YTC names Nymagee maiden

THE BOURSE WHISPERER: YTC Resources has announced a maiden JORC-compliant Mineral Resource Estimate for its 90 per cent-owned Nymagee deposit.

The Nymagee deposit forms part of the company’s Hera-Nymagee project, located within the Cobar Basin in central New South Wales.

The estimate represents the first resource estimate for Nymagee since the company initially discovered high-grade copper mineralisation at Nymagee in October 2010.

The Resource estimate is inclusive of drilling completed by the company since that time up to November 2011.

Source: Company announcement

“The company notes that significant zones of additional copper mineralisation east of Main Lens South and North, including the Club House Lode position, are not yet included in the estimate but are likely to be included in future estimates following further drilling,” YTC Resources said in its ASX announcement.

“The maiden Nymagee Resource represents a major expansion to the Hera-Nymagee project Resource Inventory to 670,000 ounces of gold equivalent at Hera and 125,000 tonnes of copper equivalent at Nymagee.”

YTC said it expects to expand the size of the Nymagee Resource over the next 12 months as it continues with a program of exploration and extensional drilling.

The company has already commenced scoping level feasibility studies with a view to integrate the Nymagee deposit as a Stage 2 development to the Stage 1 development of the nearby Hera gold deposit.

Feasibility work to date includes initial metallurgical studies showing the Nymagee copper mineralisation capable of producing high-quality copper concentrates at high recoveries.