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PhosCo looking to Fast-Track New KM Prospect at Gasaat Phosphate Project in Tunisia

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By Colin Hay - 
PhosCo ASX PHO Fast-Track KM Prospect Gasaat Phosphate Project Tunisia
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PhosCo (ASX: PHO) is investigating the potential to accelerate the development of its new KM phosphate discovery at the company’s Gasaat project in Tunisia.

After promising results in its maiden drilling program at KM, the company believes that its proximity to a proposed plant and the thickness of its mineralisation make it an ideal candidate for early development.

PhosCo has now drilled three holes at KM, with all confirming thick and shallow phosphate mineralisation, including an intersection of 52.5 metres—the thickest it has encountered so far.

Fast-Tracking KM Assays

PhosCo is now fast-tracking assays from the prospect, expecting the results later this month before it begins preliminary metallurgical testing, and has mobilised the drill rig it used at KM to the SAB prospect for confirmatory drilling to support the MRE.

Managing director Taz Aldaoud said the company was moving ahead with its project optimisation program with the goal of growing the resource at Gasaat and prioritising low-strip resources that will significantly enhance the project’s economics early in its life.

“KM is rapidly emerging as a highly significant discovery with the potential to underpin an accelerated production start-up and boost the overall economics of Gasaat,” Mr Aldaoud said.

The company believes that these KM results and the upcoming resource estimate at the nearby SAB prospect will significantly improve the project economics ahead of the planned bankable feasibility study.

Northern Phosphate Basin

Covering an area of 112 square kilometres that includes the former Chaketma project, the Gasaat exploration permit forms part of PhosCo’s plan to develop Tunisia’s northern phosphate basin.

The deposit has a JORC-compliant resource of 146 million tonnes at 20.6% phosphorus pentoxide based on drilling at only two of the project’s nine prospects, with a new exploration target for KM estimating it may contain as much as 26Mt.

A Gasaat scoping study from 2022 confirmed a long life, high margin project of 46 years at 1.5Mtpa.

A two-stage conceptual development features a rock phosphate mine in stage one and an integrated fertiliser project in stage two.