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.
Toronto-based QMX Gold (CVE: QMX) has released the maiden resource numbers for the Bonnefond property 25 km east of Val d’Or. The deposit contains an indicated resource of 4.8 million tonnes averaging 1.69 g/t gold for 258,700 oz. of gold and an inferred resource of 2.4 million tonnes at 1.87 g/t for 145,100 contained ounces.
The resources were estimated using a cut-off grade of 0.75 g/t gold in an open pit constrained configuration.
The Bonnefond plug is a tonalitic intrusion in which gold is associated with shear and tensional quartz-tourmaline veining. Recent drilling returned 70.3 g/t gold over 2.3 metres and 1.7 g/t over 131 metres. The mineralized shear zone is open in all directions.
QMX owns the Aurbel mill 15 km east of Val d’Or. It is currently operating under contract as a custom mill for other gold miners. The mill has a 1,200-t/d capacity and boasts conventional crushing, grinding, gravity, flotation and cyanide leach circuits.
(This article first appeared in the Canadian Mining Journal)
