Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
Wallbridge Mining of Toronto continues to drill wide intersections in the Tabasco zone at depth even as it continues with follow-up drilling in area 51 at the Fenelon gold property 75 km northwest of the town of Matagami. The company has been exploring the property since it was acquired from Balmoral in 2016.
Below 400 metres, the Tabasco zone becomes wider, has high grades and remains open along strike and at depth. Two separate holes hit 48-metre and 20-metre intersections of sulphide mineralization and visible gold. Assay results are pending.
At Area 51, three separate zones – Andromeda corridor, Contact zone and Orion corridor were drilled. The highest grade returned was 41.19 g/t gold over 0.5 metre in a core length of 6.0 metres that assayed 3.26 g/t. Several other multi-metre core sections returned 3 to 6 g/t gold over varying lengths that also included short, very high grade sections.
Wallbridge is also drill testing the Jeremie Pluton, a grassroots target with an Area 51 style shear zone with visible gold.
(This article first appeared in the Canadian Mining Journal)
