Ann: Caldeira Project Definitive Acquisition Agreement Signed, page-23

Yes , that's an "observation" on the depth of the holes , that could be the case .
However ---the other side of the coin , is that the original holes , at depths of 10 m -15 m ...could extend just as far as the one pictured core hole ...and if the grades still stack up , the resource is significantly increased !
Now that the Project acquisition terms have been signed , I think the news flow on the drilling progress will build . Nice volume today , on a down day , suggests that the Project followers are still very keen .