First Phosphate Corp. announced initial assay results from the first 3,394 m of its 25,000 m drill program at its Bégin-Lamarche Project in Saguenay- Lac-St-Jean, Quebec. In total 10,000 m of drilling have been completed to date.

Assay results are awaited on 6,606 m and will be released over the coming weeks as they become available. Highlights: Phosphate Mountain Zone: 9 drill holes have been completed to date in the Phosphate Mountain Zone, ones which have intersected high apatite-bearing peridotite visually containing from 30% to 80% apatite over widths of up to 43 m. Northern Zone: Drill hole BL-24-25 intersected 9.89% P2O5 (phosphate) over 42.80 m starting at a depth of 74.20. Drill hole BL-24-26 intersected 9.44% P2O5 over 89.10 m starting at a depth of 6.90 m. Northwestern Zone: Drill holes BL-24-49 and BL-24-54 intersected 20 m and 40 m of peridotite, respectively visually containing 30% apatite.

Southern Zone: Drill hole BL-24-24 intersected 5.22% P2O5 over 129.60 m starting at a depth of 61.30 m. Drill hole BL-24-35 intersected a new higher-grade layer of 7.82% P2O5 over 22.40 m starting at a depth of 165.10 m. A total of 9 drill holes have been completed to date in the Phosphate Mountain Zone and have intersected high apatite-bearing peridotite visually containing from 30% to 80% apatite over widths of up to 43 m. Hole BL-24-53 intersected 70% apatite over a length of 1.0 m. Multiple semi-massive apatite veins have been intersected across the 9 drill holes where the background apatite content is 30-35% These results compare well in terms of the apatite content discovered in this zone during last fall's surface sample prospection program where more than 50% of surface samples returned results of above 10% P2O5. These 9 drill holes have been prioritized for assay analysis and their data should be available in the coming weeks. Expanded drilling in the Northern Zone has confirmed grades and widths that were originally identified during the initial 2023 drilling program.

In addition, the 3 drill holes BL-24-25, BL-24-26 and BL-24-31 have intersected high grade phosphate layers, grading 9.89% P2O5 over 42.80 m from a depth of 74.20 m; 9.44% P2O5 over 89.10 m from a depth of 6.90 m; and 10.47% P2O5 over 48.05 m from a depth of 4.85 m. These results indicate that there are one or more high grade phosphate layers that outcrop on surface and which may be important starting points for an eventual open-pit mining operation. Drill hole BL-24-23 intersected 7.02% P2O5 over 154.1 m from a depth of 21.0 m and could be interpreted to represent a phosphate layer drilled along dip. If so, this result could be indicative of the average grade for this layer and to be confirmed as the drilling campaign progresses.

Results from the Southern Zone confirm those from the initial 2023 drill program and include further intersects of over 100 m of phosphate mineralization. Drill holes BL-24-24 and BL-24-33 intersected 5.22% P2O5 over 129.60 m from a depth of 61.6 m and 5.00% P2O5 over 106.20 m from a depth of 3.8 m. Preliminary interpretation of the results suggests a tabular and horizontal body of phosphate mineralization with a thickness of over 100 m and grading approximatively 5.0% P2O5. Drill hole BL-24-35 intersected two higher grade phosphate layers located below the tabular body mentioned above.

This drill hole intersected 7.82% P2O5 over 22.40 m and 6.25% P2O5 over 41.20 m. Preliminary interpretation indicates that these two layers may connect with the high-grade phosphate layers discovered in drill holes from the already completed 2023 drill campaign. For example, drill hole BL-23-16 returned 7.60% P2O5 over 28.7 m and 9.99% P2O5 over 34.5 m. Drill hole BL-23-16 is located 300 m to the southwest of current drill hole BL-24-35. Infill drilling is currently underway in the area between these two drills holes to confirm if connectivity exists between these two layers.