Explainer
A drill result is a grade over a width, from a stated depth, measured by a lab. Read all four before you read the headline.
A result such as 6.05 g/t gold over 8.0 metres has two numbers that matter. Multiply them for a quick comparison: 6.05 x 8.0 is 48.4 gram-metres. That shorthand lets you compare a short high-grade hit with a long low-grade one, though it is not a measure of value.
Drill holes rarely cut a vein at right angles, so the length of core can overstate the real thickness of the mineralization. Good releases say whether they are quoting core length or true width. If a release does not say, assume core length.
The cut-off grade is the lowest grade allowed into an interval. A low cut-off can stretch a wide intercept by pulling in weak rock. An including is a richer core inside the wider interval, for example 13.5 m at 2.84 g/t including 4.9 m at 7.70 g/t. The second interval is part of the first, not an addition to it.
Near-surface grade can support an open pit. The same grade at depth points to underground mining, which costs more. Ask where the hole sits relative to existing resources and whether it extends a known zone or tests a new one.
Releases lead with highlights. Check how many holes were drilled, how many are reported, and how many are still in the lab. Say a junior drills 16 holes and reports only the first six, so ten are still pending. That is a partial picture, and the best holes tend to be reported first.
Single-metre results in the hundreds of grams per tonne can come from visible gold, where a few coarse particles swing the assay. They show the system carries gold, but they are a poor guide to the average grade of the zone.
A drill result can be real and still be marketed hard. See how we flag paid promotion before you treat a loud release as organic interest.
Commodity Ape is information and commentary, not investment advice.