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.
Crystal Lake Mining (TSXV: CLM) announced Wednesday the intersection of shallow high-grade gold mineralization at its Newmont Lake gold corridor.
The new results, highlighted by 15.11 g/t Au over 8.03 metres from the second of three drill holes, are crucial as they provide evidence of a thick unit of unusually high-grade gold mineralization within a broad envelop of continuous low-grade gold mineralization, the company says.
This discovery is important as it demonstrates that the mineral zone actually increases in both width and in grade in areas where previous models indicate a narrowing of the mineral zone. Additionally, a second deeper horizon has been intersected in an area without gold mineralization in previous models, adding to the exploration potential of Newmont Lake.
Crystal Lake has an option to earn a 100% interest in the Newmont Lake project, located in the broader Eskay region in British Columbia’s Golden Triangle.
Last week, the company received a C$500,000 investment from Rob McEwen, owner of Toronto-based gold producer McEwen Mining, to advance the project.
