YTC looks to end week on high note

Junior base metal and gold miner YTC Resources is on track to record a second day of gains following a pleasing update on its Hera flagship project in central New South Wales.

Junior base metal and gold miner YTC Resources (YTC) is on track to record a second day of gains following a pleasing update on its Hera flagship project in central New South Wales.

The stock inched up another half a cent, or 2.1%, to 24.5 cents during lunch time trade after jumping 6.7% on high volume yesterday when the update was released.

YTC reported that the underground development of the mine is running around 24% ahead of schedule with a 280 meter underground advance.

The liquefied natural gas power plant is also fully operational and the process plant will be commissioned in July this year.

Further, the first exploration drill holes for 2014 has uncovered strong iron-zinc and lead sulphide mineralisation from one of the deeper holes at Hera South.

There have not been many happy stories from the sector as the softening hard commodity prices leaving many mining minnows cut off from capital.

YTC is one of the better placed small miners as it managed to secure funding for Hera from Glencore International. The miners other project is the Nymagee copper deposit that is 4.5 kilometres north of Hera.

If YTC closes the day at the current level, it would be up 4.3% for the week. But despite the recent rally, the stock is still down 7.5% over the past 12-months.