Possible craton margin magmatic nickel deposits or iron oxide - associated copper-gold (IOCG) type large base and precious metal deposits within buried Proterozoic basement were targeted in an area lying just to the north-west of Coober Pedy. Delays in obtaining land access permissions from Native Title custodians, and competing exploration priorities on the licensee's adjoining tenements, meant that during four of the seven years of tenure little work was carried out on EL 2679 and the succeeding EL 3318. After performing a review of existing airborne geophysical survey data, Goldstream Resources identified two potential IOCG targets on the licence. One of these was subsequently profiled by a small, 17 station ground gravity survey, which confirmed the anomaly but suggested that it was due to a basement horst block. Consultant Leigh Rankin was retained to complete a regional tectonic interpretation across all of Goldstream's tenement holdings in the vicinity of Coober Pedy, Mabel Creek and Mount Woods, to help the licensee determine structural relationships of the eponymous three main geophysical domains known to be present in the basement rocks. Anglo American entered into a regional joint venture agreement with Goldstream in March 2002, and as part of this undertook diamond drilling on EL 2679 (1 hole totalling 343.7 m) to look for possible nickel-bearing buried mafic intrusions in a craton margin tectonic setting. Their target was a strong negative magnetic anomaly with similar characteristics to the Mount Brady mafic igneous complex occurring to the south of Coober Pedy. The results of this drillhole downgraded the Manguri area's prospectivity for magmatic nickel, since no mafic intrusive rocks and no metallic mineralisation were found. Only barren, haematite-metapelitic gneiss was penetrated beneath a substantial thickness (>200 m) of Mesozoic and Permian cover sediments. The low magnetic susceptibility of this basement rock was surprising because of the strong surface magnetic anomaly present at the drillsite, and it implied that the interpreted magnetic source might not have been reached in drilling. Therefore four oriented drill core samples from DDH AR001 were submitted for laboratory determination of their magnetic properties. These tests showed that the gneiss was capable of causing the observed magnetic anomaly, as it possessed a relatively intense reversely polarized remanent magnetisation within its titaniferous haematite content, although such magnetisation would have no close-range inductive effect on a susceptibility meter. After Anglo American withdrew from the joint venture in December 2003, another two IOCG geophysical targets, MA5 and MA15 were generated by a consultant to Goldstream on the basis of their significant residual gravity amplitude (maximum 1.7 mGal) and geological setting. These targets were intended to undergo additional definition through gravity acquisition and geophysical modelling of basement depth before being drilled, but none of this work was performed before a management decision was made to surrender the tenement.