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.
Alamos Gold continues to expand high grade gold mineralization between the Eastern and Main extensions at the Island Gold project 80 km northeast of Wawa, Ontario.
High grade mineralization is known to extend 85 metres west and 75 metres below the nearest previously reported intersection. Eight of the nine holes drilled in the area intersected ore grade gold over a 300-metre area. The area of interest is located within a 500-metre gap between blocks of inferred resources within 1,000 metres from surface and close to existing infrastructure. The best assays so far are 34.28 g/t gold over 8.4 metres in hole MH19-01 and 12.30 g/t gold over 6.7 metres in hole MH19-02.
High grade mineralization has also been extended 50 metres east of previous holes and 90 metres from existing resources. Hole MH17-07 returned 16.61 g/t gold over 7.3 metres only 1,000 metres east of the mine workings. The area remains open along strike to the east and both up and down plunge.
The main extension near the mine and above inferred resource and 840-level exploration also returned high grades. 63.94 g/t gold over 12.3 metres in hole 840-554-14 and 27.82 g/t over 7.6 metres in hole 840-554-07.
(This article first appeared in the Canadian Mining Journal)
