PhosCo Finds New Phosphate Zone as Gasaat Drilling Expands

DOH drilling extends Gasaat mineralisation

PhosCo Ltd (ASX:PHO) has added another piece to its expanding Gasaat phosphate story, with fresh drilling extending the DOH discovery and two maiden holes identifying phosphate mineralisation at Sekarna North, about 10km from Gasaat in Tunisia’s Northern Phosphate Basin.

The latest DOH holes returned 8.1 metres of phosphate from 64.9 metres in GADD-2026-36 and 9.0 metres from 22.0 metres in GADD-2026-37. The company says the ongoing program, combined with nine previously reported holes, is expected to provide the basis for a maiden Mineral Resource Estimate for DOH.

That estimate is the more consequential near-term outcome than the headline intersections themselves. PhosCo says DOH could add to Gasaat’s existing resource base and support further optimisation of the project’s potential scale and mine life, although no grades have been reported for the new holes.

Sekarna North opens a second growth front

The first two holes ever drilled by PhosCo in the northern part of Sekarna also intersected phosphate: SKDD-2026-01 returned 6 metres from 46.5 metres, while SKDD-2026-02 returned 7.4 metres from 25 metres. The results support the company’s stated concept of a regional processing hub spanning the wider phosphate basin, rather than relying solely on the Gasaat permit.

There are important qualifications. Assays are pending for all four holes, so the announcement does not yet establish their phosphate grades or quality. The company also describes the drilling as reconnaissance in nature, with continuity still to be demonstrated. At DOH, vertical holes intersect mineralisation dipping about 25 degrees to the east, meaning reported widths may be greater than the true thickness.

Scoping study and permit questions remain

PhosCo says its updated Gasaat Scoping Study remains on track for release later in October. The study is intended to incorporate the expanded resource base, while further drilling continues at Gasaat and diamond drilling proceeds at the wholly owned Simitu project, targeting copper and base metals.

Sekarna also carries a permitting complication. The southern section of the 128-square-kilometre research permit sits within a proposed nature reserve overlay, and PhosCo is engaging with Tunisia’s Ministry of Industry, Energy and Mines and the Forestry Department to determine a path forward. The new drilling took place in the northern portion outside the potential reserve area, so the discovery does not resolve that land-access issue.

For now, the market has a familiar exploration equation: more mineralisation and a larger regional ambition, but laboratory assays, resource definition and project economics still need to catch up. The next meaningful test will be whether DOH converts its growing drill footprint into a quantified resource and whether Sekarna North can move beyond two promising but early holes.