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.
Drilling at the southern part of the Cliff Creek area at Benchmark Metals’ (TSXV: BNCH) Lawyers project in the Golden Triangle area in B.C. has hit broad zones of gold-silver mineralization and returned high-grade intercepts. The company is working towards a bulk tonnage resource for the project, expected in the first quarter, which would be followed by a preliminary economic assessment.
Notable intercepts include 107.8 metres of 2 g/t gold and 46.84 g/t silver (2.59 g/t gold-equivalent) from 331.2 metres; 61 metres of 1.44 g/t gold and 82.77 g/t silver (2.47 g/t gold-equivalent) starting at 339 metres; and 38.1 metres of 5.71 g/t gold and 7.76 g/t silver (5.8 g/t gold-equivalent) from 372 metres.
Higher-grade intervals include assays such as 1.1 metres of 185 g/t gold and 104 g/t silver (186.3 g/t gold-equivalent) starting at 372 metres and 0.8 metres of 33.6 g/t gold and 1,190 g/t silver (48.48 g/t gold-equivalent) from 421.2 metres.
In the brief, CEO John Williamson highlighted how Cliff Creek South shows potential for both open pit and underground resources.
“The Cliff Creek South (CCS) area continues to yield broad zones of bulk tonnage delivering the potential for open pit mining at surface. In addition, CCS is providing similarities to the Cliff Creek North zone with high-grade intervals at depth, demonstrating potential for future underground mining opportunities.”
The overall Cliff Creek zone is 1.2 km long and, with CCS, includes three sub-areas (Cliff Creek North, Cliff Creek Mid).
In 2018, Benchmark released an initial inferred resource for the Cliff Creek North and Dukes Ridge zones at Lawyers: Cliff Creek North features 550,000 inferred tonnes, grading 4.51 g/t gold and 209.15 g/t silver, with an additional 58,000 inferred tonnes at Dukes Ridge, at 4.3 g/t gold and 139.13 g/t silver.
Benchmark Metals opened 6% up Wednesday, affording the company a C$220 million market capitalization on the Toronto Venture Exchange.
(This article first appeared in the Canadian Mining Journal)
