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Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Hecla Mining, based in Coeur d’Alene, Idaho, has up to six underground drills turning at its Casa Berardi gold project 95 km north of La Sarre. The campaign is paying off with the discovery of several high grade lenses from the 148 to 160 zones in the East mine.
Recent drill intersections in the 148 zone of the East mine include 15.43 g/t gold over 4.9 metres, 22.28 g/t over 6.8 metres, and 21.60 g/t over 8.1 metres. Intersections in the 160 zone include 23 g/t over 2.2 metres and 14.40 g/t over 1.5 metre. Drilling at 160 zone also suggests the mineralization is steeply plunging to the west and at depth. Exploration drilling east of the 160 pit may lead to extending the resource to the east.
Drilling at the 152 zone is being done to evaluate the down plunge potential of the area between the 148 and 160 zones. The area has a series of steeply plunging, high grade lenses that returned recent intersections of 17.14 g/t gold over 1.8 metre, 16.45 g/t gold over 0.9 metre, and 12.68 g/t 3.0 metres. Results of this drilling suggest the lenses are en echelon (along strike and down dip) and may represent a series of zones similar to what has been observed in the 123 zone, said the company.
Deep drilling at the principal area of the West mine confirmed the continuity of the 118 zone in multiple lenses outside the current resource boundary. Core from this area assayed as high as 8.57 g/t gold over 3.0 metres and 6.51 g/t over 2.8 metres. There is potential for the 113 zone to intersect the 118 zone at depth to the east. In the lower part of the 123 zone, in-fill and step-out drilling from the 1010 and 1030 levels to the west shows the continuity of high grade mineralization down plunge for over 120 metres and remains open to the west and at depth. Recent intersections include 12 g/t gold over 9.8 metres. In the Upper Principal zone of the mine, drilling from the 290 level confirmed the upward extension of the 124 zone with an intersection of 8.57 g/t over 2.1 metres.
(This article first appeared in the Canadian Mining Journal)
