YTC Resources (ASX:YTC) has had an excellent start to its exploration activities at the Nymagee Copper Mine in New South Wales.
The first of its 6 planned diamond drill holes has recorded an intersection at about 55 meters below the deepest mine level of 8.9 meters 7.2% Copper, 24 grams per tonne of silver and 0.16 gram per tonne of gold from 370.5 meters.
The discovery of the high grade copper resource on the site at Nymagee has bolstered the company’s plan to expand the current exploration program.
Chief Geologist Ian Cooper said that the exploration study would also affect the feasibility study of the close by Hera project. The Hera project is to establish a shallow underground mine that shall produce gold, silver, lead, zinc and copper.
Nymagee was originally a copper mining town and in its peak supported a population of over 2200 people, half of those being Chinese migrants. However when the mine closed in 1917 most of the towns residents moved out. At the 2006 census, Nymagee had a population of 103 people.
The six hole drilling program may be expanded if favourable results occur. A review of historic work at the site is also being conducted.