earn in joint venture, page-3

It's certainly a question of 'if'.
If drilling doesn't confirm mineralisation, it's a no go.

You also missed JV terms. Because Randgold are the only large player in the area, and have rights of first refusal, this puts them in a more powerful position regarding JV terms. In effect they are the only partner BGS can now have. Having the funds means that Randgold will be in the driver's seat and BGS may revert to a percentage of net smelter return unless they stump up for additional development costs.

If Randgold are happy to proceed, a JORC may not be required. If they are extremely lucky, feasibility studies may be relatively cheap. But there would still be costs that BGS would have to bear to retain a percentage of the project. At that stage Randgold would have operational control and own at least 70% of the project, as is normal in such relationships between large producers and explorers.