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.
Nighthawk Gold has released drill results from two of its gold projects at the Indin Lake property in the Northwest Territories – its flagship Colomac project and its Treasure Island project.
Highlights from nine recently completed holes drilled at Colomac’s high grade 1.5 Zone included a 58.5-metre interval (32 metres true width) grading 1.93 g/t gold in hole 17. That interval included a shorter, 13.5-metre intercept of 4.58 g/t gold. The hole was drilled 70 metres south of the project’s best hole to date, hole 8 which returned 56 metres of 13.49 g/t gold.
Thirty metres south of hole 17, hole 21 intersected 62.3 metres (true width of 33 metres) grading 1.47 g/t gold.
All 47 drill holes drilled this year at Colomac and for which Nighthawk has received results have intersected mineralization. The project hosts inferred resources of 50.3 million tonnes grading 1.62 g/t gold for 2.6 million oz.
The company drilled 32,500 metres at Colomac last year and plans at least 40,000 metres for 2019.
At Treasure Island, located about 11 km north of Colomac, two holes of 19 drilled so far this year were reported. Both intersected mineralization west of previous drilling, extending the boundary of the Main Zone.
Highlights included 6.3 metres of 12.08 g/t gold, including 2.5 metres of 28.6 g/t gold in hole 1. Hole 1B returned 27.3 metres of 1.41 g/t gold, as well as 6.5 metres grading 10.2 g/t gold further downhole.
Results for 17 drill holes are pending. Drilling has defined the Treasure Island system at upwards of 200 metres wide and 700 metres long. The system is open at depth and largely open along strike.
“We consider Treasure Island as one of our key regional prospects and given that its extensive broad mineralized envelope hosts internal higher-grade domains, we believe that we are well on our way to realizing a first-class asset to complement Colomac,” said Nighthawk president and CEO Michael Byron in a release.
(This article first appeared in the Canadian Mining Journal)
