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.
The Mackenzie Valley Land and Water Board has given Vancouver-based GoldMining Inc. the water licence and land use permits for its Yellowknife gold project. The permits refer specifically for the Nicholas Lake-Ormsby portion of the project.
GoldMining is planning advanced exploration work, including diamond drilling, underground development, and operation of the existing camp, airstrip and winter road.
Separately, the company was granted two-year extensions to existing land use permits for the Goodwin Lake and Clan Lake properties.
The latest resource estimates for the Nickolas Lake-Ormsby property includes 13.5 million measured and inferred tonnes at 2.29 g/t gold for 997,000 contained oz. in the pit constrained area. The inferred pit resource is 5.5 million tonnes at 1.90 g/t gold for 334,000 contained oz.
The underground indicated resource is 571,000 tonnes at 3.36 g/t gold for 62,000 contained oz. Also underground are 3.8 million inferred tonnes grading 3.28 g/t gold for 405,000 contained oz.
The Yellowknife project is located in the northern part of the Yellowknife Greenstone Belt, which is underexplored, according to GoldMining, the 100% owner of the project.
(This article first appeared in the Canadian Mining Journal)
