Who is selling? It is quite clear that the selling is being done by some institutional investor. The top five are Sprott, Pinetree, Van Eck, Marquest and Pathway. Highly doubtful that it is Pinetree and if Sprott is selling, then say good bye to most of the junior mining sector. Marquest and Pathway would have been done selling buy now so the the only suspect is Van Eck as they have approx 4mm shares. If that is the case then we should be more than half way through now and the stock should recover by end of next week.
These kinds of liquidations with no regard to stock price implications are rare by major institutions and happen during extremely stressed economic environments. They could also be because of a change in investment strategies but still killing the stock in the process is usually avoided. They try to find bulk buyers and offload is a few big block trades rather the dripping slowing which is also more costly because of the number of trades involved.
In any case, unless we are in a 2008 financial crisis mode, this stock slide should abate shortly with a quick and sudden move up to follow. Difficult to ascertain a bottom here but I think we should be close to it. The next catalyst is the PEA and the current value at around $10 per oz is very very compelling for a Canadian based gold play with 5mm oz defined already and more to come.
Good luck to all!