Same thing, if they are drrilling or explorying next to say Rio or in a mineral rich zone and have plenty of capital then there is a bit of a moat one could say. He wasnt referring to ITM that I know of but in general. Both a minder or explorer can have the moat break down it is just a metaphor to suggest look for a company that has strong / proven potential.
Ann: 182 g/t Au in Rock Chips from Reynolds Range, page-43
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