PhosCo's Maiden Drill Program at Tunisia Prospect Returns Wide Phosphate Intersections; Shares Rise 11%

MT Newswires Live

Aug 19

PhosCo (ASX:PHO) said all five drill holes from its maiden program at the KH prospect, located within the company's Gasaat project in Tunisia, returned wide phosphate intersections with internal high-grade zones, according to a Wednesday filing with the Australian bourse.

Results yielded up to nine meters at 24.2% phosphorus pentoxide, while other results include 16.3 meters at 17.7% phosphorus pentoxide from 39.7 meters and 19.6 meters at 17.2% phosphorus pentoxide from 103.4 meters.

The newly delineated mineralization is expected to boost the economics of Gasaat, "particularly in the early years of production due to their low strip ratio and proximity to the proposed plant," the filing said.

The company's shares advanced 11% in recent Wednesday trade.

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