The Mount Brady exploration licence, located some 40 km south of Coober Pedy, abuts the northern boundary of IMX Resource's Kangaroo Dam EL 3445, and overlies the north-western part of the Palaeoproterozoic Mount Woods Inlier. The area forms part of a broader tenement package held by IMX over the Mt Woods Inlier that has been actively explored for iron oxide - associated copper-gold (IOCG) deposits as well as for nickel/PGE and uranium mineralisation. IMX is a major explorer in this area, having spent several million dollars over the last few years on developing the magnetite(-Cu-Au) mine at Cairn Hill. Numerous regional targets exist elsewhere on the Mount Woods Project acreage which hold potential for finding additional iron ore as well as for discovering high grade IOCG-style deposits. Drilling recently done by Goldstream/IMX immediately south of Mount Brady has encountered Ni-PGE mineralisation associated with wall rock alteration related to mafic intrusive bodies. This represents a previously unrecognised metallogenic setting in the Mount Woods Inlier, and in South Australia generally. Regional aeromagnetic data interpretations have identified preliminary drilling targets around the southern margin of a probable mafic intrusive body. One target has been drilled, but it does not lie within the current relinquished area. Geophysical modelling of newly acquired gravity and magnetic data and re-interpretation of the existing data is ongoing in order to determine the depths and geometry of IOCG targets. The uranium potential of the licence is also being assessed. The licence subarea now being relinquished was covered by part of a 2003 gravity survey carried out by Anglo American Exploration, with stations spaced at 400 m intervals on N-S lines spaced 1600 m apart. Data for 23 of the gravity stations is now released to open file.