Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
Barkerville Gold Mines (CVE:BGM) was up 49% on Friday to $1.21 a share after announcing an indicated resource estimate for Cow Mountain.
The NI 43-101 compliant indicated resource is 69 million tons with an average grade of 0.154 ounces gold per ton (5.28 grams/T) and 10.6 million ounces of contained gold.
The project is based upon an open-pit model for a quartz deposit.
The indicated resource is between the elevations 3,550 feet and 4,550 feet. The company’s project is located in the Cariboo in central British Columbia. The estimate was compiled by Geoex.
The company’s president says the company spent many years getting to this stage.
“This resource estimate on 10% of the company’s prospective gold belt, which I believe puts the Cariboo Gold Project into the world class category, coupled with the company’s recent news announcing it has received the necessary permits to begin production on its Bonanza Ledge discovery, is a testament to the team we’ve assembled and 18 years of hard work and perseverance,” said company president and CEO J. Frank Callaghan.
“The current resource estimate has been made possible through the compilation of over 7,100 drill holes totalling 347,000 meters completed by the company and previous operators, with the most significant results coming from an expanded drill program which was completed in December, 2011.”
The company’s tenure also encompasses Island Mountain, Cow Moutain and Barkerville Mountain with total contained gold ounces ranging from 65-90 million ounces.
Image of CEO Frank Callaghan from Business Television
