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.
Vancouver-based Skeena Resources continues to examine the past producing Eskay Creek gold mine in the Golden Triangle. The next steps are a phase one metallurgical optimization and completing a preliminary economic assessment.
Despite having a gravity plant that recovered between 10% and 30% of the precious metals, a 350-t/d flotation plant, and average gold and silver recoveries of 80% and 92%, respectively, Skeena has asked Blue Coast Research Group to investigate potential optimizations. The amenability of the Eskay Creek ore to blending and leaching will be assessed.
Ausenco Engineering Canada has been engaged to prepare the PEA. The study will examine an open pit operation with a small up-front amount of underground ore fed to the plant. The PEA is scheduled for completion in Q3 2019.
The current pit restrained resources include 12.7 million indicated tonnes at 4.5 g/t gold and 117 g/t silver containing 1.8 million oz. of gold and 47.8 million oz. of silver. The inferred resource is 13.6 million tonnes grading 2.2 g/t gold and 42 g/t silver for 984,000 oz. of gold and 18.5 million oz. of silver.
(This article first appeared in the Canadian Mining Journal)
