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YTC Resources hits high grade copper zones from 500 metres at Nymagee

Last updated: 00:44 11 Nov 2011 GMT, First published: 23:44 10 Nov 2011 GMT

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YTC Resources (ASX: YTC) has intersected more high-grade zones of copper in the first two drill holes of the deeper drilling program at the 90% owned Nymagee Copper Deposit in the Cobar Basin, New South Wales.

Results from hole NMD050W1 include:

- 33.3 metres at 0.96% copper from 422.42 metres, including 1 metre at 12% copper from 438.7 metres;
- 61 metres at 0.8% copper from 547 metres, including 4.0 metres at 2.0% copper from 558 metres, and 4 metres at 2.1% copper from 602 metres; and
- 10 metres at 0.5% copper from 644 metres.

The hole is the deepest drilled to date at Nymagee and was designed to test 100 metres below strong copper mineralisation in holes NMD017 and NMD017W. Broad zones of copper mineralisation were intersected despite it drifting about 50 metres north of its target. 

The results provide encouragement to YTC as they demonstrate the continuation of broad intervals of copper mineralisation to a vertical depth of over 500 metres and show the copper mineralisation to be open at depth.

The company said higher grade intervals have also been identified in the interpreted Club House and Royal lode positions but further drilling will be required to determine the continuity of these lodes.

The second hole, NMD057, drilled about 50 metres south and 30 metres above hole NMD050W1, also intersected broad intervals of low grade copper mineralisation including:

- 16 metres at 0.82% copper from 364 metres;
- 2.0 metres at 2.7% copper from 416 metres;
- 67.0 metres at 0.55% copper from 450 metres; and
- 37.0 metres at 0.30% copper from 542 metres.

Rimas Kairaitis, YTC's CEO, said “results of the deeper drilling have confirmed broad copper mineralisation at Nymagee extending to a vertical depth of over 500 metres.

"With the system remaining open at depth, we remain confident that Nymagee mineralisation will continue to grow in the manner of similar Cobar type ore systems.”

A resource estimate is expected shortly for Nymagee, which is becoming a very significant  ‘Cobar style’ copper deposit with substantial lead-zinc-silver credits, very similar to the upper part of the CSA deposit.

Highlighting the prospectivity of the project, the Nymagee Copper Mine which last operated in 1918, has recorded historical production of 422,000 tonnes at 5.8% copper.

Results are pending for the third and fourth holes and YTC is now completing a hole pair, NMD063 & NMD063W1, to test the depth extension at the northern end of the Nymagee Copper Mine.

YTC will shortly complete a downhole electromagnetic survey (DHEM) on selected deeper holes with a view to defining conductor targets for further testing.

The company said any strong off-hole targets generated from the DHEM are very likely to represent high grade massive sulphide mineralisation.

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