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.
New Found Gold (TSXV: NFG) announced on Tuesday assay results from an additional four holes drilled at the Keats zone, part of the company’s ongoing 200,000-metre diamond drill program at its Queensway project in Newfoundland.
The latest results are highlighted by intervals of 131.1 g/t Au over 4.65m and 124.4 g/t Au over 17.7m in hole NFGC-20-59, starting at a vertical depth of approximately 27m and continuing to approximately 63m vertical depth.
Greg Matheson, New Found Gold’s chief operating officer, said the “outstanding intervals” of hole NFGC-20-59 were the highest width x grade of any hole to date at Keats.
“These intervals provide further drill confirmation of the substantial zone of near-surface, high-grade gold mineralization at the north end of Keats,” Matheson said.
Another interval of 41.8 g/t over 2m in hole NFGC-21-105B provides further drill confirmation of the continuity of high-grade gold mineralization from sub-crop at bedrock surface at the north of Keats to the furthest interval 350m down plunge at approximately 170m vertical depth.
Step-out drilling at Keats continues down plunge. Holes NFGC-21-165 and NFGC-21-182 are the deepest holes completed to date testing to approximately 425m in the down plunge direction. Infill drilling is also progressing, particularly targeting between the plunging dilation zone and surface.
Two weeks earlier, the company reported an interval of 261.3 g/t Au over 7.2m in hole NFGC-21-137, which at the time set a new record from the Keats drilling in terms of the grade x width metric, eclipsing the 92.7 g/t Au over 19m intersected in late 2019.
Shares of New Found Gold surged over 12% to an all-time high of C$8.26 on Tuesday. The Newfoundland-focused gold explorer has become a billion-dollar company with a market capitalization of C$1.2 billion.
