Having a diversified portfolio of assets is a good thing and in...

Having a diversified portfolio of assets is a good thing and in the long term provides a buffer against price fluctuations. Whether CXO develops a gold operation itself or as JV or even sells it for a nice profit, once it proves a viable resource, are all good outcomes for SHs.
As for the question re what did CXO know when they purchased Adelaide River, and not going back to look at the original announcement, they would have had some confidence that there was gold there based on the work done there previously - that would have been established during the DD. This latest announcement is based on historical data and CXO has now done its own analysis of this data in order to release the announcement. I think they say that it is not JORC compliant so this indicates much more work is required including additional drilling. ADV did a similar thing - was exploring for Li in Canada and proved a small reserve but at the same time purchased a gold tenement in the same general area. However, ADV have shifted their efforts and money to gold exploration and are now focusing on developing a viable gold reserve, and at the same time looking for ways to make their Li project work (JV etc). Both ADV and CXO have a good strategy all be it different with a different focus - CXO is still going for Li operation first, which is the right thing for them to do. But having gold which is king at the moment, is a very nice bonus to have.

Just my thoughts on this latest development and like everyone else holding my breath until approvals, financing and off-takes.