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.
Ascot Resources (TSX.V: AOT) has released new drill results from the past-producing Premier mine, the Vancouver-based gold miner announced on Friday.
Five holes intersected robust mineralization down-dip from historically mined stopes, highlighted by 24.45 g/t Au over 8.43 metres including 150 g/t Au over 1.0 metre.
“The Premier mine continues to deliver high-grade gold mineralization. With only 50% of assay results received from over 45,000 metres of drilling completed this season on the property, we continue to anticipate strong results through Q4 2019,” President and CEO Derek White stated in a press release.
The company is currently focused on restarting the historical Premier gold mine, located 25 kilometres from the town of Stewart in British Columbia’s Golden Triangle.
The Premier underground mine originally opened in 1918 and was the largest gold mine in North America until its closure in 1952, producing two million ounces of gold and 45 million ounces of silver.
Shares of Ascot Resources were up over 10% midday Friday. The company has a market cap of approximately C$139.0 million.
