First Phosphate Reports Highest Phosphate Assays to Date and Provides Exploration Update on the Bégin-Lamarche Project in Saguenay-Lac-St-Jean, Quebec

Saguenay, Canada – Newsfile Corp. – January 24, 2023 – First Phosphate Corp. (“First Phosphate” or the “Company”) is pleased to announce that it has obtained its highest phosphate assay results to date at the Bégin-Lamarche project located in the region of Saguenay-Lac-St-Jean, Quebec.

These results follow the previously announced initial assay results from the discovery area as communicated in the press release dated September 14, 2022: https://firstphosphate.com/begin-lamarche-sept14-2022.

Bégin-Lamarche Project Results

Grab sampling in the initial discovery area (Sector 1) assayed up 18.53% P2O5 and 11.73% TiO2. In other areas of Sector 1, numerous samples returned assays over 5% P2O5. In Sector 8 of the project, samples returned 19.41% P2O5 and 8.91% TiO2. The analysis of 43 trace elements, including U, Th, REE, As and Cd, indicates very low concentrations of potentially deleterious elements.

“Begin-Lamarche shows promise in that it could become a second important zone of phosphate exploration for the Company,” explained First Phosphate President, Peter Kent. “Igneous anorthosite comprises only about 1% of total global phosphate reserves. These deposits have the potential to be highly desirable for the production of LFP battery material because they are devoid of high concentrations of deleterious elements as shown in these encouraging assay results at Bégin-Lamarche.”

TABLE 1 – ASSAY RESULTS – BÉGIN-LAMARCHE PROJECT
Sector Sample_ID Easting Northing P2O5 (%) TiO2 (%) Fe2O3 (%)
Sector 1 D589917 326040 5402186 8.15 4.57 40.50
D589918 325834 5402172 18.53 11.73 41.36
E5865616 327561 5402540 10.12 5.91 32.16
E5865617 325094 5402339 1.50 4.47 25.53
E5865618 325837 5402175 7.07 7.49 40.55
E5865619 326831 5403172 1.38 3.96 19.82
E5865620 326998 5402888 6.82 5.24 40.74
E5865621 326197 5402638 5.72 8.27 45.90
E5865622 327878 5404126 0.06 13.13 59.33
E5865623 324515 5400895 0.06 0.54 7.75
E5865624 328422 5402634 0.04 0.14 1.55
E5865625 324500 5400913 0.11 0.94 28.48
E5865626 325728 5402104 9.29 6.40 41.37
E5865627 326894 5403045 0.99 3.24 44.01
E5865628 328442 5402598 0.06 0.90 10.70
E5865629 326894 5403052 10.42 8.94 43.07
Sector 8 290801 313901 5376286 1.34 3.01 17.82
290802 314920 5376154 1.51 3.18 16.23
290803 315034 5376174 1.55 3.05 17.56
290804 315129 5376080 0.96 2.07 13.54
290805 315615 5376150 1.89 3.62 20.18
290806 315896 5375232 0.05 18.74 69.78
290807 316042 5374825 19.41 8.91 40.69
Sector SE B060901 332427 5392735 1.95 2.39 13.77
B060902 332331 5392742 1.43 3.56 16.62
B060903 331962 5392970 1.59 2.13 12.40

Additional Reconnaissance Conducted at Bégin-Lamarche

During the fall of 2022, Laurentia Exploration Inc. conducted a geological reconnaissance and sampling program on behalf of First Phosphate at the Bégin-Lamarche project. The findings were as follows:

  • At the northern tip of Sector 1, a new high-grade phosphate discovery was made immediately to the north of the initial discovery. A thick layer of nelsonite (phosphate-bearing rock), potentially up to 130m in thickness, revealed between 7.51% and 14.16% P2O5 and between 2.09% and 18.14% TiO2. Initial analyses were conducted using a portable handheld XRF analyzer.
  • A new phosphate mineralized area (Sector 3) was also discovered approximatively 4km south and on strike with the initial discovery. Field investigation showed that the nelsonite ranges from 30m to 60m in thickness.
  • Airborne magnetic survey interpretation seems to demonstrate that the nelsonite found in Sectors 1, 2 and 3 could be part of the same nelsonite layer providing a potential strike length of 8km and a thickness of up to 130 m for the high grade phosphate-bearing horizon.
  • Lastly, in the Larouche sector (Sector 8), five surface samples returned between 11.89% and 15.16% P2O5. Analyses were conducted using a portable handheld XRF analyzer.
  • A total of 140 rock samples have been gathered from this enhanced reconnaissance exploration and have been send to the laboratory for analysis.