Exco Resources (ASX: EXS) managing director Geoffrey Laing has increased his stake in the company though an on-market purchase of 300,000 shares for a consideration of $48,000 - providing an average entry price of $0.16.
Laing now holds a direct stake in Exco of 381,000 shares, with another 200,000 shares in the family trust.
Exco is currently in a very interest position, and just last month committed a A$10 million 2012 budget for copper and gold exploration in Queensland.
The Cloncurry Lineament, on which a considerable portion of Exco's tenements lie, covers an area of prospective ground that runs from BHP Billiton's (ASX: BHP) Cannington silver-lead-zinc mine to Xstrata's (LSE: XTA) Ernest Henry copper-gold mine.
The principal target for Exco in the Eastern Succession of the Mt Isa Inlier is Ernest Henry-style iron-oxide-copper-gold mineralisation.
The company has identified a number of targets with potential to host large stand-alone resources, known as tier one targets.
The Turpentine/Eight Mile Creek, Salebury/Tanbah and Canteen/Weatherly Creek areas have geological, geophysical and geochemical characteristics that suggest they are within an IOCG system.
Soil surveys at the Canteen/Weatherly Creek prospect have revealed strong copper-gold-iron-potassium-phosphorus-uranium at surface, with grades of about 0.27% copper and 0.43 grams per tonne (g/t) gold.