An area located approximately 75 km north-west of Oodnadatta is being explored for possible economic sedex style or MVT base metal sulphides that could have formed in Permian and early Cambrian sediments, and for any Proterozoic basement-hosted IOCG type gold and base metal deposits associated with the Gawler Craton margin and the G2 Lineament corridor, where a sizeable, 325 nT untested magnetic anomaly occurs, as had been previously disclosed by aeromagnetic surveys conducted during 1994 in the course of diamond exploration. During 2002 two gravity traverses were run by the subject licensees across this magnetic anomaly, with a station spacing of 250 m. Two residual gravity anomalies with amplitudes of about 0.8 mGal were seen flanking the magnetic anomaly to the south and to the north, for which probable dense source bodies were modelled, respectively lying at depths of around 500 m and near the surface. Processing of Landsat 7 thematic mapper satellite data was undertaken to investigate possible mineralogical causes for the near surface gravity feature. This revealed a zone of clay and iron alteration, and indicated three likely gossans. The alteration zone was reconnaissance surface sampled in September 2002 to confirm the remote sensing interpretation, and some elevated base metal concentrations were recorded, which appeared to be related to the southern gravity anomaly, and perhaps to faulting. In consequence of making this encouraging find, 4 lines of moving loop, time domain EM coverage were obtained inside the inferred alteration zone, but the conductors recorded were inexplicable. In June 2003 two vertical RC exploratory holes for a total penetration of 360 m were drilled to test one possible gossan and also a nearby shallow conductive layer at 50-70 m depth. Both drillholes passed through shale and siltstone beds having some minor included authigenic pyrite, but downhole sample assays showed no obvious geochemical anomalism. During the third and fourth licence years no work was performed. In August 2006 a one square km grid was laid out and systematically soil sampled (222 samples taken for multielement analysis, including four check samples taken at previously anomalous soil sample sites). However, no further significant base metal geochemical anomalism was detected. A field examination of the interpreted gossans concluded that they were actually only residual ferruginised shale horizons typical of the surface expression of weathered Cretaceous marine units (Oodnadatta Formation and Bulldog Shale) in the general Oodnadatta region. During April-May 2007, a detailed gravity survey was acquired over portions of Caldera's ELs 2958, 3867 and 3924 (on EL 2958, 150.4 line km of data were acquired from 93 stations read along 13 north-south lines, at 400 m and 1 km station spacing) in a switch of exploration focus onto geophysical anomalies further afield that might indicate mineralisation within the buried Proterozoic basement. It is intended to interpret this gravity survey data and to reprocess all available geophysical data during the next licence term, to try to define targets warranting drill testing for possible IOGC-U mineralisation.