- First Phosphate (CSE:PHOS) to launch a drilling program at its Begin-Lamarche project in Quebec
- The program comes following the company’s finance raising of gross proceeds totaling $8.2. million
- The program is expected to lead to a maiden NI 43-101 resource estimate followed by a preliminary economic assessment
- Shares of First Phosphate are down 11.69 per cent to C$0.34 as of 11:39 a.m. ET
First Phosphate (CSE:PHOS) is gearing up to launch a drilling program at its Begin-Lamarche project in Quebec.
The company said in a statement that its 25,000-metre drill program will lead to a maiden NI 43-101 compliant resource estimate followed by a preliminary economic assessment.
“The upcoming drill program at Bégin-Lamarche is all encompassing and should confirm the full extension of the known phosphate layers across a strike length at surface of over 3 kilometers,” John Passalacqua, CEO of First Phosphate, said in a statement. “The Begin-Lamarche property is found at only 70 km for the deep-sea port of Saguenay and brings with it tremendous logistical advantages to the Company.”
Drilling at Begin-Lamarche will include drilling the 3 kilometre-long phosphate mineralization strike zone at every 100-metre section and at every 50 metres.
Drilling is expected to begin in the upcoming weeks, while three drill rigs with one drill rig will be mobilized per week.
First Phosphate drilled 21 holes at Begin-Lamarche last summer for a total of 4,544 metres.
With its headquarters out of Saguenay, Quebec, First Phosphate is focused on extracting and purifying phosphate for the production of cathode active minerals for the lithium iron phosphate battery industry.
Shares of First Phosphate are down 11.69 per cent to C$0.34 as of 11:39 a.m. ET.
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