The question is when does the information become material?...

The question is when does the information become material?

During a drill campaign assay results come from the laboratory in dribs and drabs. It is quite possible, and typical, that a batch of results conclude halfway through a hole, and invariably in the ore zone. Also, ore bodies are complex, lithology and structure impact mineralisation. It is unusual for a new drill hole to return the results expected, even by the project geologist.

The thing that makes assay results material is the interpretation. Accordingly, it is critical that a geological interpretation is made, and properly articulated and illustrated.

A list of assay results is misleading unless interpreted. Even a hole where mineralisation is predicted but returns all zeros is meaningless without context. Perhaps the ore zone has simply pinched, been locally intruded or faulted. As a result companies don’t release results as they receive them, they release them when they can properly explain their significance. This is why we don’t see announcements every time a new batch of assays drop.

As to whether a company deliberately withholds information (perhaps disappointing results) or strategically releases information (to coincide with maximum impact), well the benefit is ephemeral. Results have to be announced at sometime, that time should be when they can best be explained.