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.
Benchmark Metals (TSXV: BNCH) has received the first drill result from the Phoenix zone discovery, part of the Lawyers gold-silver property located within British Columbia’s Golden Horseshoe.
Recent drilling has intersected bonanza grades of 132.5 g/t Au and 8,560 g/t Ag over 0.9 metre core length, within a broader interval of 46.9 g/t Au and 3,055.6 g/t Ag over 2.87 metres.
Shares of the Edmonton-based miner jumped over 12% on the news. The company’s market cap currently sits at C$37.3 million.
“The Phoenix massive sulphide vein that we discovered in 2018 represents another style of mineralization to be explored along the Lawyers trend. The new drill hole has extended the high-grade Phoenix zone to nearly 150 metres in depth from surface, while anomalous geochemistry and geophysics indicate that this zone could be extended to over one kilometre in total length with additional drilling,” CEO John Williamson stated in Monday’s press release.
Drilling is continuing at Phoenix into the second week of October. The company plans to release results as they become available.
