As part of a required reduction in the total area of the four Mount Gunson Project tenements at the end of June 2009, a small area has been relinquished from EL 3264. No work was carried out on it during the past 5-year term of EL 3264. Work completed on the remainder of this tenement is described in the relevant annual reports, while the earlier work done by CSR and by Gunson Resources is documented in the annual reports for prior ELs 1946 and 2639 (all of which presently remain confidential). The most recent relevant activity, undertaken on EL 2639, was based on the potential of the Mount Gunson area for hosting two separate types of mineralisation: • stratiform copper mineralisation similar to that of the world-class Central African Copper Belt and White Pine deposit in Michigan. This style of mineralisation would be hosted in flat lying sedimentary units of the Adelaidean sequence, with copper metal being sourced from the underlying Pandurra Formation red-beds or from zones of extensive alteration and leaching in the pre-Pandurra basement. The deposits at Windabout and at MG 14, hosted in dolomitic black shales of the Tapley Hill Formation in each case, have similarities to this style of mineralisation. The mineralisation mined at the Cattlegrid deposit, while differing in detail from the classic stratiform copper models, probably represents a local variant of this type of deposit, and illustrates that the reduced-facies Tapley Hill Formation unit is not a necessary host for the precipitation of copper mineralisation. • Base metal and gold mineralisation within brecciated and altered lithologies in the pre-Pandurra basement, as seen at the world class Olympic Dam deposit. Variants of this style of mineralisation are seen elsewhere on the Stuart Shelf at Prominent Hill, Carrapateena, Acropolis, Wirrda Well, Oak Dam and Emmie Bluff, and the tectonic and structural setting of the Mount Gunson area is favourable for repetitions of the Olympic Dam setting.