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.
GoGold Resources released the results of its initial Preliminary Economic Assessment (PEA) for its Los Ricos South project in Jalisco State, Mexico.
Highlights of the PEA, with a base case silver price of $21/oz and gold price of $1,550/oz include after-Tax NPV (using a discount rate of 5%) of $295 million, and 11-year mine life producing a total of 69.6 million payable silver equivalent ounces, consisting of 42.9 million silver ounces, 352,000 gold ounces and 4.5 million copper pounds
The company reported initial capital costs of $125 million.
“The acquisition of the Los Ricos district, only 22 months ago in March 2019, has proven to be a tremendous catalyst of growth for GoGold,” Brad Langille, GoGold CEO said in a media release.
“We are now aggressively advancing Los Ricos North with a 100,000m drill program and targeting an initial Mineral Resource in 2021.”
During 2020, GoGold’s exploration team identified over 100 targets on the Los Ricos North properties, the company said, adding that it plans to drill 10 of those targets this year.
