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.
ALX Uranium Corp. is acquiring the Vixen gold property in the Red Lake mining district in Ontario. ALX made the decision after reviewing records of historical surface exploration done by the Ontario Geological Survey and provincial assessment records describing gold showings and past-producing mines near the claims the company acquired.
The Vixen project includes three sub-projects totaling 10,008 hectares within the Birch-Uchi greenstone belt. The property is about 60 km east of the town of Red Lake. ALX has 100% ownership, subject to a 2.% net smelter returns royalty.
CEO Warren Stanyer said, “ALX believes that Vixen is on-trend to the numerous gold showings and mines of the eastern Red Lake district, but was obscured from the view of historical explorers.” The property has minimal bedrock outcrops.
Vixen South and Vixen West each lie within 10 km of past-producing gold mines, and both are within 25 km of the Springpole gold deposit owned by First Mining Gold. Vixen North is located 6 km northwest of Springpole and near other high grade gold deposits, according to ALX.
(This article first appeared in the Canadian Mining Journal)
