Precious stone exploration and prospecting company Shefa Yamim has received its first prospecting licence, covering the Kishon Mid-Reach Zone 1 project in Northern Israel.

The prospecting licence, 869C9, has been awarded for diamonds, gold and precious stones covering an area of 25.2ha, while the exploration permit, 869B8, covers 17.36ha.

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“We are delighted to have received our first prospecting licence over the Kishon Mid-Reach-Zone 1, our most advanced project.”

The company has also renewed its exploration permit and expects to begin trial mining by next year.

Both of the permits are valid for a period of 12 months.

The prospecting licence enables the company to undertake a work programme that consists of a conceptual mining plan and the completion of a technical economic evaluation (TEE) report.

The report is aimed at determining the work and capital costs of bringing the Kishon project into production.

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Shefa Yamim CEO Avi Taub said: “We are delighted to have received our first prospecting licence over the Kishon Mid-Reach-Zone 1, our most advanced project out of all other potential locations within the permit areas in which the company operates.

“The company has worked methodically and systematically to meet all the required criteria needed to advance towards the target for trial mining in 2019.”

Shefa Yamim now has the exclusive right to continue to explore the area described in the exploration permit.

It also holds two prospecting permits granted by the Commissioner of Mines.

The total licenced and permitted area is spread over 614km² and includes the Kishon River, the volcanic bodies on Mount Carmel, the Zevulun and Yizre’el valleys and their margins.

The Kishon project is an alluvial exploration target, estimated to contain around 1.1Mt of gemstone-bearing gravel.