Shefa Gems Ltd

Shefa Yamim hails several milestones in update for second half

In a corporate update, the Israel-based precious stones exploration firm said a technical economic evaluation (TEE) had been completed for its Kishon Mid-Reach project

Mining truck
The firm said it would seek funding to complete milestones ahead of trial mining

Shefa Yamim (ATM) Ltd (LON:SEFA) has highlighted several key milestones achieved by the firm in the second half of 2018.

In a corporate update, the Israel-based precious stones exploration firm said a technical economic evaluation (TEE) had been completed for its Kishon Mid-Reach project, will the results to be announced in January.

WATCH: Shefa Yamim's Carmeltazite officially recognised as new and rare mineral

The group also said final results from exploration activity at the site had shown total volumes of mineralised placer gravels for the three target exploration zones had increased from around 1.1mln tonnes to 5mln tonnes, with “good progress” being made on planning and regulatory procedures to advance the Kishon Mid Reach Zone 1 area in accordance with the prospecting license.

The production of a unique jewellery collection from Israeli jewellery designer Yossi Harari, which uses gems found by the company, was also in the final stages of production and was expected to be launched in January.

Shefa added that it had also received international recognition for a new mineral in nature, Carmeltazite, which was discovered by the company and found in its gemstone, the Carmel Sapphire.

The firm said that it was not expected to generate revenues at this stage of its development and frequently needs to raise further capital as well as support from creditors from time to time to delay payments as it progressed toward the commencement of mining, adding that it was confident it had sufficient funds to continue exploration operations until the end of the first quarter of 2019.

By the middle of the first quarter and after the publication of the TEE report, Shefa said it will be able to accurately quantify its funding requirement in order to progress toward trial mining and the Kishon Mid Reach Zone 1.

As a result, the group said it would need to seek more funding to complete milestones ahead of trial mining and general working capital.

The group would also continue to expand its exploration efforts in Zone 2 and 3 of the project, as well as at the primary source in the Carmel mountain range to increase its understanding of the scale and scope of deposits in the permit areas.

In later-afternoon Thursday, Shefa Yamim shares were at 60p.

Quick facts: Shefa Gems Ltd

Price: £0.04

Market: LSE
Market Cap: £6.9 m

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