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.
McEwen Mining is looking to expand the resources at its Gold Bar mine in Eureka County, Nevada, where the first gold was poured last February. Commercial production was achieved in May 2019.
Of particular interest is the Gold Bar South oxide gold deposit three miles southeast of the Gold Bar mine. So far the deposit has an indicated resource of 3.4 million tonnes at 1.0 g/t gold for 100,000 oz., but McEwen says Gold Bar South could become part of its overall mining plan this year. Permits will then be pursued so than open pit development could begin late next year.
Not every assay of drill core from Gold Bar South is bonanza grade, but here are three of the best: hole GB389 – 54.9 metres at 2.13 g/t gold; hole GB434 – 24.4 metres at 6.66 g/t; and hole GB453 – 45.7 metres at 2.19 g/t gold.
(This article first appeared in the Canadian Mining Journal)
