FBM 9.09% 3.0¢ future battery minerals limited

Well that seems an overreaction, page-44

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    Drilling is blind, and costly. Explorers first do a small number of exploratory holes based on historical data, magnetics, geological interpretation etc, to get confirmation of theories. Once that is completed, then they will consider the cost outlay of defining the ore body, if one exists. Then finally if things are nice, they will drill enough in-fill samples to get a JORC compliant reserve.

    The holes AOU has drilled are fairly deep DD in magmatic rock (as opposed to shallow aircore in regolith, etc.). It's expensive and time-consuming. What would you do, if you can't confirm exactly what is under you? Go on a 10,000m drilling campaign? What if it ends up not finding anything worthwhile, several months and millions of $ later? Better to send down a few probes first, make sure something is there. Then reassess.

    The more this process of experimental deduction is rushed the higher the risk. I've read several reports of different companies who spent months looking at magnetic surveys, taking rock chips, interpreting the landscape and considering analogies from historical data, before finally drilling ONE HOLE.
 
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