I think the reason for the selloff was that some people had...

I think the reason for the selloff was that some people had expectations that there was gold to be found in one of the holes (plebs like me reading Internet postings and what not). It may still be found but it hasn't just yet. The increase in SP in anticipation of drill results was due to punters betting on some gold being found.

I don't know how drilling works, it may be that they would not even discover it while processing the lab results even if it was there.