Gemstone group Shefa Gems Ltd's (SEFA) focus over the next six months is to get a permit to start trial mining at the Kishon Mid-Reach Zone 1 in Israel.
A technical feasibility study in February indicated that an alluvial mine at KMR 1 can process 1.5 Mt of gravel over an 11-year life at a cost at the lower end of the cost curve.
Avi Taub, chief executive, said: "The first half of the year been very successful for Shefa Gems as we have accomplished many of our goals.
“These include completing the TEE report, receiving official recognition on a new mineral in nature named Carmeltazite, the Carmel Sapphire, discovery of the first naturally occurring vanadium metal hydride and concluding the bulk sampling in Kishon Mid-Reach Zone 2.
Shefa aims to analyse bulk samples mined in KMR Zone 2 with drilling plans being prepared for KMR Zone 3 over the remainder of the year.
Losses for the six months to June were NIS 2.57mln (£591,000) on revenues of NIS 182,000.