Junior miner YTC Resources jumped to a six-month high this morning on a positive exploration update from its copper deposit in New South Wales.
The latest drill results at its Nymagee project confirmed the continuity of a new copper-rich mineralisation down-plunge with grades improving with depth.
Management reported drill samples showing 1.4% to 1.8% copper and 23 grams to 32 grams of gold a tonne grades discovered between three and 10 meters.
Market interest in YTC is understandable as it checks two critical boxes for investors. It has low cost prospective projects and has no funding concerns.
Nymagee is one of two projects being advanced by YTC. Its other gold project, called Hera, is more advanced as construction has already commenced with Glencore providing funding for Hera.
Both projects are close to each other and Hera has a forecast operating cost of $395 an ounce of gold after by-products lead and zinc are sold. First gold sales are expected in September 2014.
YTC is part of the Uncapped 100.