The Torrens Joint Venture exists between Straits Exploration (Australia) Pty Ltd (Straits), who replaced MIM Exploration as a partner over EL 3195, and Kelaray Pty Ltd (parent Argonaut Resources NL), to facilitate mineral exploration in the Lake Torrens area of South Australia. During late 2006, Straits applied to PIRSA for and received approval and funding for its drilling project proposal DPY4-20. Subsequent PIRSA approval of a Declaration of Environmental Factors, necessary to allow drilling on Andamooka Island, was received on 24/9/2007. The subject drilling commenced on 31/10/2007, and finished on 25/2/2008. The Torrens Project is addressing the potential for finding large, Olympic Dam style iron oxide - associated copper-gold (IOCG) deposits in the north-eastern Gawler Craton, within an area located approximately 70 km east-southeast of Roxby Downs township. Here a large (~ 5 km diameter), >1000 nT magnetic anomaly, coincident with a >8 mGal residual gravity feature, was defined and drilled by WMC in the early 1980s. That work disclosed magnetite/haematite and calc-silicate - altered metasediments and minor breccia systems, with anomalous copper, in the Proterozoic basement. Since that time, improved understanding of IOCG mineral systems and of their metallogenetic relationship to magnetite and haematite alteration, plus the discovery nearby of the big Carrapateena Cu-Au orebody in an IOCG breccia environment, have highlighted the strong possibility for finding a large mineralised system at the Torrens prospect locality. In preparation for the eventual drilling on the Torrens prospect, the present licensees carried out an infill gravity survey (1120 new stations read at every 250 m along 27 lines spaced 500 m apart) to augment 1784 historic gravity stations (acquired by WMC, 1969-1976). In addition, an infill low-level aerial magnetic survey was flown along 200 m spaced north-south lines, covering 1684 line km. A detailed geophysical review and modelling of all of the gravity and magnetic data, completed by consultant Jim Hanneson in January 2007, then generated numerous drill-ready targets (untested zones of probable increased haematite alteration with apparently excess ?sulphide mass, lying on the flanks of strong magnetic highs) underlying both north-eastern Andamooka Island and also the nearby bed of Lake Torrens. Two of the land-based drill targets under Andamooka Island were drilled in the PACE Year 4 project, via three inclined HQ/NQ3 diamond holes (one wedged-off at 513.1 m depth) totalling 3022.3 m of penetration. All of the resulting preliminary information obtained from geological logging, rock structural evaluation, petrographic studies and downhole geophysical measurements made on the recovered basement drill cores confirms that there is a strongly expressed IOCG alteration and mineralisation signature overprinting the host metasediments and the volcaniclastic, volcanic and intrusive rocks at the Torrens prospect. Chalcopyrite, pyrite and lesser bornite mineralisation are accompanied by significant light rare earth elements, plus low grade uranium and low grade gold mineralisation, again supporting the IOCG deposit style. Because of the good encouragement so gained it has been recommended to continue testing the targets identified by the current exploration model, and also to regularly update the model with new data obtained from this future drilling.