PACE Initiative Year 3 drilling project funds were secured by Goldstream Mining to explore for base metals and gold within two licence areas taken out over concealed Proterozoic basement of the Mt Woods Inlier, and which also cover parts of the Coober Pedy Ridge and the Olympic Domain in the northern Gawler Craton. Goldstream had identified high priority IOCG targets at the Penhryn, Snaefell, and Cetus prospects located in the centre of this region. A total of 5 reverse circulation drillholes totalling 899 m were completed for the approved PACE project, comprising three holes at the Penrhyn prospect and another two at the Snaefell prospect. At the Penrhyn prospect, inversions of the existing magnetic and gravity data had defined a shallow basement body of elevated magnetic susceptibility, and a deeper zone having elevated density contrast. They appeared to be separate bodies, however, it was suspected that the magnetic data inversion may not have been accurately modelling the depth extent of the source, in which case it might be the up-plunge continuation of the gravity anomaly. Three drill holes (MWRC004-6) for a total of 647 m were drilled into these two targets. The strongly magnetic gneiss met with in hole MWRC006 was considered to be the source of the Penrhyn magnetic anomaly. Hole MWRC004 was stopped short of the main part of the Penrhyn gravity anomaly. The bottom of the hole is just above the main density contrast shells. The amphibole-garnet±pyroxene gneiss that is present in this area may be dense enough to provide the contrast that was modelled. It is considered that the basement lithologies encountered at Penhryn explain the geophysical anomalies, and the lack of any mineralisation aside from weakly elevated gold in MWRC004 meant that no further work is recommended. The two drillholes put down at the Snaefell prospect intersected magnetite-rich lithologies that are sufficient to explain the magnetic anomalies. At this stage the indicated iron ore grades are not high enough to support a recommendation for further drilling.