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.
Marathon Gold is intersecting good grades as it drills to the northeast and southeast of the Main zone at the Valentine gold project 55 km south of Buchans, Newfoundland.
The drill campaign is part of the company’s effort to expand the resource estimate at the project. Continuity has been established along the 1,500-metre Main zone strike length and to the depth of the planned open pit. The mineralization below the planned pit bottom is open.
The best results were 3.36 g/t gold over 13.0 metres, 3.87 g/t over 11.0 metres, and 1.44 g/t over 62.0 metres.
Assays are pending for holes that cut quartz-tourmaline-pyrite-gold veins at the northwest end of the pit design and southwest along strike on the Main zone corridor.
Marathon has three drills operating at the Valentine project and plans to complete a 20,000-metre drill program this month. The results will be used to update the resource estimate. The pre-feasibility study is scheduled for Q2 2020.
(This article first appeared in the Canadian Mining Journal)
