Some additional links from Merlin website which back-up the potential upside.
Plenty of work completed on Gawain & other pipes.
Worthwhile reading ! 15 minutes of your time.
http://www.merlindiamonds.com.au/resources/i/docs/asx/ASX_03_11_2006.pdf
http://www.merlindiamonds.com.au/resources/i/docs/asx/asx_04-12-06_Merlin_Trial.pdf
http://www.merlindiamonds.com.au/resources/i/docs/asx/ASX_29-8-07_Merlin_Targets.pdf
http://www.merlindiamonds.com.au/resources/i/docs/asx/ASX_11_3_08_Drilling_Extends_PalSac.pdf
http://www.merlindiamonds.com.au/resources/i/docs/asx/ASX_10_10_06.pdf