77.1 m starting at 6.0 m. Results demonstrate that high grade phosphate layers also occur in the Southern Zone.

“We are pleased with the continued high grade phosphate results encountered across the 3 km strike zone at our Bégin-Lamarche project,” said First Phosphate CEO, John Passalacqua. “The drill program is now completed and we begin preparations for a 43-101 resource estimate followed immediately by a Preliminary Economic Assessment.”

Phosphate Mountain Zone

A total of 23 drill holes have been completed to date in the Phosphate Mountain Zone while results from 14 drill holes have been received to date. Data received from these 14 drill holes shows grades of over 10% P₂O₅ over widths ranging from 7 m to 92 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 southeast) with the Northern Zone 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-24-67 intersected 11.85% P₂O₅ (phosphate) over 84.0 m starting at a surface depth of 3.0 m. Drilling in the Phosphate Mountain Zone revealed a thick 90 m layer of phosphate bearing nelsonite rock outcropping at surface with numerous other high grade intercepts grading at over 10% P2O5. Drill hole BL-24-82 returned a sub-intersection of 20.51% P₂O₅ over 9.75 m within a 77.7 phosphate intersection grading at 11.07% P₂O₅. This sub-section contains a 2.1 m massive apatite vein that returned 30.73% P₂O₅. (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 of over 100 m of phosphate mineralization. Drill hole BL-24-60 intersected 5.21% P₂O₅ over 194.0 m from a surface depth of 4.0 m and drill hole BL-24-83 intersected 5.81% P₂O₅ over 216.1 m from surface. Drilling also revealed many phosphate layers over 10% P₂O₅ at he base of the main phosphate layer. Drill hole BL-24-84 intersected 8.41% P₂O₅ over 77.1 m. Results demonstrate that high grade phosphate layers also occur in the Southern Zone.

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.

The technical parameters of the drill holes being released in this press release are shown in Table 3 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 4.

Table 3 – Parameters for the Current Drill Holes Being Released

Table 4 – Other Previously Released Results for the 2024 Drill Campaign

Detailed results from the 2024 drill program are available at:

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

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 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.

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 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.