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.
Canada’s RNC Minerals (TSX: RNX), the company that last month unearthed more than 9,000 ounces of high-grade gold from a single blast at its Australian Beta Hunt mine, said Monday the first mobile diamond drill has arrived at site and underground drill crews have started the exploration program at the site.
The Toronto-based miner said, set to release third-quarter production results to this week, said the objective of the program was to expand upon the Father’s Day Vein high grade gold discovery at the A Zone area of the mine, located near Kambalda, Western Australia.
Drilling will step out both along strike and dip both above and below the known discovery area following the pyritic sediment horizon in the Lunnon Basalt, RNC said.
Understanding the depositional model for that new gold mineralization, said the company, provides potential for future exploration and discovery of additional high grade gold material at the sediment contact.
The 45-year-old Beta Hunt gold mine is located 600km east of Perth and 50km south of Kalgoorlie-Boulder.
