Cliffs intent on developing Black Thor first is pretty logical, it outcrops and Big Daddy does not

I would disagree. Concentration of ore is most important.

If you had a choice of investing in a mine with 1% nickel at 200 feet or 3% nickel at 400 feet, where would you go?

If you won a shopping spree in the local supermarket, would you fill your cart with bread instead of steaks because the bread is at the front of the store and the steaks are further down an aisle?