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YTC Resources (ASX: YTC) is focussed on the development and exploration of the high grade Hera-Nymagee Project in the Cobar district of NSW.
The company has completed the Definitive Feasibility Study (DFS) on the Hera gold and base metal deposit as Stage 1 of the development of the Hera-Nymagee Project. Stage 2 of the Feasibility...
YTC Resources' directors show vote of confidence by exercising optionsMay 09 2012, 12:21am
YTC Resources’ (ASX: YTC) directors have increased their investment in the company after exercising a total of 3 million options at A$0.25 each, providing a $750,000 capital injection.
Chairman Anthony Wehby and non-executive directors Stephen Woodham, Richard Hill and Wenxiang Gao each exercised 500,000 options, while managing director Rimas Kairaitis exercised 1 million options.
The option exercise price of $0.25 is well below YTC's last traded price of $0.375.
The exercise of options provides new capital for the company as it continues to advance exploration at its Nymagee Copper Deposit in the mineral-rich Cobar Basin.
Earlier this week YTC discovered a new target, which highlights the potential for Nymagee North to become a new Cobar-type deposit at depth.
YTC has received assays from a further three diamond drill holes completed at Nymagee North, about 500 metres north of the Nymagee Deposit.
Notable intersections from two of the holes include 2 metres at 2.7% lead and 4.8% zinc from 287 metres and 5 metres at 1% lead and 1.9% zinc from 351 metres.
These holes were designed to follow up a previously reported intersection of 14 metres at 63 grams per tonne (g/t) silver, 0.2% copper, 2.7% lead and 5.2% zinc.
Nymagee is fast evolving into a world class deposit with distinct similarities to the CSA Mine operated by Glencore International (LSE: GLEN).
The CSA mine is located 90 kilometres north and along strike of Nymagee. By way of scale, it produces over 1.1 million tonnes of copper ore and produces in excess of 185,000 tonnes of copper concentrate per annum.
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