Quite literally, I have been astounded by the lack of big 4 and big 8 short-covering to this point. The recent sharp drop in silver prices over the past few weeks featured extraordinarily large commercial buying and managed money selling – as would be expected. However..
You have to set your emotions aside and discipline in these markets. Silver -- breakouts and breakdowns that occur late in a cycle do not create sustained moves. Silver's late decline makes me assume this is a bear trap.
Lower mining costs bucking inflationary pressures largely offset lower average silver prices, keeping sector unit profits strong. That enabled the silver miners to fundamentally-outperform the gold miners in Q4’21, which is unusual.
The initial drilling program is expected to consist of approximately 3,000 meters of HQ diamond core drilling in six, 500-meter-deep holes. A follow-up drill program will be considered following receipt of the initial results.