Exploration Licence 3148 is located on the eastern coast of Eyre Peninsula, north-east of the town of Cowell. The licence was initially granted to Avoca Resources Ltd (Avoca) on 26/11/2003, to allow exploration for possible iron oxide - associated copper-gold mineralisation within the basement rocks, and for palaeochannel sediment or basement-hosted uranium - only deposits. In November 2006 Hiltaba Gold Pty Ltd, a wholly owned subsidiary of Stellar Resources Limited, entered into a joint venture agreement with Avoca over the Cowell Project that incorporated ELs 3016 (now 3978), 3148 and 3418. Later Avoca transferred ownership of the tenements to Rex Minerals Ltd as part of that company's Initial Public Offer. In 2008 the ownership of ELs 3016 (3978) and 3148 was again transferred, this time by Rex to Stellar Resources, subject to a royalty agreement in favour of Rex, while that company retained ownership of EL 3418 subject to a royalty agreement with Stellar. The Cowell Project area basement geology is dominated by inferred Hiltaba-age granites and by Proterozoic metasediments that are covered in part by Tertiary sediments of the Cowell Sub-basin. Exploration work undertaken by Avoca defined strong magnetic anomalism adjacent to granite bodies, suggesting potential for finding Ernest Henry type Cu-Au mineralisation within deflections in stratigraphy. Resultant drilling of magnetic targets intersected predominantly narrow high grade Cu-Au mineralisation. Based on its own interpretation of aeromagnetic data Stellar Resources has defined a number of magnetic anomalies adjacent to the Charleston Granite that are associated with regional faults and inferred fold structures it considers to be prospective for breccia hosted Cu-Au mineralisation. A number of drillholes were planned to test priority targets for such Cu-Au mineralisation, however, due to drilling difficulties experienced on other Project licences in the area and to limits on drill rig hire time, the testing of these target anomalies was not undertaken. The portion of EL 3148 now being relinquished contains interpreted sub-cropping Charleston Granite, but here a review of historical calcrete sampling data has failed to define any geochemical targets worthy of follow-up. An interpretation of regional geophysical data has also served to downgrade its prospectivity. No field work was undertaken there.