I will give it a try, Jacki.
Technically any thing that will give an advantage to one investor over another is illegal. That particularly applies to management i.e. insider info.
But technicalities aside there is the application in practice.
If I were a CEO and became aware of a good result for the company would I need to release the news to the public immediately? My opinion is No.
Not unless there is a potential danger that the news would leak out and some geologist, or fund manager, would be using such to aquire a hold at the expense of other investors.
As Sum said, one hole while news worthy may not represent and could potentially misrepresent a potential resource.
So I would tend to hold back until the initial finding was verified somehow. Mind you I would make sure that the initial results were kept confidential and I would be ready to release the news should I smell a leak.
Applying to Noront as I suspect today:
They probably have good to great prospects in the vicinity of the Eagle's Nest from aerial surveys and the like. They did some drilling and probably have one or more good results from those. I mean by that, why the recent PP and additional drilling when us 'mushrooms' did not suspect a thing?
I have not heard any news or credible rumours as to what has transpired, I presume, nor has anyone else from this forum, so why would Wes release anything before he is ready.
No he is not absolutely compelled to release IF he does not have to and he would only be compelled if there was a threat of a leak.
Another example:
Assays from Windfall before it was sold, we never saw them ( I presume they were done ) and we never will.
Ditto for so called Rhodium reassays if ever done.
What is to compell the company to release such results? They, if existing, are deemed immaterial by management, period. Neither I, anyone else here, or some securities commission rep can do anything about it if they do not know about it. A closed circle.
Technically illegal but practically in limbo. We remain mushrooms, unfortunately. Ed.
