Ann: Chalice secures extensive strategic position in Victoria, page-19

The chances of a junior explorer striking it big are low? Well no sheet genius.

That's why a stock with cash backing and a huge exploration budget has the chance of way outperforming even something with a $10m cap and the ever imminent CR. These guys could go pick up another 10 sets of tenements and drill them all with the amount of cash on hand.

If a gold bull starts - which it may well do in the next year - then an EV under $10m and any decent land holdings will rise strongly. 1 less than stellar drill result is not a big deal. Also grade wasn't that bad and the veins look like they are vertical not that they start 200m down.