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.
GFG Resources of Saskatoon, Sask., says its inaugural 2018 drill program discovered a new gold zone at the 100% owned Pen gold project 50 km southwest of Timmins. The new find was made at the Crawford target in hole PEN-18-016 which intersected 21.26 g/t gold over 1.7 metres at a depth of 100 metres.
In its entirety, PEN-18-016 returned 0.80 g/t gold over 1.0 metre; 12.26 g/t with visible gold over 1.7 metres including 39.70 g/t with visible gold over 0.9 metre with visible gold; and 1.20 g/t over 1.2 metre.
Two other holes are worthy of note. PEN-18-013 intersected 0.73 g/t gold over 1.0 metre, 0.60 g/t over 1.0 metre, and 9.20 g/t over 0.9 metres. Hole PEN-18-017 cut 0.55 g/t gold over 2.6 metres, 0.63 g/t over 1.8 metres, and 0.89 g/t over 7.0 metres. Visible gold was seen in both of the last two intercepts.
The 2018 drill program consisted of 19 holes over 4,744 metres to test depths of 150 to 500 metres. Six targets across a 20-km segment of the eastern part of the Pen property.
GFG continues to drill at Pen with a 4,000-metre phase one program employing two drills.
(This article first appeared in the Canadian Mining Journal)
