An area located in the northern Gawler Craton, covering part of the Palaeoproterozoic Coober Pedy Ridge, a northeast-trending magnetic basement block that separates the Mount Woods Inlier to the south-east from the Mabel Creek Inlier to the north, has been explored for possible economic iron oxide - associated copper-gold (IOCG) deposits that may have formed along craton-scale deep crustal penetrating faults which cross the area. An initial review of available regional magnetic data defined a strong magnetic anomaly located adjacent to one such major, north-east trending regional structure. A gravity survey of 143 stations, read at 100 m intervals along lines spaced 400 m apart, was conducted by Haines Surveys during December 2004, which confirmed the existence of a moderate gravity anomaly partly covering the magnetic anomaly. Modelling of the magnetic data suggested a depth to source body of approximately 220 m. To test these combined geophysical anomalies, Red Metal completed a single inclined diamond drillhole, MBDH0601, to 172 m total depth in January 2006, which encountered a rock sequence consisting of granite, granitic gneiss, amphibole-magnetite gneiss and minor pegmatite and dolerite. It was thought that the magnetite content of the dolerite and mafic gneiss cored in this drillhole would be sufficient to explain the magnetic anomaly, while the cause of the gravity anomaly was related to the shallow, 57 m depth of the basement. Further interpretation of the regional geophysical data during 2006-2007 identified three remanently magnetised negative magnetic anomalies, which it was hoped might represent haematite or pyrrhotite - associated copper sulphide mineralisation. One of these anomalies occurs at the Mount Brady prospect, previously diamond drilled by CRA Exploration, where weak copper-mineralised IOCG style mineralisation was intersected amongst magnetite-dominant calc-silicate and skarn assemblages. Unavailability of a drill rig to Red Metal postponed the planned drilling of these targets during 2007-2008, and it transpired that no other work ensued before the decision was made to surrender the licence.