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.
Canada’s Seabridge Gold (TSX:SEA) (NYSE:SA), the company behind the massive KSM project in northern British Columbia, considered the world’s largest undeveloped gold-copper project by reserves, has just identified a large, untested target at another of its ventures in the region.
Exploration at Seabridge Gold’s 100%-owned Iskut project, which shares geological similarities with KSM, has revealed a large, untested area.
The company said Wednesday that exploration at its 100%-owned Iskut project, which shares geological similarities with KSM, has achieved its primary objective: identifying a prospective new porphyry copper-gold system.
The untested target, known as Quartz Rise, has all the hallmarks of a porphyry lithocap, a geological feature found at the top of major porphyry systems throughout the world, the company said.
The Toronto-based miner noted it expected to begin drill testing next year, adding that the samples it has already taken in the area contain visible gold.
Seabridge completed a limited amount of drilling this summer at the old high grade Johnny Mountain gold mine to test detailed ore control concepts on a known deposit while proceeding with the comprehensive program.
The company, which began drilling at Iskut in August, has said that one of the most attractive opportunities at the project is the so-called “Snip-Bronson” trend, which lies within 75 to 100 metres of underground development at the past-producing Snip gold mine, now owned by fellow Canadian Barrick Gold (TSX, NYSE: ABX), the world’s largest producer of the precious metal.
Seabridge is worth just shy of $600 million on the New York Stock Exchange, up 35% in value year to date.
(Graph courtesy of Seabridge Gold.)
