My friend contacted the BCSC and they told him this (in line with what I've been saying):
"Part 7 of NI 51-102 requires issuers to disclose a material change in its affairs immediately. Therefore, to the extent that assay results are a material change, they must be disclosed in a timely manner. Note that TSX-V policy 3.3 extends this requirement to material information and specifically deems exploration results to be material information. My understanding is that these requirements cannot be superseded by any confidentiality agreement and issuers that enter into such agreements may find themselves in breach of the rules. Having said that, it is not uncommon for issuers to share information with other parties in the normal course of business. However, if the information is undisclosed and material, the other party would not be able to act on it until it is disclosed."