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.
With the results from the first hole drilled last year at the Weaver Lake gold property, Vancouver-based Pacific Bay Minerals is encouraged that it assayed 2.00 g/t gold and 13.71 g/t silver over a core length of 4.6 metres. Two holes were drilled last year to test the extension of high grade gold and silver quartz carbonate shear hosted veins.
When the Weaver Lake property was drilled as early as 1975, core assayed 17.83 g/t gold and 91.87 g/t silver over 1.52 metre. In 1996, a core section 3.1 metres long returned 8.61 g/t gold and 46.20 g/t silver.
Pacific Bay acquired 100% of the Weaver Lake property in 2014. Cominco acquired an option on the property from Aaron Mines in 1974, and the latter eventually drove an adit and crosscut for underground exploration.
(This article first appeared in the Canadian Mining Journal)
