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.
Anaconda Mining of Toronto is pleased with the high gold recovery rates – 87% to 99% – on samples from its Goldboro project 175 km northeast of Halifax. The tests were conducted at Base Metallurgical Laboratories in Kamloops, British Columbia.
High gold recoveries weren’t the only good thing to come from the tests. Reagent consumption is expected to be low. There were no deleterious elements in the mineralization, although it contained about 3% sulphides.
In five of the seven samples the head grade was higher than the value returned from metallic screen assays. The tests further proved that the cyanide destruction and arsenic removal systems will operate effectively, creating water that meets the federal quality criteria.
Anaconda expects Goldboro to be the next gold producer in Nova Scotia, with an all-in sustaining cost of C$640 per oz. Upfront capital costs will be C$47 million.
This article first appeared in the Canadian Mining Journal
