Ann: First assays for Iris copper prospect, Cloncurry-MEP.AX, page-35

Really only questions that the MEP guys can answer definitively but in order of you asking.

1. Yes graphitic schists, siltstones or graphitic fault structures are a possibility because graphitic units conduct electricity (as do sulphide minerals) and the only way to test this conductor when under cover is to stick a drill hole into it.
2. While Electra may seem "better", its buried under deeper cover and therefore any potential ore zones may not be open-pittable and are more likely to be potential underground and deeper orebodies, companies typically drill test the shallower anomalies to reduce technical risk so that if you later find there is a problem with the geophysical tragetting or with the drilling itself then you havent committed funds to the deepest most expensive drill targets until you have tested the "easier"/shallower and more obvious gephysical targets first.
3. If they knew the answer to that they wouldn't have to spend the money on drilling would they? Its all just speculation until the drilling is complete and the assays are in.