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.
Great Bear Resources of Vancouver updated its exploration progress at the Dixie gold property in the Red Lake district by saying it has combined three zones – Bear-Rimini, Auro and Yuma – along a 3.2 km stretch of the LP fault into a single zone.
The company recently completed 14 drill fences spaced from 50 to 800 metres apart over 3.2 km, representing 18% of the length of the LP fault. Company geologists noted very strong geological continuity along all drill holes. Such results suggest a continuous, multi-kilometre zone that remains open along strike and at depth.
Two primary styles of gold mineralization have been noted at Dixie. First, there are near vertical, high grade zones, and second, there are lower grade, disseminated zones surrounding the high grade areas.
Drill hole BR-022 at the Auro zone returned the highest assays beginning at approximately 460 metres down hole. The shallowest intersection was 50.4 metres long averaging 1.78 g/t gold. Higher grade intersections within that 50.4 metres included 41.0 metres of 2.09 g/t, 7.0 metres of 2.37 g/t, 1.0 metre of 8.15 g/t, 3.6 metres of 14.90 g/t, and 0.50 metre of 100.48 g/t gold. About a hundred more metres down hole, an intersection of 20.0 metres grading 0.52 t/g gold was drilled.
Great Bear is also earning a 100% royalty free interest in the Pakwash, Dedee and Sobel properties that cover regionally significant gold controlling structures.
(This article first appeared in the Canadian Mining Journal)
