Canadian Phosphate (ASX:CP8) confirmed around 9 kilometers of strike continuity at its Wapiti Project in British Columbia, with drilling extending phosphate mineralization along the eastern limb of the Red Deer Syncline, according to a Wednesday filing with the Australian bourse.
The company has completed 18 holes spanning 2,638 meters, with first assays expected in September, while exploration has shifted to the western limb, using historical drilling to guide new targets, per the filing.
The company will increase funding and expand drilling beyond the previously planned 3,000 meters, supported by light detection and ranging, orthoimagery, mapping and sampling to enhance resource potential and geological confidence, the filing said.
The company has deferred the Barnes bulk sample to the second quarter of 2027, opting instead to use about 30,000 tonnes of previously mined phosphate rock in Montana to meet near-term customer demand while redirecting funding to its Wapiti exploration program, the filing added.