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.
UrbanGold Minerals (TSXV: UGM) and Argonaut Gold (TSX: AR) signed an option agreement according to which UrbanGold can earn to earn a 50% interest in Argonaut’s claims and vice versa, and the miners commit to combining their properties to form the Bullseye project.
The 6,000-hectare project is located approximately 17 kilometres south of the former Troilus gold-copper mine in the James Bay region of Quebec. It sits on the central portion of the Troilus greenstone belt over prospective geology where numerous gold and copper occurrences have been detected but never drilled.
“Historic and recently acquired data indicates a strong geological correlation between the two adjacent properties, with drill targets being located near the common boundary,” the companies said in a media statement.
According to UrbanGold and Argonaut, mineralization on Bullseye is widespread with indications of gold mineralization often associated with copper mineralization as is the case at the past
“The type of mineralization, alteration patterns, the presence of a deformation corridor and the lithologies encountered in our view all indicate a very prospective setting for gold, silver and copper mineralization,” Mathieu Stephens, UrbanGold’s president and CEO, said in the press brief.
The firms said they are planning to advance a 3,000-metre drill program over several gold and copper occurrences.
