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.
Anaconda Mining has entered into options to acquire the Country Harbour and Lower Seal Harbour gold properties, 15 and 5 km from its Goldboro property 175 km northeast of Halifax, Nova Scotia.
Both properties are past producers, and they have exploration potential along strike and at depth.
The Country Harbour mine produced about 10,000 oz. of gold prior to 1900. Historic drilling there returned 83.66 g/t gold over 0.3 metre, 5.95 g/t over 1.7 metre, 6.85 g/t over 0.6 metre, and 7.54 g/t over 0.3 metre. Chip samples taken along the Blair adit assayed 9.91 g/t over 4.6 metres.
The Lower Seal Harbour mine was active from 1894 to 1942 and produced about 34,000 oz. of gold. Assays from historical mining returned 18.91 g/t gold over 1.7 metre, including 87.54 g/t over 0.3 metre; 7.49 g/t over 1.7 metre, including 106.01 g/t over 0.25 metre; 9.63 g/t over 1.5 metre; and 5.14 g/t over 2.2 metres.
Anaconda is preparing a feasibility study for the Goldboro gold project. It is to be complete before the end of this year.
(This article first appeared in the Canadian Mining Journal)
