As part of the PACE Initiative Year 4 drilling project subsidy approvals, Teck Cominco was granted funding towards drilling one hole on the Horse Latitude target located approximately 22 km south-southwest of the Carrapateena prospect, an established IOCG type mineral occurrence. Teck Cominco was investigating the potential within its Hatch Hill licence area for possible similar IOCG mineralisation or for any associated Adelaidian cover sequence copper-gold mineralisation. The drillhole was targeted on a coincident gravity and magnetic anomaly. This targeting technique is a proven method for targeting IOCG deposits in the eastern Gawler Craton, although it involves making interpretations about the basement depth and stratigraphic units. Drillhole HL002 was RC pre-collared to a depth of 359.6 m, an HQ rotary diamond tail was then drilled to a depth of 452.6 m, and the hole was completed with NQ diameter diamond coring to the total depth of 659.9 m. The RC-drilled section of HL002 was stratigraphically logged. The hole passed through a thick sequence of Adelaidean Stuart Shelf cover rocks including Arcoona Quartzite, Woomera Shale, and a dolomitic shale unit (possibly a component of the Whyalla Sandstone ?). The dolomitic shale contained minor chalcopyrite stringers. No water table was intercepted. Crystalline basement was reached at an actual subsurface depth of 428.9 m, which is much shallower than the prognosed depth of 500 m. This would explain the gravity anomaly observed. Although not detected visually, minor magnetite is interpreted to be present in the basement due to its slightly elevated measured magnetic susceptibility. This may explain the local magnetic anomaly. No mineralisation was encountered. The basement is composed essentially of unaltered granite, interpreted to be Donington Suite. Its lithologies comprise coarse grained micaceous granite and minor felsic dykes. The granite becomes increasingly rich in chlorite with depth. The dykes are mainly fine-grained and light grey in colour. Minor quartz and quartz-hematite veins are present throughout all of the basement lithologies, however, a significant amount of the veining appears to be confined to the first intercepted dyke, which contains a large set of veins (in excess of 40).