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.
Kenorland Minerals (TSXV: KLD) is forming a joint venture with Sumitomo Metal Mining Canada for Kenorland’s Chicobi gold project. Sumitomo earned a 51% interest by completing C$4.9 million in exploration expenses.
The Chicobi property, 30 km northeast of Amos, Quebec, covers 51,257 ha over a 45-km strike length of the Chicobi deformation zone (CDZ). This zone is analogous to other major breaks in the Abitibi, such as the Cadillac-Larder Lake, Casa Berardi, Sunday Lake, and Lower Detour zones. The property hosts potential orogenic gold mineralization.
The next C$1.5 million exploration phase will be 100% funded by Sumitomo. This phase of work includes 160 sonic infill drill holes within the Chicobi deformation zone (CDZ). Thereafter, exploration will be funded on a pro rata basis with Kenorland as operator.
