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YTC Resources intercepts 10m at 4.2% copper from infill drilling at Nymagee

YTC Resources (ASX: YTC) is further proving up the potential of its 90% owned Nymagee Copper Deposit in the Cobar Basin, New South Wales with very strong infill drilling results including 10 metres at 4.2% copper and 16 grams per tonne (g/t) silver from 337 metres.

Other highlight intersections include 25 metres at 1.9% copper and 9g/t silver from 361 metres, and 25.6 metres at 5% copper, 0.1g/t gold and 24g/t silver from 218 metres.

These results follow on from previous high grade intersections in the first two drill holes of the deeper drilling program reported earlier this month of 33.3 metres at 0.96% copper from 422.42 metres, including 1 metre at 12% copper from 438.7 metres.

A number of very strong results have also been received from infill reverse circulation drill holes to define the Nymagee mineralisation at shallow depths including 19 metres at 1.4% copper and 13g/t silver from 157 metres, and 14 metres at 2.8% copper and 13g/t silver from 71 metres.

Importantly, these results support previous drilling by YTC which have identified wide, shallow zones of strong copper mineralisation, indicating strong potential for significant tonnages of copper mineralisation at a grade and depth that is amenable to open pit mining.

Another positive for the Nymagee deposit is the level of gold mineralisation intersected through the lead-zinc-silver lens at the northern end of Nymagee which provides the potential for significant gold credits.

Shallow lead-zinc-silver intersections included 7 metres at 0.7g/t gold, 18g/t silver, 0.5% copper, 3% lead and 0.7% zinc from 12 metres, and 6 metres at 0.76g/t gold, 37g/t silver, 3.4% lead and 5.8% zinc.

Chief executive Rimas Kairaitis said: “The Nymagee Deposit continues to evolve with consistent strong results from infill drilling and the potential for the development of significant gold credits in the northern lead-zinc-silver lens.

“Of very real excitement is the potential that drilling is uncovering the beginnings of a new mineral system 500 metres north of the Nymagee deposit.

“YTC will be fast tracking follow up work in this area with additional drilling and EM surveys to be completed before the end of the year.”

The potential for the northern lead-zinc silver lens to host significant gold mineralisation will be further tested with follow-up diamond drilling. 


Reconnaissance Reverse Circulation Drilling

YTC has completed a program of shallow reconnaissance reverse circulation drilling across approximately 500 metres strike length north of the Nymagee deposit with the most encouraging results returned from the northwestern-most hole drilled in the programme.

The hole was testing an “idealised” setting of an induced polarisation anomaly at the western flank of a strong gravity high, and returned 5 metres at 0.18g/t gold, 1.3% copper, 1.3% lead and 31g/t silver.

This intersection could represent the upper part of a new mineral system and is supported by results from a historical drill hole some 40 metres to the south, which recorded 16 metres at 0.5% lead and 1% zinc from 120 metres, and 23 metres at 0.5% lead and 1% zinc from 152 metres.

Another hole was drilled to test below and to the north of the historic Higgins Shaft, located 300 metres north of the known extents of the Nymagee deposit, and recorded 3 metres at 2.7% copper and 50g/t silver from 61 metres.

YTC is particularly encouraged by these results and follow up drilling together with a Fixed Loop Electromagnetic survey are planned before the end of 2011.

A resource estimate is expected by the end of 2011 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.


Cashed Up


At the end of the September quarter YTC had A$25.3 million cash in the bank.