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.
The first reported hole of thirteen drilled this summer into exploration targets on the Casault property in northwestern Quebec returned 2 metres grading 6.85 grams gold per tonne starting from a depth of 254.4 metres, Wallbridge Mining (TSX: WM) says.
“We thought the Casualt property is a prospective area and that’s why we optioned it from Midland Exploration, and our first hole hit mineralization with visible gold,” Marz Kord, Wallbridge Mining’s president and CEO, says in an interview. “It’s really not the grade—2 metres of six or seven grams, which was nice—but it’s the fact that we went into an area that hasn’t seen any drilling for kilometres, and when you hit on your first hole, it’s a testament to our team of geologists and also the prospectivity of the land package.
The company is earning up to a 65% stake in the Casault property, which covers more than 20 km of the Sunday Lake Deformation zone, which also hosts the company’s 100% owned Fenelon and Martiniere gold projects, and Kirkland Lake Gold’s (TSX: K; NYSE: KL; ASX: KLA) Detour gold mine, 40 km to the west in Ontario.
