I see your point, however this doesn't alarm me too much....

I see your point, however this doesn't alarm me too much. Discoveries are an iterative process... first you position yourself in the right corridor (the "footpath" i.e. on a trend that hosts several other major IOCG deposits), then you find potential evidence for a very large mineralised system ("footprint") and then you find the deposit. Previous exploration appears to have found a very large footprint of alteration and low grade mineralisation. There was supposedly no bornite or chalcocite logged in the previous mineralised holes and they graded 0.40% Cu I believe over 40m (might be off here a bit on these numbers). This drilling however has hit obvious mineralisation with decent bornite, chalcocite and chalcopyrite in the core they've shown so should grade well. Obviously they showed the best looking core so we don't know what the high grade zone will grade, let alone the wider 200m zone. I believe anyone calling this overvalued with a sub $200M MC simply does not understand the potential value of a significant IOCG deposit.