Ann: NickelX Defines High-Priority Nickel Targets at Cosmos South, page-99

How can it smell bad? There's really not much to sniff out at this stage. It is a speculative punt as simple as they come. They are to aquire a tenement (between discoveries), and will drill it as soon as they can based on the available data, no one really knows what is down there until the drill goes down and the MC is low because the evidence that there is somthing there is pretty darn weak, hence if they do find something decent the reward will be very large. It is what it is and the MC reflects the risk vs reward scenario at this stage. It won't move much on nickel price, because we don't t have any nickel.
Many discoveries have happened against the the odds, CHN for example, out of nowhere it came. A total punt of a hole that payed off big time. One thing is for sure, if you don't have your tickets, you can't win. Voisey's Bay......go read the story of that discovery if you haven't already. It happens, just not very often.