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.
The latest drill results from Talisker Resources’ (TSX: TSK) past-producing Bralorne gold project in south-central B.C. hit new mineralization below historic workings and southeast of prior intercepts. With a resource estimate expected in 2022, Talisker plans to incorporate these assays into its dataset and is completing a 50,000-metre drill program this year.
The most recent drillhole assays are from the King, Bralorne East and Bralorne West blocks within a 6-km-long strike of gold-bearing veins.
The bottom half of first hole drilled by Talisker at the King block returned 0.9 metre of 9.95 g/t gold starting at 827.9 metres. This intercept hit gold 750 metres beyond the historic King workings.
Talisker holds over 2,783.6 sq. km of mineral claims in southern B.C.
At Bralorne East, an initial hole completed east of the Empire fault stepped out high-grade gold to the southeast, returning 0.5 metre of 13.9 g/t gold from 514.8 metres and 0.5 metre of 12.85 g/t gold starting at 120.4 metres.
Drilling at Bralorne West confirmed the structural strike continuity within this block; notable intercepts include 0.7 metre of 10.3 g/t gold from 537.8 metres; 1 metre of 15.1 g/t gold starting at 380.7 metres; and 0.6 metre of 16.55 g/t gold from 407.1 metres.
“Together with the consistency of the received gold grades, these results show significant down plunge extensions of the high-grade vein potential, particularly below the historic King Mine which was only mined to 350m from surface,” Terry Harbort, Talisker president and CEO, said in a release. “With each stepout hole we are seeing the dimensions of the system increasing from our initial view and we plan to increase our drill program to accommodate the new target areas.”
Four rigs are working at the site with 18,111 metres of the 50,000-metre program drilled to date.
With 30 gold-bearing veins defined at Bralorne, Talisker is targeting both high-grade material that was the main source of historic gold production from the site as well as previously overlooked near-surface bulk tonnage mineralization.
The initial resource would focus on 14 veins and extend down to a depth of 700 metres.
Three historic mines within the Bralorne complex, 248 km northeast of Vancouver, produced 4.2 million gold oz. from an average recovered grade of 17.7 g/t gold before closing in 1971.
Talisker holds over 2,783.6 sq. km of mineral claims in southern B.C.
At the end of March, producer New Gold (TSX: NGD) announced that it was acquiring a 14.9% interest in Talisker.
(This article first appeared in the Canadian Mining Journal)
