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.
Seabridge Gold (TSX: SEA) (NYSE: SA) announced Thursday that it has closed its purchase of the Goldstorm project in northern Nevada from Mountain View Gold Corp. In exchange, Seabridge has issued 25,000 shares to Mountain View.
The Goldstrom property consists of 134 mining claims and 1,160 leased acres totaling approximately 3,900 acres, and it is located about 3 km east of Seabridge’s Snowstorm property, where the company has commenced its first drill program. Snowstorm is situated at the projected intersection of three of the most important gold trends in northern Nevada: the Carlin Trend, the Getchell Trend and the Northern Nevada Rift Zone.
The drill program at Snowstorm is targeting a Turquoise Ridge/Twin Creeks type of high-grade gold system along a continuation of the Getchell Trend. About 7 to 10 coincident structural and stratigraphic targets would be tested in the initial program, the company says, which is expected to provide enough information to refine targeting for subsequent exploration.
On the Goldstorm property, limited exploration has been done to date, though previous operators have identified a series of northwest-trending veins that showed strong pathfinder geochemistry and highly anomalous gold results. In Mountain View’s limited past drilling, the best assay results yielded 5.50 g/t gold over 2.0 m, including 9.29 g/t over 1.0 m.
