lok01, most of the announcements coming from CNK have been about...

lok01, most of the announcements coming from CNK have been about iron ore deposits not so much nickel. LF does not throw money away. He is buying at these prices as are others evidently, possibly Chinese buyers.
What is happening to CRK is not necessarily much to do with LF. It could be a single hedge fund buying exceedingly cheap in-ground gold or a realisation by the market as a whole that there are several small cap companies with big gold deposits that are significantly undervalued. In a gold market that appears to be heating up very fast it makes sense that the bargains will be snapped up by canny smart-money investors. The smart money is getting into CRK by the look of it. The question is, what value have they placed on the company? $2.00 like the independent valuers? Less, more? What percentage of the company are they after, at what price?
A major investor with a good stake would be well placed to strike a deal with the family and LF.
Whatever is happening is happening very fast. A rise from 35c to 49.5c (41%) in a few days is pretty dramatic but it could conceivably go much further, perhaps back to the 70c-80c range, where it would still be a bargain.
We await events with interest. I'm relieved I kept my eye on the ball as did so many of us.