I posted earlier today that I don't necessarily think its a bad...

I posted earlier today that I don't necessarily think its a bad result but that the response was way out of line with typical market reaction to this kind of results. I hold a stock with a similarly complex IOCG project (BTR) and none other than BHP are drilling it as JV partners. Every now and then they announce a low grade intersection over 20m or so, the market doesn't respond at all but then BHP decides to throw another couple of drill rigs at it. Its obviously something only geologists in the field can understand, and the economics that determine the next Olympic Dam from a nice wildlife reserve may be fairly slim - scale obviously a very big factor.

Either way it takes a lot of time and drilling, its impossible to understand from a single announcement and not at all the kind of thing I'd expect hordes of day-traders to descend on, on the basis of a low grade intersection. It looked an obvious set up for a fall when it rose several hundred percent in a couple of days and a couple of hundred hotcopper posts.