No. It's perfectly reasonable to expect drill hole NRs to establish that there is a mineable deposit. Otherwise you don't want to own the shares, because with no mineable deposit, they will tend towards a price of 0.005. And there are very basic criteria that are used to determine if the drill results are showing anything mineable.

A PEA and pre-feas are simply ways of generating a NAV for the deposit and estimating costs to bring to production. Once you have a NAV, you can throw out estimating a share price target on the basis on dollars per ounce, as the NAV gives you something closer to the true value of the deposit. That is certainly years away from the exploratory drilling stage at any property.

I suspect the market wants to see news releases demonstrating >100m of >1g/t with little overburden for open-pit mining, or strong intervals of >5m at >4g/t for underground mining. Both of those are very charitable, borderline, loose, back-of-the-envelope criteria that can be used to determine whether you're seeing anything mineable in the data.