BHP flagged a year ago (Australia Newspaper) that its intention...

BHP flagged a year ago (Australia Newspaper) that its intention was to enter into more JVs with juniors and I see that there has been much more activity in that space. However, the juniors do one thing much better than the majors and that is innovate. They do not have the budgets so they have to learn how to do things better. Some of the criticism levelled at juniors is not warranted. When they get a "sniff" the big boys can just drill a hole to the west, east, north and south and expand their search. Juniors, including ones like Cohiba, have to deliberate over every drill hole and intersection because they do not get the luxury of blanketing an area with drill holes - they have to be more targeted on limited budgets. When I hear juniors using subject matter experts, doing whole rock geochemistry, reprocessing geophysical data, doing mineralogical and petrological work I am really impressed because they are digging deep to squeeze as much info out of every metre of core that they possibly can - this is good management and very smart technical pursuit. It is the essence of optimisation and it is something they do much better than the big end of town. This also means that they often develop very good data rooms and have very solid technical understanding of their environment - this is highly beneficial to the big boys and often with acquisitions in an area where they are already operating (such as the Gawler Craton) they get the benefit of the dogged and detailed research and investigation from the juniors and they role out those concepts into their own ground. Perceived "slowness" with the juniors is anything but that, it is the deliberate actions to ensure exploration budgets are optimised. Every hole that a junior does not have to drill can save up to $500 K - a significant part of a juniors exploration budget.My views on Cohiba come from the perspective of an explorer. They are working the nearology side of things on the eastern side of Horse Well nearest to Oak Dam West and appear to be trying to really work out where they may sit in the system. That will keep eyes on them. They are also taking a punt at Pernatty with a balanced program which could be looking at two different mineralisation styles - the Zambian type copper and the IOCG - two potential targets in each drill hole (why not). Back at Horse Well they have identified multiple additional targets with an extensive drill program - pretty ambitious. And finally the Farm-In on the Warriner Creek project with more IOCG targets. How many juniors have this number of targets simultaneously. Seriously!I admit that they haven't seen this reflected in the share price but as an explorer I resonate with their approach and think that they could not do more to optimise the opportunities to hand. IOCG exploration is hard yakka and requires a very systematic approach and a willingness to hang in there as each hole can literally takes months and months to turnaround. I think they are well undervalued but the key issue here is that ne decent intersection out of all of these targets and the game will shift enormously.