An area located approximately 50 km east of William Creek and abutting the western shoreline of Lake Eyre North was taken up to explore for possible concealed IOCG style base metal and uranium deposits, that could have formed in buried Archaean to Proterozoic basement rocks of the Muloorina Ridge, as well as for any secondary palaeochannel - hosted uranium occurrences that may exist within overlying Mesozoic sediments. At the commencement of exploration, the licensee engaged Hugh Rutter of Flagstaff Geological Consultants to compile and interpret the open file gravity, aeromagnetic and radiometric geophysical data, to map the local basement depth and identify possible geological features of interest. Arising from this work, the company next carried out a geological reconnaissance and an orientation scintillometer survey on a 50 m x 50 m and then a closer-spaced grid over several surficial uranium anomalies delineated by a previous SA Government SAEI programme airborne radiometric survey. The origins of some anomalies were evaluated further via a petrological and mineralogical study of 3 sedimentary rock samples collected from areas where relatively high radioactivity spot readings were recorded during the scintillometer survey, but no uraniferous minerals could be found. During February 2008, Metminco contracted Daishsat to acquire a 407 station regional gravity survey on a 1.5 km x 1.5 km grid spacing, which included three detailed traverses of readings taken at 500 m and 100 m station intervals, intended to augment the existing, similar precision PIRSA 2007 Northern Olympic Domain regional gravity coverage of the majority of the licence area. Interpretation and modelling of this new gravity data revealed two prominent residual gravity anomalies that could represent possible dense IOCG-mineralised features within the basement, with the probable depths to the respective anomaly sources being interpreted as 550 m and 675 m below surface. The licensee initially planned to drill two deep holes, RC pre-collared with diamond tails, over the shallower target. However, advice reliably gleaned from other explorers active in this region of the north-eastern Gawler Craton was consistently that this drilling into basement would prove technically too challenging for a small company to undertake alone, mainly because the overlying sediments are part of the Great Artesian Basin, and high groundwater pressures could make maintaining the drillholes open through the artesian aquifers difficult (and very expensive). Therefore Metminco chose to downgrade both of its basement IOCG targets for reasons of their expected problematical logistics. During the second licence year, some progress was made towards preparing to aircore drill to ~50 m depth over the inferred shallow sedimentary uranium targets identified near the centre of the licence area. The ground scintillometer survey data was replotted with corrected values, to better define the two anomalies of most interest. Native Title negotiations for gaining on-ground access to drill were completed, and aboriginal heritage clearances were obtained. No further work ensued on the licence before Metminco in 2010 decided to re-focus its mineral exploration activities overseas in South America, and thus abandon EL 3929.