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.
Drilling at the Dixie gold project in the Red Lake camp by Vancouver-based Great Bear Resources has significantly extended the Hinge zone to 440 metres down plunge. The company recently raised C$10.9 million for exploration at its Dixie properties.
Drill results suggest the Hinge zone projects from near surface with potential at depth, said CEO Chris Taylor. The continuity of the gold mineralization is very good within an extensive vein network.
The Hinge zone has been drilled for an east-west strike length of over 500 metres. All 11 recent drill holes cut from one to five gold-bearing quartz veins. Hole DHZ-042 intersected 3.0 metres grading 23.21 g/t gold, including 1.0 metres at 50.66 g/t at a depth of 299 metres. Hole DL-047 intersected 3.9 metres grading 18.09 g/t gold, including 1.0 metre of 69.97 g/t at a depth of 342 metres, 150 metres down plunge from previous high grade intercepts.
This article first appeared in the Canadian Mining Journal
