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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.
Kore Mining (TSXV: KORE) expanded its position in California by 360% with the acquisition of 1,005 new claims that total 20,602 acres around its Imperial project.
In a press release, the Vancouver-based miner said that the newly staked claims extend from Equinox Gold’s (TSXV: EQX) operating Mesquite mine to the depleted Picacho mine over a 28-kilometre trend with Imperial roughly equidistant between the two.
The staked area is largely under-cover with minimal outcrop and has not been subject to modern exploration techniques
“Kore believes in the untapped exploration for new shallow oxide discoveries on the trend now controlled by Kore. We have several targets from past operators near Imperial but a vast majority is under-explored and has seen no modern exploration techniques,” Scott Trebilcock, the company’s president and CEO, said in the media brief.
According to Trebilcock, the trend, identified by a geophysical anomaly, hosts greater than 7 million ounces of past production as well as current and historic reserves and resources of over 5 million ounces, for a total of over 12 million ounces of gold.
The Imperial property is an oxide gold development with potential high margin, low-cost open-pit mining and cyanide heap leaching methods.
Kore states that the project boasts an historic oxide-only proven and probable reserves of 89,567 Ktons @ 0.017 opt for 1,486,000 oz Au.
