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.
Alamos Gold of Toronto continues to cut high grades in a new area of focus between the Eastern and Main extensions at Island Gold.
The gap between the two extensions is located within a 500 metre area between inferred resource blocks and is only 1,000 metres from surface. Near the Eastern extension, highlights include 102.74 g/t gold (58.62 g/t cut) over 3.9 metres, and 31.66 g/t (31.66 g/t cut) over 3.0 metres. The recently drilled high grades near the Main extension are 90 metres east of the previously reported intersection. Some highlights: 24.08 g/t gold (14.21 g/t cut) over 6.3 metres, and 6.01 g/t (6.01 g/t cut) over 10.0 metres.
Alamos says the focus of its 2019 exploration drill program at Island Gold has been to expand the down plunge and lateral extensions of the deposit. Successful results put the company closer to its goal of adding new near-mine resources across the 2-km-long Main zone.
A total of 17,973 metres of surface drilling has been completed so far this year. The total program includes 48,000 metres of surface directional drilling, 30,000 metres of underground drilling, 35,000 metres of delineation drilling, and 917 metres of drift development.
Alamos received the necessary permits to go forward with a phase two expansion to 1,200 t/d at Island Gold in May.
This article originally appeared in the Canadian Mining Journal
