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.
Surface drilling by Granada Gold Mine at the Granada project near Rouyn-Noranda has hit 7.67 g/t gold over 15.0 metres in hole GR-19-C. Hole GR-19-B returned 3.42 g/t over 6.0 metres.
The mineralized zone has smoky quartz veins adjacent to a porphyry dyke intruded by multiple quartz veinlets south of the altered sheared conglomerate at the site, says the company.
The Granada property lies along the Cadillac Break, which has produced more than 75 million oz. of gold in the past 100 years. The former Granada mine produced 50,000 oz. of gold from ore that graded 10 g/t in the 1930s before a fire destroyed the surface buildings.
Measured and indicated resources recoverable by open pit methods using a 0.4-g/t cut-off are 22.3 million tonnes at 1.06 g/t gold for 762,000 contained oz. The inferred material is 6.9 million tonnes grading 2.04 g/t gold for 455,000 oz. of contained metal.
(This article first appeared in the Canadian Mining Journal)
