Of course it is far too sweeping of a generalisation to be 100% true - I am sure some company at some time must have issued an NR reporting bad drill results (I'm not aware of this but I guess it is possible). My point is that a company does not issue an NR until they have good results to report.

I suppose it really depends on what information can be construed as material and this (IMO) really depends on shareholder expectations.

We know KXL has narrow veins extending over 3km ... or is it 5?. nevertheless, as shareholders we would expect most results to be in the neighbourhood of 7-15g/t over 1-3 metres on average. If infill drilling and all the deep drilling is falling within expectations (and I don't know of anyone who is expecting anything else ... perhaps hoping for more but not expecting it) then it could be said that there is nothing extraordinary that would give anyone an advantage ... sometimes it's better not to release the obvious as it usually affects a stock negatively especially in this market.

On the other hand, if we were discussing company ABC that was drilling a new area and we had expected grand results but things fell short of expectations ... I would expect the release of BAD news.

So it seems that the definition of what IS material information is a bit of a grey area but I will suggest that it is anything that would be counter to investor expectations. I think it's fair to assume that KXL is filling in and expanding their resource and they are getting similar results for the most part ... narrow widths, minable grade and the 43-101 will tell the tale (as well as publish all of the drill holes).

Someone guessed that the resource would be 42,000 ounces. I almost choked when I read that as it would seem a complete waste of money to produce a report to define a resource that small unless he was speaking only of measured resource. I would not be surprised if this fall drill program didn't come up with a fairly significant inferred resource with all the drilling that has occurred, both shallow and deep and along strike.