And while others lament the decline in gold prices, Palmer is quick to point out a “silver lining”: with less capital flowing towards exploration drilling these days, prices for drilling services are plummet- ing. Just last year it cost Probe $165 per metre of drilling. This year it went down to $142 per metre, and Palmer is expecting another 5-10% reduction when it renews its contract for next year.

Assaying prices are falling, too. Assays are currently costing Probe just $35 per metre, a far cry from prices in the heyday of the gold boom just a few years ago.

And less demand for drilling and assay- ing services doesn’t just mean lower costs; it also means quicker turnaround times at the labs.

Another contributing factor to Probe management’s sunny disposition is the status of its balance sheet. Relative to the host of juniors scrambling for ways to find their next meal, Probe is the dragon sleeping on a hoard of gold.