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.
Toronto-based Orefinders Resources is making plans to resample and compile 31,900 metres of historical drill core for its Knight gold project 70 km southwest of Kirkland Lake, in the Shining Tree district. The project includes several contiguous zones of mineralization which have now been consolidated into a single property by Orefinders.
Orefinders is making a $500,000 non-brokered financing to support its compilation work and further exploration at the property.
Orefinders CEO Stephen Stewart said if the company had to drill 31,900 metres on the property, the cost would be in the neighbourhood of $5 million. There are considerable savings to be had by compiling historical data.
Additional drilling will be done to validate assays from promising core. The company also plans some surface mapping.
(This article first appeared in the Canadian Mining Journal)
