In answer to your question yes I have seen companies with good initial drilling become duds - the nature of JORC and then trying to get to a proven and probable reserve that underpins bankable studies.
The reason been the initial drilling is essentially quite some distance apart and gets you essentially an inferred resource which in a JORC sense has a confidence level of less than 25% IMO. You then do your drilling at 50 metre spaces (which is what AVZ is going to do now) and that is what gets you to the measured and indicated resource (confidence level around 70%) that you then work with to get to a proven and probable reserve through further studies (confidence level 90%).
Now, the beauty about AVZ is that a recent Ann talked about a homogenous deposit around holes 1 and 2 (and I also infer hole 7 as well around slope of the land/layering which I talked about back in August fromrecollection) which in effect means the pegmatites are uniform or another way to put it they are expecting the drill results around those areas to have the same consistency and grade as the initial hole 1 and 2 (suspect the same will happen around hole 7 - the middle don't know around holes 3 - 6). Refer first embedded post below to understand this yabbering if want too.
Now other plays that have failed have not reported such bullish Anns where the term homogenous has been used. Others have started from sparse drills to get to an inferred resource and then failed. In a general sense 1 in 50 exploration plays never make it to a mining stage so KDR/PLS/AJM are really the exception as I would also say of AVZ IMO IMO IMO
Anyway to understand this blabbering I talked about this in the following posts below. I need a holiday from HC as seem to post the same things constantly and now I can drink a VB as that is the way the cookie crumbles. All IMO
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