FULL DISCLOSURE: The Deep Dive is long the equity of First Phosphate.

First Phosphate (CSE: PHOS) has released an initial mineral resource estimate for its Begin-Lamarche project, found north of the City of Saguenay. The estimate established a substantial resource estimate for the project, which the company has indicated it intends to use towards the completion of a preliminary economic assessment later this year.

“We have demonstrated that the Company benefits from a substantial strategic phosphate deposit located at only 70 km from the deep-sea port of Saguenay and Canadian Air Forces NATO Base Bagotville. Our goal will be to bring this Mineral Resource into Preliminary Economic Assessment (“PEA”) later this year to then be able to evaluate the commencement of a Feasibility Study,” commented First Phosphate CEO John Passalacqua.

Highlights from the resource estimate include:

• 2,692,000 indicated tonnes of P2O5 at an average grade of 6.49%
• 12,851,000 inferred tonnes of P2O5 at an average grade of 6.01%

The estimate is based on a pit-constrained model, which covers three separate zones at the Begin-Lamarche project. The deposit is also said to present the potential for recovery of a magnetite concentrate as well as an ilmenite concentrate, in addition to the primary apatite concentrate. All three minerals notably are listed on the Quebec and Canadian critical minerals lists.

READ: First Phosphate Signs New Quebec Plant for Iron Phosphate Production

The three zones are said to be continuous, separated only by faults within the deposit, and extend over 2,500 metres. The deposit meanwhile is said to remain open at depth. Metallurgical testwork conducted to date has confirmed that an apatite concentrate can be obtained assaying 40% P2O5, with a recovery rate of 91%.

The estimate is based on a total of 120 drill holes which totaled 29,762 metres in aggregate.

First Phosphate last traded at $0.265 on the CSE.

FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of First Phosphate. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.