So you are essentially saying that on their first hole they've...

So you are essentially saying that on their first hole they've drilled into the best mineralisation within a 3km x 3km (or whatever it is) search space? If exploration companies thought like you do the world would have no metals and we would be living in caves. Excuse me if I'm wrong but it seems to me that you don't appear comfortable taking on exploration risk, if so then you should invest in BHP (who already have an IOCG deposit). My money however goes into exploration companies that my analysis tells me may be on the cusp of major discoveries. More risk = more reward and that's speaking from experience not just financial theory