Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Toronto-based Wallbridge Mining Company must be pleased with the recent drill results at its Fenelon gold project, 75 km northwest of Matagami. Several new holes have cut wide zones of mineralization with intervals of visible gold extending Area 51 by 250 metres to the northwest.
The results indicate the presence of stockwork-style gold mineralization with focused high grade veins and shear zones over a strike length of 700 metres and a vertical extent of close to 600 metres, the company says.
The Area 51 zone was discovered by Wallbridge’s final 2018 hole about 300 metres west of the Main zone. Two surface rigs and an underground rig are currently drilling widely spaced holes to outline the zone.
Drilled this year, hole FA-18-038EXT, an extension of a 2018 drill hole, confirms the presence of the broad gold-bearing system within the Area 51 corridor intersecting 0.32 g/t gold over 137.4 metres, including 0.56 g/t gold over 54.6 metres, which further includes higher grade sub-intervals, such as 1.33 g/t gold over 11.9 metres.
Another 2018 extension, FA-18-040EXT, intersected a lower grade domain within the Area 51 system similar to FA-18-038EXT with 0.41 g/t gold over 134.5 metres, including 0.67 g/t gold over 33. 7 metres, which further includes higher grade sub-intervals, such as 1.00 g/t gold over 16.3 metres. Infill sampling of last year’s portion of the drill core revealed another zone that assayed 1.14 g/t gold over 17.3 metres.
Drilling at the Fenelon Main zone continues to extend high grade shoots at depth with 26.47 g/t gold over 2.2 metres. Results are pending for several other visible gold intersections.
(This article first appeared in the Canadian Mining Journal)
