nice article - azx undervalued, page-3

The drilling is aimed at proving any of those 2 million ounces actually exist. They turned Bullabulling from nothing to 2M Oz with a handful of drill holes and some squinting at slide-rules. You have to be careful to believe these ounces actually exist ahead of drilling to prove they do.

It should go Drill --> model --> Resource, but to all intents and purposes this went model --> Resource --> drill.

The cart is firmly in front of the horse at the moment, hence why AZX is trading at a 'discount' to its nominal Resource inventory. The market (including myself) have yet to be convinced that you can find gold simply by changing your exploration model.