corunna downs announcement, page-10

I agree Watso. Even in the Pilbara RC drilling can be done for $100/m all-up, which gets you a lot of holes for $1m if you don't have BHP-style field camps. But Gondwana thought it was a magnetite play which would have been beyond the scope of a micro-cap.
If you look at Atlas' Abydos project as a Corunna analogue, that also has several km's of strike but the orebodies are in several small pods. Iron enrichment doesn't occur everywhere there's a banded iron - if it did they would have never gone all the way to Newman to start Whaleback. You need the right environment to get supergene enrichment of the iron which removes the silica and changes the Fe3+ (magnetite form) ions to Fe2+ (hematite/goethite).
Atlas have been very good at converting their north Pilbara exploration targets into resource tonnes with a small margin of error, so if they thought this was a 2Bt region I think they'd be a lot more excited about it.
PS I don't hold AGO stock either, but did for many years.