Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Vancouver-based Fremont Gold (TSX.V: FRE) announced today that it has entered into an option agreement with Ely Gold Royalties and its wholly-owned subsidiary Nevada Select Royalty to acquire 12 unpatented lode mining claims covering approximately 100 hectares in Elko Country, Nevada.
The claims sit on the northern Carlin Trend, which is the second richest gold province in the world, with total historic gold production of over 50 million ounces. Barrick Gold’s Goldstrike mine complex and Newmont’s North and South Carlin complexes are located in this area.
With this acquisition, Fremont would control 3350 hectares in the region and would be able to close an existing gap between its Coyote claim and the formerly producing Rossi mine.
In a press release, the Nevada-focused company explained that under the terms of the option agreement it can earn a 100 per cent interest in the property by making payments totalling $267,500 over five years.
“As an exploration geologist, this land position really excites me. Currently, the company is carrying out ground-based geophysical surveys and will follow up with a mobile metal ion geochemical survey in the spring,” Fremont President and CEO Dennis Moore said in the media statement.
