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.
Pacton Gold (TSXV: PAC) announced Wednesday that it has received an exploration drilling permit for the Red Lake gold project from the Ontario Ministry of Northern Development and Mines.
The Red Lake project is located between Pure Gold’s Madsen property including the Wedge zone, Great Bear Resource’s Dixie discovery and GoldCorp’s Red Lake mines. Pacton’s permit covers the Boyden and Carricona prospect areas within the Madsen-Dixie fault corridor, where recent surface sample results returned values up to 126.5 g/t Au.
Pacton will immediately begin an outcrop cleaning/mapping program followed by a minimum 10,000-meter drilling program, set for fall this year.
Earlier this month, the company completed a LiDAR survey over its properties near Red Lake, results of which will be used for selecting targets in initial drilling.
Shares of Pacton Gold were up over 4% at Wednesday’s open. The company’s market capitalization is C$42 million.
