ASIC has to prove that the people who sold/purchased the shares...

ASIC has to prove that the people who sold/purchased the shares had access to news.
Could be as simple as an sms "A bit (overcast / sunny) in Nam today", so an impossible task esp as contractors and their offsiders involved. Mostly this would benefit those who had spent the time building the connections in the pubs that the crews frequent.

I am taking it as read that the drill found nothing economic at the NSAMT.
Of course, if they found nothing, it actually is price-sensitive news (esp if you get to flog it down to all-time lows before the market is informed) but that is the way the ASX/ASIC run the show. Only positive anns are price sensitive, not negative when it comes to mining exploration. I disagree. I consider it a guidance miss requiring a restatement.

The smart money probably sold already and on any ann of nothing fantastic, they will sweep up shares from the dump of the late selling marks (at the actual time of market announcement).

Of course another aspect of this on many asx juniors are large shareholders that can pressure management into taking a certain direction in a certain timeframe, get assurances, and act on it even though no actual significant event has taken place as it is just an 'idea' to move a certain way. This has been quite evident when looking at the trading of companies just before they switched to Lithium.