Mineral exploration recently undertaken within the now surrendered subject licence in the Streaky Bay district has successively addressed the potential for finding Prominent Hill - style Proterozoic IOCG deposits and Tertiary palaeochannel - hosted sedimentary uranium mineralisation. Activities, briefly described, have comprised selection of four IOCG drill targets based on regional gravity data, PACE Initiative - subsidised aircore drilling of these targets (12 holes totalling 796 m, as PACE Project DPY3-57), the acquisition and interpretation by Minotaur during 2006 of a microgravity survey (field data and an in-house interpretation report provided), plus traverse aircore drilling, bedrock geochemical sampling and geophysical logging of palaeochannel targets by Minotaur in 2006 and in 2007 (raw data for 16 drillholes released - no uranium mineralisation or significant geochemical anomalies were disclosed). Drilling of IOCG targets intersected a variety of Proterozoic lithologies including granite, quartz-biotite gneiss and gabbro. No rock alteration of the kind typically associated with IOCG mineralisation was observed, and no anomalous assay values were returned. The absence of these vectors to typical Prominent Hill - style haematite breccia - associated mineralisation has downgraded the potential for finding IOCG-mineralised bodies within the licence area. It was deduced that the gravity anomalies are likely to be due to basement highs and/or the presence of gabbros and other mafic bodies. One palaeochannel aircore drillhole traverse of 313 m total penetration (Traverse 9) was located on the Yaninee Palaeochannel, upstream from the Yaninee uranium occurrence previously identified by Carpentaria Exploration Co. during the early 1980s. Minotaur's drilling of 4 aircore holes here returned only low order gamma and uranium anomalies.