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.
Liberty Gold Corp. (TSX: LGD) announced today that it has intersected thick intervals of high-grade gold mineralization at its Black Pine project in Idaho.
Highlights of the latest drill results include: 1.78 g/t Au over 47.2 m, 1.51 g/t Au over 48.8 m and 1.45 g/t Au over 45.7 m. Six of the ten reported drill holes had grades above 1.12 g/t.
Shares of the company rose by more than 8% during Wednesday’s trading session, at one point hitting a 52-week high of C$0.51. Its current market capitalization stands at C$93 million.
“After two years of preparatory compilation, modeling and permitting, our expectations were high, and these holes did not disappoint,” says President and CEO Cal Everett.
Drilling is continuing at Black Pine, with several targets already identified. The company is awaiting results from four additional holes at the same target zone.
Located in the northern Great Basin, next to the Utah/Idaho border, the Black Pine gold project draws comparison to many deposits located along Nevada’s Carlin trend. The historical Black Pine mine (1992-1997) produced a total of 435,000 ounces of gold at an average grade of 0.63 g/t.
