Shares of Capital Metals PLC (AIM:CMET) jumped 5.3% following the announcement of key approvals for its drilling programme at the Eastern Minerals Project in Sri Lanka.
The mineral sands company is now set to commence work, aiming to significantly boost resource tonnage and grade.
In doing so it will target resource extension through deeper aircore drilling and lateral expansion to the west of the current estimate.
The company aims to confirm resources for final mine design and production scheduling, initially focusing on the first year of production.
Capital Metals intends to double its current resource volume, with potential increases expected soon from visual and lab analyses of samples.
In late morning trading, the shares were changing hands for 1.79p, up 0.09p.