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.
Alamos Gold of Toronto is drilling more high grade intersections at the producing Island Gold mine 85 km northeast of Wawa. The company is focusing its attention on the Eastern, Main and Western extensions with both surface and underground drilling.
Hole MH18-03 was drilled in the 500-metre gap between inferred resources of the Eastern and Main extensions. It assayed 46.11 g/t gold (26.81 g/t cut) over 4.7 metres. Previous drilling at the Main extension returned cut assays of 24.53 g/t gold over 5.1 metres, 34.01 g/t over 5.15 metres, and 15.13 g/t over 5.0 metres.
Alamos has designed the 2019 drill program at Island Gold to expand the down-plunge and later extension of the deposit with the objective of adding new, near mine resources. A total of 29,832 metres in 99 holes have been completed so far this year.
The Island Gold mine is expected to produce between 135,000 and 145,000 oz. of gold this year at an all-in sustaining cost per ounce of $730 to $770. The mill was recently expanded to 1,100 t/d and expected to reach 1,200 t/d by the end of this year.
(This article first appeared in the Canadian Mining Journal)
