Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
Thesis Gold (TSXV: TAU) has released new resource numbers for its 100%-owned Lawyers-Ranch gold project in the Toodoggone mining district in northern British Columbia. The project now contains 4 million oz. gold equivalent in the measured and indicated resources, plus an additional 727,000 oz. in the inferred portion.
The new resource estimate includes 82 million tonnes grading 1.51 g/t gold equivalent in the measured and indicated categories. This represents a 27% increase in ounces and over 85% of the total resources.
The inferred material is 12.4 million tonnes 727,000 oz. grading 1.82 g/t gold equivalent. This is an increase of 76% in total gold equivalent ounces.
The estimate includes both pit-contained resources with a cut-off grade of 0.4 g/t gold equivalent and an out-of-pit resource for with a cut-off grade of 1.5 g/t gold equivalent was used.
Thesis president and CEO Ewan Webster said in a release that the updated resource numbers are a milestone for the project. “The drill results supported two key 2024 catalysts: today’s updated global resource for both Lawyers and Ranch, and its integration into an improved PEA [preliminary economic assessment].
“We’re on track, with a 32% increase in gold equivalent ounces, identification of higher-grade zones, and a revised mine plan that positions the project to deliver substantial improvements on already strong economics.”
He added that both the Lawyers and Ranch deposits have the potential to be underground mines with high-grade starter pits. The release of the PEA is planned for the third quarter this year.
