I haven't read the code for a while, but it used to be that you...

I haven't read the code for a while, but it used to be that you could stick 1 hole in the ground, hit a nugget and announcethat you have a 5Moz measured resource, as long as you can find a sufficiently qualified and experienced geologist to put their name and reputation on the line to support the estimate. That's an extreme case, but what it comes down to is whether you have a "competent person", as defined by the JORC code, who says that they have sufficient information available to estimate the resource with a given level of confidence (inferred, indicated or measured). Problem is even then, people might not necessarily believe them or they might completely cock up the inferred estimate, downgrade the indicated estimate and destroy the reputation of the company and themselves.

I don't disagree that Sanders probably should have been more careful with his language along the way, as so many people got carried away with the tier 1 bs. Still, by my musings this still has plenty of upside. Maybe they haven't seen the numbers they want with the resource, or maybe they have but aren't fully confident in the estimate, or maybe Sanders is wary releasing a resource before exploring the depth potential, particularly after the criticism he got from people on the KIN boards for missing the supergene gold at the old Navigator resources land. Unless you are an insider you just can't know for sure.

Personally I don't see why you'd risk putting put an inferred resource that might be wrong, when you have no worries funding drilling out an indicated resource, and you can't do anything with an inferred resource besides generate hype.