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.
At the Monique gold project, 25 km east of Val-d’Or, Quebec, operator Probe Metals has discovered a new gold zone that returned 7.6 g/t gold over 10.0 metres. The Monique project is owned by Montreal’s Monarch Gold, and Probe Metals is earning a 60% interest.
Fifteen holes drilled south and southwest of the A and B zones returned evidence of a new 500-metre zone. The best assays from this area were from hole MO-19-16 that cut 5.9 g/t gold over 11.5 metres within a larger interval of 1.9 g/t over 49.4 metres. Hole MO-19-18 returned 7.5 g/t gold over 10.0 metres.
Together these two holes point to a new 500-metre gold structure, named zone M. The new zone trends roughly parallel to the A and B zones and dips steeply to the north. Three other holes were drilled along trend.
The company is preparing a follow-up drill program for 2020.
At market close Tuesday, Probe Metals’ shares were trading up 5% on the TSX. The company has a C$137 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
