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.
Drilling targeting a mostly untested, 250-metre northwest section of the LP fault at Great Bear Resources’ (TSXV: GBR) Dixie project in Red Lake returned both high-grade gold and lower-grade intervals of bulk-tonnage style mineralization. The company has released assay results for 7 drill holes, four of which tested a 200-metre undrilled part of the multi-kilometre fault.
Drill highlights include 4.3 metres of 25.12 g/t gold from 406.3 metres; 53.6 metres of 1.07 g/t gold starting at 495.5 metres; 1.3 metres of 19 g/t gold from 268.5 metres; and 81.7 metres of 0.85 g/t gold starting at 397.5 metres.
In the press release, Chris Taylor, Great Bear’s president and CEO, noted that the company plans to complete additional drilling in this area over the coming months. The release also highlights how existing geological models were “highly accurate” for one of the latest reported drill sections, with prospective geology and target gold mineralization intersected within 3 to 10 metres of their expected locations.
While the LP fault covers 18 km of strike within the 91.4-sq.-km Dixie property, Great Bear is focusing on infilling a 4-km section as part of this year’s C$45 million exploration program. Additional drilling is planned to test for mineralization at depth, down to 750 meters; and to examine regional targets at Dixie. A further 133 holes are expected to be completed at the LP fault this year.
Dixie hosts two exploration targets: mafic-rock hosted high-grade gold in quartz veins and replacement zones at the Dixie Limb and Hinge and Arrow zones as well as felsic sediment and volcanic-hosted high-grade disseminated gold with broad envelopes at the LP fault.
(This article first appeared in the Canadian Mining Journal)
