First Phosphate Engages P E Mining Consultants to Complete Preliminary Economic Assessment (PEA) on Its 100% Owned, NSR Royalty-Free Lac à l'Orignal Phosphate Project in The Saguenay-Lac-Saint-Jean Region of Quebec
- Written by Reporters
Saguenay, Quebec - Newsfile Corp. - March 6, 2023 - First Phosphate Corp. (CSE: PHOS) ("First Phosphate" or the "Company") is pleased to announce that it has commenced a Preliminary Economic Assessment (the "PEA") on the Lac à l'Orignal Phosphate Project located in the Saguenay-Lac-Saint-Jean region of Quebec. The Company has engaged P&E Mining Consultants Inc. ("P&E") to lead the PEA which will utilize the latest Mineral Resource Estimate completed by P&E in November 2022.
- The Lac à l'Orignal phosphate project contains a high-quality phosphate resource potentially suitable for LFP batteries necessary for the energy transition. Management has board approval to advance the project towards its first economic study, a PEA.
- The PEA will include details on project economics encompassing the separation of three marketable concentrates - a phosphate (apatite) concentrate, a titanium oxide (ilmenite) concentrate and an iron oxide (magnetite) concentrate.
- The objective of the PEA is to create a mine plan, mine production schedule, capital cost estimate and an operating cost estimate incorporated into a financial model to provide total cash flow, after-tax net present value (NPV), and after-tax internal rate of return (IRR).
- The project concept is to outline a development opportunity around a stand-alone open pit mine and concentrator facility for all three concentrates located in the Saguenay-Lac-Saint-Jean region of Quebec. The region already hosts significant existing and ongoing industrial activity including 4 aluminum smelters, an alumina refinery, forest products operations and hydroelectric power generating stations.
- The project design will tie into existing infrastructure including the low-to-no-carbon-emissions Quebec Hydro grid, and to existing municipal and heavy-haul road networks which provide access from the Lac à l'Orignal Project directly to the deep sea port of Saguenay. The Company has in place a memorandum of understanding with Port Saguenay to ship its phosphate concentrate internationally as well as access to greenfield land on which to build eventual advanced processing facilities.
- The completion of the PEA is scheduled for the third quarter of 2023.
The issuer is solely responsible for the content of this announcement.
About First Phosphate Corp.
Source https://www.media-outreach.com/news/canada/2023/03/06/204465/