Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Ottawa-based Northern Shield Resources is hot on the trail of epithermal gold at the Shot Rock property near Antigonish. The company can earn up to an 80% interest in the property.
Prospecting at Shot Rock has found a second epithermal system within the Highway zone. Geologists have collected surface samples with textures and mineralogy consistent with low sulphidation epithermal gold systems. They have noted the presence of colloform-crustiform banding, jasperoid and chalcedonic veins, bands and fragments, some of which contain extremely fine grained pyrite.
Northern Shield says the second discovery was made about 2.5 km west from the first discovery that occurs within the same structural corridor. Both systems coincide with north-south trending magnetic features. More systematic mapping and sampling of the Highway zone is planned for this month.
(This article first appeared in the Canadian Mining Journal)
