You need to know a lot about geology and mineralisation types in...

You need to know a lot about geology and mineralisation types in the region to get any kind of excitement from the WA results. Malmac, ho hum we found some pillow shaped rocks. Strelley, lots of holes with nothing or 0.2g/t. Very hard to see anything positive from this on face value. Most investors will just look at the numbers and go, yuk! I would like to have had few higher grade gold hits at Strelley but do I believe we will find these, yes I do. I think we will either have to drill a lot of RC holes or use geophysics to find the high sulphide zones and then drill. We have Hemi style mineralisation and this is significant even if the market can't see it yet.

As to the copper results in the last two weeks not pushing the share price I can only speculate. The market was a bit put off by the WA results so a bit of inertia to overcome. We have only had a very small number of actual results released and the company is not giving much detail or interpretation yet. Although "we have a large IOCG deposit" and "we are carrying on drilling" are fairly positive things.

The comparison with Hammer Metals is partially about timing, copper was on a strong upward move with lots of supply shortage articles being released about then with Goldman Sacks saying Copper to $15,000/t. It is also about what impact the drill results have on the company prospects. Hammer have about 400,000t Cu Eq. They need about 600,000t Cu Eq. to have a 10 year mine life 30,000t/p.a. Cu mine. Every significant discovery will push their share price because the market can see they will be getting closer to the mine development go button. Trafalgar has no previous exploration drilling and 7km of strike length (according to old records from 1912), a magnetic anomaly over 4km long and a much longer mineralised trend all the way up their Jubilee deposit and beyond. The market bought the story that this could be the big one and a company maker. It will take a lot of drilling to prove this one way or the other.

HMX released this week some nice results from 4 holes at Lakeview on the Trafalgar Trend some 7km+ north of Trafalgar. The share price went down which probably tells you that momentum and sentiment can be as important as the exploration results. The Chinese strategic reserve of copper is reported as being about 10 weeks global demand so although the release of metal has had a big impact on copper price and sentiment it won't make much difference in the long run.
All four holes drilled at Lakeview have intersected copper and gold
mineralisation at shallow depths. Significant intersections include:
10m at 1.97% Cu and 0.42g/t Au from 23m including 2m at 4.58% Cu
and 0.95g/t Au from 26m in HMLVRC003; and
8m at 1.97% Cu and 0.24g/t Au from 42m including 5m at 2.9% Cu
and 0.32g/t Au from 43m in HMLVRC001;
17m at 1.05% Cu and 0.39g/t Au from 29m including 8m at 1.82% Cu
and 0.76g/t Au from 38m in HMLVRC004.
• Initial results highlight the potential at Lakeview as well as along the
extensive magnetic trend, which runs for 14km from Trafalgar to the copper
and gold deposits at Elaine (100% HMX) and Jubilee (51% HMX)

Not sure this answers the question but it comes down to timing of result release, the market getting ahead of the actual results at Strelley and possibly the low number on institutional investors.