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 Warrior Gold has completed its 15-hole winter drilling program at its Goodfish-Kirana gold project 5 km from the town of Kirkland Lake. The results confirm the geological model, include several significant assays, and confirm historical results.
Drilling at the C zone intersected two 100 g/t gold intervals and encountered multiple areas of intense deformation and sericite-carbonate alteration. Highlights included 21.33 g/t over over 2.5 metres, including 103.00 g/t over 0.5 metre with visible gold; 10.40 g/t gold over 0.9 metres; 7.75 g/t over 1.0 metre; 6.56 g/t over 0.94 metre; and 104.50 g/t over 1.0 metre. The deepest hole was only 90 metres below surface.
The Goodfish A shear zone is about 15 metres with localized high grade gold domains, intense shearing, discrete fault damage and pervasive sericite-carbonate-silica alteration. Warrior’s drilling confirmed the continuation of the Goodfish deformation about 140 metres west of historic intercepts.
Here are some of the highlights: 9.04 g/t gold over 5.37 metres, including 42.70 g/t over 1.0 metre; 1.12 g/t over 13.46 metres, including 4.90 g/t over 1.35 metre; 1.75 g/t over 5.27 metres, including 4.04 over 1.2 metre; and 6.47 g/t over 1.0 metres including visible gold.
Warrior also drilled the Deloye zone where the stratigraphy around historic workings gave an understanding of the mineralization style and control of previously mined rock. Drilling also cut a significant deformation zone, believed to be the auriferous cataclastic Kirana deformation zone.
(This article first appeared in the Canadian Mining Journal)
