Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Canadian explorer Argo Gold (CSE: ARQ) said Thursday that is selling its South Wawa gold property to RT Minerals Corp. (TSX-V:RTM) for consideration of 350,000 common shares of the Vancouver-based junior miner.
The property consists of two mineral claims totalling 16 units or 256 hectares located roughly 10 km south of the town of Wawa, in Ontario.
When Argo acquired South Wawa, the asset had not been explored since the early 1990s, despite being located in an area with high gold potential.
Last year, the Toronto-based company completed an MMI orientation survey, channel sampling, prospecting, mapping and grab sampling on the property, with the results of the channel sampling confirming historic results.
The transaction, subject to approval by the TSX Venture Exchange, comes only two months after Argo announced the sale of a nearby property — Rockstar — for Cdn$700,000.
Argo Gold still has a number of other gold projects across Northern Ontario, including Abbie Lake, Macassa Creek and Mishi Lake, all located near the town of Wawa, and McVicar Lake and Woco Gold, near Thunder Bay, in addition to the Hurdman zinc-silver property close to Timmins.
