article on focus minerals & treasure island, page-14

"Once information is obtained and judged "material" the company must disclose such information as soon as practicable"

I think it is explained well in the article "One hole could be good. The next not so good, but on their own they say nothing"

It is only 'material' once they have an understanding of what they have found. This would be towards or at the end of the program not after a few holes.

A high grade result from a couple of holes is not material, you wouldnt make a decision to mine on that alone. You would keep drilling though. Which they are.