Diatreme Resources (ASX:DRX) saw its shares rise as much as 4.55% to A$0.023, marking their largest intraday percentage gain since July 20.

The Australian mining company is currently in the limelight as its Northern Silica Project (NSP) located in Far North Queensland has been labeled as a ‘Project of Regional Significance’ by the Queensland government.

This status is conferred to local projects forecasted to have a notable impact on the region and its inhabitants.

The established designation also permits Diatreme Resources to utilize water for its project from the reserve assigned for Cape York’s Water Plan.

Despite the recent surge, the company’s shares are down by 18.52% year-to-date, as of the last close.

Diatreme Resources is an Australian mining company with a focus on the Northern Silica Project.