YTC Resources has signed an agreement with OZ Exploration, a subsidiary of OZ Minerals, to acquire a tenement holding that surrounds its Hera-Nymagee project in western New South Wales Australia.
The acquisition will increase YTC Resources' acreage, located near the highly prospective Rookery Fault Zone of the Cobar Basin, to 1,040 km².
The company will acquire a 100% interest in Exploration Licences 7446, 7447, 7524 and 7529 and issue $250,000 of YTC shares at $0.45 per share.
YTC Resources CEO Rimas Kairaitis said, "YTC is delighted to secure these tenements as a substantial addition to the company's strategic tenement position along the highly prospective margin of the Cobar Basin."
A number of targets of immediate interest to the east and north of Nymagee deposit, 95% of which is owned YTC, has already been identified by a prospectivity review. Drill testing will be conducted at the targets in the short-term.
YTC completed the Hera definitive feasibility study in September 2011, and the company recently unveiled the assay results at the Nymagee Copper mine.