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.
QMX Gold (TSXV: QMX) reported on Tuesday assay results from reconnaissance drilling on the Bevcon target, located 4 km southeast of the Bonnefond deposit and 1.7 km southeast of the New Louvre target, all part of QMX’s extensive land package in Val d’Or, Quebec.
The latest drill program at Bevcon was highlighted by a bonanza grade intersection of 137.5 g/t gold over 3.7 metres. Other notable results include 10.8 g/t over 4.3 metres, 24.1 g/t over 0.8 metre, 11.4 g/t over 1.2 metres and 8.2 g/t over 1.2 metres.
QMX VP exploration Dr. Andreas Rompel says these results confirm the company’s confidence in its drilling strategy. The goal is now to expand resources to include the Bevcon region.
The northern margin of the Bevcon intrusion hosts the former Bevcon gold mine. Gold mineralization is known to extend below a depth of 1,000 metres. More exploration of this target is planned.
QMX’s stock was up over 15% at market open Tuesday. The Toronto-based gold miner has a market cap of approximately C$14.0 million.
