Interesting article discussing the activities of successful exploration companies. Strikingly, the process that is described to be followed by an exploration company is very similar to RXL's approach, almost down to the letter.
RXL spent the last couple years exploring Myrtle in order to provide an initial JORC statement.
It used this JORC statement to JV with a major to explore and potentially develop Myrtle. RXL will retain between 30-50% if successful. According to the article this is pretty much about right.
RXL has thus continued to search for other projects which it can look at performing preliminary work, hopefully leading to some success and another JV down the track.
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