EL 2888 was applied for to cover prospective magnetic anomalies thought to be underlain by magnetite-rich banded iron formations (BIF), that exist close to Cowell on the eastern Eyre Peninsula. One geological interpretation of the magnetic anomalism is that it represents the buried southern extremity of the Middleback Ranges BIF deposits, beyond the position of the later intrusive Charleston Granite. Potential was seen for developing any economicably mineable such iron ore deposits into a magnetite concentrate export operation, taking advantage of their likely simple metallurgy and the locally available good infrastructure. The target magnetite deposits form part of an extensive Early Proterozoic BIF sequence belonging to the Middleback Subgroup of the Hutchison Group. These rocks have been strongly deformed and subjected to high grade metamorphism. This has produced coarse grained magnetite deposits with high iron and low impurities, which are often reconcentrated into fold hinge positions. As part of new regional airborne geophysical survey coverage totalling 2688 line km, a high resolution, low-level aeromagnetic/radiometric/DTM survey (40 m spaced flight lines with tie lines 400 m apart, and sensor height 20 m) was carried out in January 2002, and extended in August 2002 to 282 line km, to better define the Kooralla anomaly for drilling. Results from investigations of similar anomalies occurring outside EL 2888 suggested that the Kooralla causative BIF deposit is probably fairly small, having potential for development as a satellite rather than a stand-alone deposit. Further work at Koralla, including drilling, was made conditional on identifying a stand-alone deposit nearby (perhaps at Bungalow). No further field work has been carried out at Koralla since late 2003.