I would think they will hold off the commencement of drilling...

I would think they will hold off the commencement of drilling until finance is secured. I'd say they would be currently finishing off the SAM survey and finalising the drill plan, which is probably getting close to being complete, then wait ready.
You have to keep in mind that the gold sector has just been through one hell of a shaking and plans need to be assessed and adjusted accordingly, it's business sense.
There are obviously a lot of people like yourself Saber who are doing the same thing, reassessing their positions and holding of gold stocks and reducing their exposure or getting out all together based on both fear and commonsence.
Have a look at the recent performance of all asx listed goldies. The good and the bad have been beaten down. Which ones will survive and strengthen is what we all want to know. Time will tell.
Busting