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.
Tower Resources (TSXV: TWR) announced this week that its team of geologists started an exploration program on the Nechako property, located in the western Canadian province of British Columbia.
In a press release, Tower said the campaign will begin with infill reverse circulation or RC drilling at the head of the Nechako dispersal train.
In the current RC drilling program, six to eight infill holes will be drilled along the first 500 m of the trend to pin down the axis of mineralization
“The Nechako Au-Ag-Zn-Pb-As dispersal train is similar in size and strength to known trains from some of Canada’s largest gold deposits including Blackwater, Casa Berardi, Rainy River, Meadowbank, Meliadine, Amaruk and Hope Bay,” the company’s media brief reads. “It is 1.5 kilometres wide x 3 kilometres long and originates from a 1.5 kilometres long segment of the April Trend adjacent to the historical April showing which contains the same metals.”
The new RC drilling program follows two earlier, 38 and 13-hole programs that were completed in 2017 and 2018.
According to Tower, exploration on the Nechako property has historically targeted porphyry copper mineralization. However, the Vancouver-based firm said the RC drilling showed that the real potential is for Au-Ag-Zn-Pb deposits, with As occurring as a key pathfinder element.
Located 80 kilometres south of the town of Vanderhoof, Nechako sits approximately 30 kilometres northeast of New Gold’s significant Blackwater development project. Blackwater contains a proven and probable total mineral reserve of 8.2 million ounces of gold with 60.8 million ounces of silver.
