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Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Toronto-based Anaconda Mining has offered an update on the growing resources at its Goldboro gold project 185 km northeast of Halifax. Numbers for the measured and indicated category have increased and will form the basis of the mining plan in the feasibility study completed by the end of the year.
The measured and indicated resources are estimated at 4.1 million tonnes averaging 5.30 g/t gold for 698,600 contained oz. That is a 6.9% increase in grade and a 15.9% increase in contained ounces as reported in July 2018.
The inferred resource was expanded as well. It stands at 3.0 million tonnes grading 7.09 g/t gold for 685,100 contained oz. That represents a 6.9% rise in the grade and a 51.2% jump in contained ounces.
The numbers above reflect both open pit and underground mineralization at a 2.0 g/t gold cut-off. Looking solely at the underground measured and indicated resource, the grade is up 11.9%.
Anaconda says the recent drill campaign expanded the deposit to the east by 397 metres and added 21 new zones to the resource model. The deposit remains open in both directions along strike.
(This article first appeared in the Canadian Mining Journal)
