A multipart licence project area located approximately 100-150 km south-east of Ceduna is being targeted for possible Voiseys Bay type nickel, copper, cobalt and platinum group metal deposits within mafic to ultramafic basement rocks buried beneath 60-90 m of cover. Initially, Zonge Engineering were contracted by Mithril Resources to complete some time-domain ground EM soundings in the Streaky Bay region, at four previously explored sites of known shallow magnetic basement, collecting information on the conductivity of the cover to determine if airborne TEM surveying could be a viable regional exploration tool. It was found that the local cover was indeed too conductive to allow airborne EM methods to be effective, whereas from past results ground EM surveys did appear to be able to see through the cover to depths of around 200 m below the surface. Consequently, moving-loop ground TEM surveys were then completed by Fugro in mid-Dec. 2002 over four aeromagnetic anomalies interpreted to be caused by mafic/ultramafic intrusions. All of the surveyed sites yielded complex and ambiguous conductive layer responses, including some poorly constrained late-time ones originating from the bedrock. These latter TEM anomalies had only moderate conductivity, so were thought unlikely to represent massive nickel sulphides. A programme of aircore drilling to bedrock (53 holes on 14 aeromagnetic anomalies, for a total of 2461 m), based on Mithril's geophysical re-interpretation of the local basement geology, was undertaken in May 2003 to satisfy three purposes: 1) to determine the source of the selected magnetic anomalies, and to obtain geochemical evidence for the presence of Ni/Cu/PGE sulphide mineralising systems; 2) to determine if a favourable basement host is present above two particular mid to late-time TEM anomalies identified by Fugro's work; 3) to determine if geochemistry can be used in the transported cover sequence to help predict basement lithologies or to provide a vector to mineralisation. Eight of the aircore holes failed to reach the bedrock, mainly because of unconsolidated Quaternary aeolian sands and Tertiary fluvial sands and gravels. The remaining holes revealed that the transported cover varies in thickness from 8 m to >84 m, with deeper cover present in the centre and east of the project area. Of the 14 magnetic targets drilled, 8 were found to be relatively undeformed mafic/intermediate (gabbro/diorite) intrusives, 3 were magnetic felsic gneiss and/or granite, and 3 were unresolved owing to inability to reach saprolitic basement or to penetrate the cover. The mafic intrusives are medium to fine-grained, are commonly magnetic with trace to 1% sulphides (pyrite plus some chalcopyrite), and have undergone varying degrees of metamorphism. The absence of significant amounts of olivine, and the relatively high oxide component in the gabbros, suggest that they are derived from a highly evolved melt, thereby implying little potential for forming typical gabbro-hosted NiS deposits. A Cu-Pt-Pd geochemical anomaly (Cu to 1350 ppm, Pt + Pd up to 242 ppb, in drillholes SBAC021 and SBAC019 respectively), which coincides with magnetic, gravity and TEM anomalies, was identified at the Wishbone prospect. This feature was diamond drilled by Mithril during November 2003 to test the sub-horizontal TEM anomaly, interpreted to lie around 220 m below the surface. This vertical hole encountered fresh basement rock below 22.5 m depth, consisting of a gabbro/diorite unit cut by multiple granite dykes up to 16 m thick, which lithologies persisted down to the total drilled depth of 264.8 m. The mafic rocks showed no evidence of differentiation. It also appears that both the gabbro and diorite represent two separate melts derived from the same source, which have subsequently become metasomatically overprinted by the intruding granite. This granite shows sharp contacts, having pyrite and minor chalcopyrite veining to 5 mm thick adjacent to the contacts. No significant metal values were returned from drill core sample assays, and no obvious conductor was intersected, although the magnetic and gravity responses were adequately explained. It was decided, after performing a further ground TEM survey to better locate the conductor (remodelled to lie at ~320 m depth), to re-enter and extend the 054 diamond hole, to try to confirm this source. The extension drilling was carried out during May-June 2004 to a new TD of 342 m. However, all aspects of the additional basement section drilled were similar to those found before in this hole, and no conductive horizon could be found within the drill core. Future work on the Streaky Bay project will focus on integrating regional gravity data, currently being produced as part of PIRSA's PACE Initiative, with a re-evaluation of the aircore drilling results so far obtained, before more drilling is attempted.