Small cap resources are really hard to make money on. My last 2...

Small cap resources are really hard to make money on. My last 2 ASX stocks were fifty thousand dollar plus gambles. The first being (PEX) Peel Mining where I lost money and the second being (MOD) Mod Resources where I'm currently sitting on a paper loss. With both of these stocks I saw them as a good gamble. On both occasions I did my homework and picked stocks that had significant drilling results with the potential to find more. With both PEX and MOD I invested before Sprott Resources. Yes on both occasions Sprott invested after I did. I had no idea they would invest in either. Let me clarify well Sprott didn't invest in Mod but in MTR. So close enough if your following the MOD/MTR story.
Peel resources Mallee Bull deposit didn't grow much more after I invested so I sold. Sprott Resources sold PEX and lost money as well. I believe Sprott are sitting on a loss with there investment in MTR at the moment, please correct me if I'm wrong.
Over all I have lost a lot more money than I have made in small cap resource stocks. A lot of it is timing too, I should have sold MOD when they went too almost 9 cents after I bought them at 4.4 cents. But I didn't I got greedy and hung on for bigger profits that didn't materialise. That was before the 10 for 1 consolidation. I'm not saying you can't make money on small cap resource stocks, but in my opinion and my experience hardly anyone does including myself. Even Sprott don't pick winners all the time. They lost on Peel Mining and may lose money on Metal Tiger, time will tell. In my opinion the small cap resource space is for gamblers not investors. Hopefully I never gamble on a small cap mining stock again. In my opinion it's just too hard to make money. I will hang onto my SFR shares for a time and see what they find in Botswana. Otherwise any further investments on the stock market for me shall be in quality, safe blue chip stocks, that's my plan anyway.