First Phosphate Corp (CSE:PHOS), 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, is one of the latest new listings on the CSE. It 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 sourced from a consistent and secure supply source in Qubec..
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First Phosphate Corp (CSE:PHOS), 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, is one of the latest new listings on the Canadian Securities Exchange, trading under the symbol “PHOS”.
First Phosphate is committed to extracting and purifying phosphate for the production of cathode active material for the Lithium Iron Phosphate or “LFP” battery industry.
It 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 sourced from a consistent and secure supply source.
The company holds, and is actively developing, more than 1,500 sq. km of land claims in the Saguenay-Lac-St-Jean Region of Quebec.
The company's flagship property consists of Lac Orignal, with a NI 43-101 Mineral Resource Estimate, Mirepoix, an advanced drill target, and Lac Vanel, a potential future target.
The Lac Orignal property is located approximately 125 km north of Saguenay, the province's sixth largest city, providing easy access to a deep seaport, daily flights to Montreal, a skilled industrial workforce, and provincial infrastructure.
In November 2022, the company reported an Indicated pit-constrained Mineral Resource of 15.8 million tonnes at grades of 5.18% phosphate, 4.23% titanium and 23.90% iron oxide, along with an Inferred pit-constrained Mineral Resource of 33.2 million tonnes at grades of 5.06% phosphate, 4.16% titanium and 22.55% iron oxide.
In July 2022, the company acquired the Begin-Lamarche property for $223,500 consisting of $210,000 in cash and $12,500 in shares.
First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements and are easily identified through magnetic surveying as the phosphate is associated with magnetite.
The heli-borne magnetic survey completed in 2022 revealed a strong and continuous high magnetic structure that coincides with multiple grab samples that assayed over 10% phosphate.
A recent sampling program at Begin-Lamarche returned multiple high grade surface grab samples of up to 18.96% phosphate and 6.81% titanium.
Peter Kent, President, stated: "After obtaining results from field samples, geological reconnaissance, and a high resolution magnetic survey completed during the second half of 2022, we are excited to initiate drilling at our Bégin-Lamarche property. High grade phosphate assays in nelsonites coupled with a well-defined magnetic structure offer the potential for discovery of a large scale phosphate mineralisation area. We believe First Phosphate is set to become the only pure-play publicly traded company worldwide to be entirely dedicated to producing clean, high-grade and ethically-sourced phosphate material for the
Lithium Iron Phosphate (LFP) battery industry.”
The LFP battery represents close to 50% of all EV batteries, with more than 90% currently produced in China.
The global LFP battery market is projected to grow from US$10 billion in 2021 to US$50 billion by 2028.
The company is well funded, having recently raised the ceiling of its current private placement from $3.4 million to $4.5 million in order to accommodate increased investor interest.
The shares begin trading on February 22, 2023.
For more information, please visit the company’s website www.FirstPhosphate.com, contact Bennett Kurtz, CFO, at 416-200-0657 or email bennett@FirstPhosphate.com, and for investor relations email investor@FirstPhosphate.com.
