SigmaRoc said subsidiary Ronez has begun the next phase to establish a new quarry site on Chouet headland in Guernsey.
Exploratory drilling, scheduled to begin on November 6, will contribute to an ongoing evaluation of the site's potential.
The company has estimated that production at Chouet could initially start in 2021, with the quarry having a lifespan of at least 40 years.
Ronez is in discussions with the States of Guernsey Development and Planning Authority over drawing up a development framework for the site.
"Quarrying is strategically important to Guernsey and we are convinced that a new quarry would provide decades of sustainability for the local industry," SigmaRoc chief executive Max Vermorken said.
At 9:43am: (LON:SRC) Sigmaroc Plc share price was +1p at 47.5p