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.
Explorex Resources, a Vancouver-based junior, has acquired a 100% interest in the high grade Bonanza Mountain gold-copper project. The acquisition was made by a combination of staking plus a sale and purchase agreement. The property is in the historic Knights mining camp 20 km north of Grand Forks, on the east slope of the Granby River.
The property includes includes a camp centered on the Bonanza, Mountain View, Colorado and Nevada lapsed Crown grants. It was the site of exploration and development from the late 1800s through the early 1900s.
Explorex has researched the history of Bonanza Mountain in old newspapers, original Crown grant documents, annual reports to the mines minister, and a database of Crown land records (GATOR) for the province. The first mention of high grade gold came in 1896. A 15-metre shaft was dug, with grades increasing at depth. Nor was this the only mineralization tested. Veins of iron and copper sulphide were noted at Bonanza. When the outcrops were tested, they returned high grade gold and copper values. By 1901, several shafts and tunnels had been developed on the Bonanza Crown grants, but the historical record ends there.
Explorex is focusing on cobalt and metals critical to rechargeable battery technology.
(This article first appeared in the Canadian Mining Journal)
