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.
Canadian junior Filo Mining (TSX-V:FIL), a Lundin Group company, is moving ahead with its flagship into copper, gold and silver project straddling the Chile-Argentina border by investing US$7 million to step up drilling efforts.
The Vancouver-based company plans to complete 6,000 metres of additional drilling by April this year with the goal of expanding the oxide resource. It also expects to conduct additional metallurgical testing, Portal Minero reports (in Spanish).
Filo del Sol, the miner’s flagship project, is located 140 km southeast of the city of Copiapó, Chile, on the border with Argentina. The asset is accessible by road from either side, although the Chilean city is much closer — about four hours driving time.
The project’s inferred resources are pegged at 3.3 billion pounds of copper, 4 million ounces of gold and almost 150 million ounces of silver.
Companies have been working on the area for over 16 years, but it wasn’t until August last year, when Filo Mining took over the project and received $3 million in cash from former partner NGEx Resources (TSX:NGQ), that work picked up pace.
