Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Evolution Mining (ASX: EVN) ongoing exploration drilling at the Ernest Henry gold-copper mine near Cloncurry, Queensland, hints at the potential to extend the project life. New holes intersected significant mineralization widths within and below the area included in the prefeasibility study done for increasing the life of the mine.
Highlights include:
“The outstanding copper-gold grades and widths in the new drilling results demonstrate the exciting potential for mineralization to extend up-plunge and at depth,” said Evolution executive chair Jake Klein in a release.
“This showcases the significant opportunity that exists to extend the life of this high margin operation. Our exploration team is making good progress with the ongoing drilling program, which continues to focus on opportunities to demonstrate continuity and extensions to the orebody.”
Evolution considers the 100%-owned Ernest Henry mine a world class operation and a key asset in its portfolio.
The project has measured resources of 24.2 million tonnes grading 0.77 g/t gold and1.38% copper; indicated resources of 38.5 million tonnes at 0.74 g/t gold and 1.29% copper; and inferred resources of 25.7 million tonnes grading 0.68 g/t gold and 1.16% copper. The release of a new resource estimate is anticipated in the first quarter 2023.
Recent drilling allowed the company to mark an increase of 28% to contained copper to 2.5 billion lb. copper and a 24% increased to 2.1 million oz. of gold (in all categories).
Evolution also owns the Red Lake gold mines in northern Ontario and numerous other projects in Canada. Guidance for the 2023 fiscal year calls for the Red Lake operations to produce approximately 160,000 oz. of gold and 300,000 oz. by 2017.
