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.
Toronto-based Anaconda Mining is conducting an infill drilling program at its Argyle gold deposit located about 4.5 km from its Pine Cove mill and tailings facility at the Point Rousse project. Chief executive Kevin Bullock noted in a release that the grade and thickness continuity has been confirmed near the surface.
Highlights from the eastern part of the Argyle infill program:
These and other drill results will be used to update the open pit mining plan and assist in planning.
The Argyle deposit has indicated resources of 543,000 tonnes grading 2.19 g/t gold for 38,300 oz. The inferred resources are 517,000 tonnes at 1.82 g/t gold for 30,300 oz. of contained gold. A 12-g/t capping factor was applied to these results.
Anaconda said the metallurgical tests for Argyle are complete and the project has been released from further environmental assessment. According to its website, the company was expecting to receive the mining, construction and milling permits in March 2019.
(This article first appeared in the Canadian Mining Journal)
