Casher, correct me if I'm wrong on this but I believe management's intent of naming this as primarily an 'iron ore play' predated the Barrick JV. Once Barrick decided to farm out the gold properties that they would no longer be doing work on (thanks to the discovery that would require re-allocating exploration dollars to development efforts instead), and CIO was picked due to proximity of claims, CIO became 'primarily a gold play' again. So, although the iron is in the ground and still being looked at, the gold values here have put the iron ore focus on the back burner.
Barring extremely positive news about the iron ore values, the next news to cause a stir (50 day crossing over 200 seems quite plausible here within next few weeks) would be either an update about NI compliant gold values in the ground (combined with Barricks previous work were the recent drill holes sufficient to properly delineate proven and probable ounces in the ground?), or a management discussion of what they expect they have and exactly how and when they plan to spend money to "pull the story out of the ground". As with any resource play, first you pull the story out of the ground - otherwise cost of capital becomes too dilutive. So, I expect they'll get busy spelling out what they have soon enough. $1M won't last forever.
But the story is GOLD, not iron. Even if they poop the bed with their iron ore drill results, that shouldn't affect share price at this low price level. Not much downside here.