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.
Toronto-based Seabridge Gold has signed a definitive agreement to acquire 100% of the Goldstorm project from Mountain View Gold Corp. The sale price will be paid with 25,000 common shares of Seabridge.
The Goldstorm project is located about 3 km east of Seabridge’s 100% owned Snowstorm property. It lies at the intersection of the Northern Nevada Rift, Carlin Trend and Getchell Trend. Little exploration has been done at Goldstorm, however previous operators identified a series of northwest trending veins that showed strong pathfinder geochemistry and anomalous gold. A surface trench yielded 3.0 metres of 9.0 g/t gold and 44.0 g/t silver. Mountain View did limited drilling, the best assay of which was 2.0 metres of 5.50 g/t gold, including 1.1 metre of 9.29 g/t.
Seabridge is also the owner of the massive KSM gold-copper project and the Iskut gold project in British Columbia and the Courageous Lake gold project in the Northwest Territories.
(This article first appeared in the Canadian Mining Journal)
