price drop, page-256

Caspin were there before Chalice, MAN were not. MAN did the JV deal after the Julimar discovery was announced. Very little modern exploration, if any, was done on the tenement prior to MAN doing the JV (which they now own outright). There's just as much chance of MAN finding a deposit on their tenure as any of the other juniors in the area (Newleyine is one of many good targets). And the $42B Anglo American wouldn't have pegged 10,000sqm of tenements in the area if they thought Chalice had the only deposit.

All companies appear to be doing the right exploration to find mineralisation and I doubt that any of them will miss something of significance if they do the work. So far, they've shown that the prospective rocks are widespread, it will be a matter of if the right processes were at work to create additional deposits. This is exploration. Exploration takes time to do it properly and, more often than not, it is not easy. CPN have already shown that mineralisation (those "drill results" are assays) can be found outside of Chalice's tenure and hopefully MAN can do the same.

Bas.