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.
At the Seabee gold mine operation, 125 km northeast of La Ronge in Canada’s Saskatchewan province, SSR Mining of Vancouver is focused on boosting resources and reserves at the Santoy Gap hanging wall, plus the Santoy 8A, 9A and 9C zones.
Brownfield drilling at the Santoy Gap returned 7.01 g/t gold over 18.2 metres true width in hole SUG-19-601. Hole GUS-18-636 returned 9.96 g/t gold over 10.7 metres true width.
Greenfield drilling at the Seabee operations and Fisher property targeted new discoveries. At Batman Lake, hole BAT-18-001 returned 6.28 g/t gold over 1.5 metre. At the Mac target, hole FIS-19-035 intersected 7.31 g/t gold over 1.6 metre and 3.76 g/t over 4.2 metres, including 13.72 g/t gold over 0.7 metre.
SSR will continue to search for inferred resources up and down plunge from the Gap hanging wall at the Seabee operation. The company expects to evaluate mining alternatives for the hanging wall in 2020.
The Seabee mine is expected to produce between 95,000 and 110,000 oz. of gold in 2019 at a cash cost of $525 to $555 per ounce.
(This article first appeared in the Canadian Mining Journal)
