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Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Treasury Metals of Toronto says its partner G2 Goldfields has drilled new gold mineralization at the Weebigee-Sandy Lake gold project 225 km north of Red Lake. Core from the new W3 zone included 0.7 metre of 450 g/t gold and 1.4 metres of 11.85 g/t gold.
Treasury owns 100% of the Weebigee-Sandy Lake project, but partner G2 Goldfields has an option to earn 50.1% and potentially 70%. Treasury acquired the property in 2016 from Goldeye Explorations as well as the Shining Tree-Fawcett and Gold Rock properties, also in Ontario.
The new discovery is located 1.8 km west of the W1/W2 zones discovered by Goldeye in a highly folded banded iron formation. Seven holes have been drilled in the W3 zone to date. Four holes in the W3 zone assayed 450.04 g/t gold over 0.7 metre, 11.95 g/t over 1.4 metre, 5.29 g/t over 3.36 metres, and 1.10 g/t over 2.5 metres.
G2 Goldfields also drilled five holes at the W1/W2 zones. Significant intercepts include 12.26 g/t gold over 1.0 metre within a 5.2-metre section that assayed 5.02 g/t, 11.25 g/t over 1.6 metre, 7.05 g/t over 12.0 metres, and 2.92 g/t over 5.0 metres. The W1/W2 zones have strike length of 600 metres and mineralization has been found from surface to vertical depths of more than 100 metres.
(This article first appeared in the Canadian Mining Journal)
