Over the past two years, Minotaur Exploration has identified and begun to explore a large new IOCG geophysical target (Aphrodite) that is located on EL 3762, and lies ~35 km SE of Olympic Dam. The target is a gravity-only anomaly with no discernible coinciding magnetic anomaly, and is situated on a SE-trending fault zone, ~15 km SE of known IOCG mineralisation at Wirrda Well. The gravity anomaly is coherent and of significant size (~4 km x 2 km) and amplitude (2 mGal). Initial drilling by Minotaur early in 2009 of a deep vertical diamond hole AS09D03 to 804.5 m into the gravity anomaly produced good evidence of an associated IOCG-alteration system existing within the basement. This drillhole was terminated within granitic gneisses that have been stratigraphically assigned to the Palaeoproterozoic Donington Granitoid Suite, but these rocks are not sufficiently dense to adequately account for the gravity anomaly. Subsequent more detailed gravity surveying carried out later in 2009 by Minotaur indicated that the peak of the gravity anomaly actually lies further to the south-west, by ~500 m, suggesting that drillhole AS09D03 was not a true test of the geophysical anomaly. Accordingly, plans were made to drill a second test hole to 1 km deep at the peak of the gravity anomaly, which necessitated invoking the financial assistance of PIRSA. Because the knowledge gained from drilling the first hole had removed the quite considerable risk that is normally associated with drilling such isolated geophysical targets, PIRSA was able to approve the costly work proposal and provided part-funding for it, as PACE Year 6 Drilling Project DPY6-03. PACE vertical diamond drillhole AS10D04 was completed to a total depth of 828.8 m over the period 19-28 October 2010, with a 203.9 m deep RC precollar. This hole also encountered basement comprising porphyritic granite and granitic gneisses of the Donington Granitoid Suite, plus lesser intruding mafic dykes, but here typical IOCG-style rock alteration appeared to be absent. The mafic dykes intersected have a measured density of ~3.0 g/cc, and it is assumed that their abundance increases with depth, where they perhaps coalesce and form a voluminous dolerite-gabbro intrusion which could account for the broad positive Aphrodite gravity anomaly.