"they currently have very little debt and existing assets...

"they currently have very little debt and existing assets without boda including tgo and associated fixed assets + very solid cashflow, so I don’t think they would have a problem getting a 50-80M loan and putting that with cash on hand and/or listed investments to do the work they need to do (although I’d like them to keep CAI investment for strategic reasons)." - this is why I think main reason for the resource drilling is to attract institutional investors rather than to get better terms on their debt but the debt probably do play some role.

When we look at their debt levels (non existent for now) their cash flow and the Boda potential we all agree ALK is undervalued. But that is only known to small number of investors who closely follow ALK.

For investment houses to cover the company (and to make Buy recommendation to their clients), ALK need to show some resource at Boda - especially after spending small fortune on drilling for around 3 years. From what I understand bigger investment houses will look at (and especially after so much money spent) Jorc resource so they can put fair value on Boda plus potential. Right now it's only potential.
If they really were only drilling to better understand the extent of the system then, by now, they should have had around 20 holes at each of the other prospects to the north-north/west.
All in all, I think they did lost focus as at one stage I am very sure they tried to hunt for the core around 007 and gradually moving south and with only one directional drilling (east-west) for very long time.
When I analyze other miners and explores I always see occasional scissor holes and/or cross directional holes and this is done sometime out of pure curiosity as (at the end no one know exactly what's down there (in many cases)), sometime to confirm ground is sterile in certain direction and in many cases better understand geometry and distribution of the mineralisation.

The exploration team should be more open to explore different approach especially if they keep finding large low grades but the higher grades are more elusive. 007 was lucky hit and only after they missed to repeat same results with other follow up holes and only after the south failed to produce something they tried different angle.
What if there are multiple breccias with same trend? How do you test such theory? Drill couple of more holes in same direction as the current ones they drill and test the south, Duke and Kaiser trends. If they don't show any high grades they will still provide lot of important data and vectors for future holes. At this stage no hole is wasted hole.

The only reason I can see why they are not going to the north-north/west is because the management tries to preserve cash in order to avoid taking too much debt. Once they get Tom firing and start paying off the debt any surplus will go into Boda so Boda budget can double. If this is the case I am fine with such approach but this needs to be explained to all share holders and potential investors.

Going with - we are trying to get better understanding of this big system and 3 years later they are yet to drill a single hole in half of the system is bit too much for me. lol

@Maccajohn - yes I am aware of ALK having drilled few (from memory diamond ) holes at Driells and Glenn Hollow but those are way before the 2019 discovery at Boda. If I remember right around mid 2020 they advertised they did detailed IP on all the ground and were talking about starting to test these targets but nothing happened. They stayed with Boda, going to Boda2 and hardly touching Boda3. Yes, 3-4 holes at Kaiser in 2 years.

I am not sure they are communicating well enough on what their plans are. I am glad you agree about Driell C and I am puzzled as well as I really thought they would have drill Driell and Murga by now - few holes (2-3 diamond and 5-10 RC) at each but not proper drilled.