In October 2003, Minotaur Exploration completed part of a regional infill ground gravity survey over the now relinquished portion of EL 3100, along N-S lines at a station spacing of 1 km x 2 km. A significant gravity anomaly which coincides with an extension of the regional E-W trending Yerda Shear Zone was defined near Cooramundie. It has a modeled amplitude of ~5 mGal, and was interpreted to possibly reflect an IOCG-style deposit formed within the Gawler Range Volcanics. Basement exposure in the region is poor, and historic stream sediment, calcrete and shallow RAB drilling data had failed to resolve the source of the anomaly. The nearest exposures of Gawler Range Volcanics, ~1-2 km from the centre of the Cooramundie anomaly, were field checked. An absence of any significant hydrothermal alteration was noted, and no anomalous assay values were obtained from multi-element analyses of three rock samples. During November 2005, a single vertical RC drillhole, CR05R01 to TD 252 m, was completed by Minotaur to test the Cooramundie geophysical target. It penetrated a monotonous sequence of porphyritic rhyodacite-dacite displaying pervasive red-rock alteration, that has uniformly low magnetic susceptibilities. No anomalous downhole sample assay values for gold, base metals or rare earths were recorded. The gravity anomaly is interpreted to be primarily due to lithological variations within the Gawler Range Volcanic succession, e.g. the presence of andesite.