Possible economic buried IOCG mineralisation thought to be associated with a regional gravity anomaly in the Moonabie area, located approximately 100 km south-west of Port Augusta, has been investigated by conducting gravity surveys during January-February 2008. In March 2008, Australasia Gold entered into a farm-in agreement with licensee Peninsula Exploration, to allow it to explore on EL 3767 in concert with work then being done on its EL 3542 Murninnie located closely adjacent to the east. A 5 mGal Bouguer gravity anomaly occurs in the south-western section of EL 3542, and extends marginally into EL 3767, as outlined by a gravity survey acquired by Australasia Gold in December 2006. This anomaly had not been tested by drilling. Therefore an additional 450 stations of infill gravity coverage, on a 250 m x 250 m grid spanning both licences, were obtained during January-February 2008 to give more detail about its shape, position and depth to source. 126 of the stations were acquired within EL 3767, covering an area of about 7.5 square km. The characteristics of the Murninnie South-west gravity anomaly were largely confirmed by the infill gravity data, which, when reviewed in conjunction with the rock specific gravity measurements taken from drill cores cut in the 2007 PACE-subsidised drillholes MDD001 and MDD002 that had been put down in the vicinity of the historic Murninnie mine, resulted in the interpretation of a significantly increased drill depth required to reach the top of that gravity source, i.e. ~750 m. Elsewhere, Australasia Gold acquired six lines of semi-regional gravity coverage across another density anomaly located near the centre of EL 3767, which had been identified in 1984 by a previous explorer but not further tested. 105 stations were read here along 1 km spaced lines at station intervals of 250 m. This work defined a 2.5 mGal Bouguer gravity anomaly covering roughly a 2 km x 3 km area, that is slightly offset from a small aeromagnetic anomaly. It was intended to collect surface geochemical samples from above this feature. However, because the perceived IOCG prospectivity in the Moonabie area had been downgraded by the results of the new gravity surveys, and also had been adversely influenced by the minor grade of copper only mineralisation encountered in drilling on EL 3542, Australasia Gold decided in December 2008 to withdraw from the joint venture. Peninsula Exploration conducted no further work, and allowed the subject licence to expire in May 2009.