IMO, the sell off in NKL shares of late have been rooted in frustrated shareholders holding out for a pop in the stock price when drill results were released. Since no pop took place, a few are opting to unload. In a thinly traded stock with a low public float, a little selling pressure can swoon the stock price downward. The opposite, however, also holds true (ie: a little buying pressure can swoon the stock price higher). The underlying catalyst imo, and as Edoway and Green have pointed out, is platinum prices. Right now, $1700+ and as of this post, trading higher still. How much longer platinum can trade higher where NKL is ignored is anyone's guess. It's my guess, however, that platinum prices is where we will see the more imediate catalyst to the stock price.
Per the last round of drilling results:
"Two of these drill holes are in the top holes ever drilled on the property to date in terms of width and grade of mineralization and six of these drill holes exceed a grade thickness value of over 500 gram-metres of platinum equivalent. A grade thickness value of 20 gram-metres is considered economically significant and most high quality gold or platinum mines would have a core zone of 100 gram-metres or more. A value of 500 gram-metres is exceptional and two of our holes in the project are nearly 1000 gram-metres highlighting the strength of the Wellgreen system. In addition, most of these zones remain open to further expansion at depth and along trend.""