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.
Montreal-based Azimut Exploration and strategic partner SOQUEM report drilling multiple new gold-copper zones of mineralization on the Rex-Duquet property in Nunavik. SOQUEM supplied C$4 million for work at the site, and Azimut is the operator.
Azimut believes work done so far helps establish Rex as a district scale, polymetallic opportunity. Discoveries at two zones were highlighted.
The Mousquetaires zone is a copper-bearing brittle fault that cross-cuts an iron formation. It returned grades of up to 13.65% copper, 0.12% molybdenum and 25.9 g/t tellurium.
The Subtle zone is a shear-hosted high grade gold system with silver and zinc. Samples returned grades up to 580 g/t gold and 141 g/t gold, 915 g/t silver and 7.87% zinc.
Azimut holds 1.2 million km2 in the Nunavik region in what it calls the Rex trend, including the Rex and Rex South properties.
(This article first appeared in the Canadian Mining Journal)
