An area located immediately west of Lake Eyre was taken up under licence, together with two other areas located nearby to the west, to explore the concealed Gawler Craton and younger Proterozoic basement rocks for possible economic IOCG mineralisation. During the first licence year a review of past exploration records, plus desktop studies of all available geoscientific data, were used to identify local controls for the effects on basement of activity by any IOCG mineralising systems. Reprocessing of available magnetic and gravity data for the area to generate potential IOCG targets was followed by a consultant's modelling of selected anomalies. Two of three localities having semi-coincident, radially symmetric magnetic and gravity anomalies were modelled for their source depth and likely 3D geometry / geological affinity. These discrete exploration targets within the basement were thought by the licensee to represent structurally controlled alteration assemblages that had formed at the margins of uplifted blocks of Palaeoproterozoic basement. The thickness of younger cover lying above these targets was estimated to be at least 300 m. No work took place on the subject licence during its second year of tenure. Proposed acquisition of additional detailed, 400 m x 100 m spaced infill gravity readings, to provide more precise residual anomaly data to assist in refining the geophysical model results, and then the deep rotary mud/diamond drilling of at least three preferred targets, did not eventuate before a request was made to surrender the licence.