PhosCo (ASX:PHO) found "significant" phosphate mineralization at the DOH prospect within its Gasaat project in Tunisia, according to a Thursday filing with the Australian bourse.

Eight widely spaced holes were completed, with a phosphate horizon discovered at an average drill thickness of 13 meters, extending over a strike length of 1,300 meters and a width exceeding 600 meters, the filing said.

The company is awaiting final assays to estimate a maiden mineral resource for the prospect, per the filing.

Shares rose 5% in afternoon trade on Thursday.