Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Shares of Liberty Gold Corp. (TSX: LGD) surged 6% and hit a 52-week high of C$0.72 on Thursday as the company released additional drill results from its Black Pine project in southern Idaho. The new results represent some of the longest and highest-grade intercepts ever drilled on the property, the Vancouver-based gold miner says.
Ongoing drilling is starting to define a second, high-grade zone of oxide gold mineralization subparallel to and 250 metres northeast of the company’s first discovery this summer. Latest results from the second discovery are highlighted by 6.11 g/t Au over 9.1 m and 4.39 g/t Au over 53.3 m.
“It has been several years since anyone has announced a new discovery with results like these”
Cal Everett, president & CEO
“It has been several years since anyone has announced a new discovery with results like these for a shallow oxide Carlin gold system in the Great Basin,” Cal Everett, Liberty Gold president and CEO, said in a press release.
“In the first square kilometre of the 12 square kilometre Black Pine oxide gold system, we have already identified two high-grade structures, with indications that more may be present,” he added. “We estimate this square kilometre alone to contain approximately 200 million tonnes of high-potential carbonate rock favourable for hosting Carlin-style gold mineralization, so there is certainly room for a large deposit.”
This is not the first time that Liberty Gold’s stock reached a yearly high on new drill results this year. In June, the company’s shares jumped more than 8% after announcing results from the first discovery at Black Pine.
The Black Pine project is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar to many of the prolific deposits located along Nevada’s Carlin trend such as Newmont’s Long Canyon.
Drilling at Black Pine will continue in September focusing on extensions to the northwest and southeast along the two discoveries made by Liberty Gold.
The company’s market capitalization currently stands at approximately C$165.7 million.
