well for one, copper sulphides have already been discovered in Georgina, so that lends support to this idea that there is something more than magnetite/graphite there.
also the geophysics seem to support the idea that there is something of value there also.
but you could be right / that's why shares for companies in the area are sitting in the cents, not dollars. risk / reward.
as for the your other point - the tenement was hindered by the moratorium on shale oil extraction/processing that was introduced in 2008.
the policy has been relaxed in some circumstances (after environmental proficiency of the retort at Gladstone was proven), and now I understand Queensland welcomes well considered and environmentally sound shale oil projects. and has done for some years now.
previous management held for a long long time and I believe they may have been pursuing the idea of fracking. but I can't remember for sure now. in any case that may have been a further complication.
I never once remember any discussion about bitumen. maybe the spot price of bitumen didn't justify it? maybe it was because previous management were solely focused on oil? I don't know. but I know it's no conspiracy. I think the project just needed fresh eyes.
all just my opinion only - 'facts' might be a little hazy. dyor.
well for one, copper sulphides have already been discovered in...
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