Possible iron oxide - associated copper-gold (IOCG) type large base and precious metal deposits which may have formed within buried Proterozoic basement are being targeted in an area centred about 145 km south-east of Coober Pedy and 100 km north-west of Olympic Dam, which has no basement outcrop and wherein only one previous drillhole had penetrated the basement. The Mount Paisley licence is being explored by Goldstream Mining in combination with 5 other nearby EL areas, together forming the Mount Woods Project. In early November 2001 Anglo American agreed to farm in to these project licences, initially for one year from March 2002, by spending a minimum of $500,000 on work across the project acreage to advance knowledge of its IOCG prospectivity. At the outset of exploration on EL 2708, licensee Goldstream Mining conducted a review of past exploration reports and, in April 2000, undertook the reprocessing and interpretation of existing regional geophysical data. This work identified one large coincident magnetic and gravity anomaly (400 nT and 7 mGal) beneath the north-western corner of the licence area. During late November-early December 2001, after Anglo American had assumed the technical management of the exploration programme, a ground gravity survey was contracted to Solo Geophysics for coverage of two locations overlying the geophysical anomaly of interest. Survey Area 1 in the north-west near Mount Paisley was completed first, comprising 274 stations read on 200 m x 400 m spacing. Survey Area 2 further to the south consisted of 285 stations read on a 200 m x 1600 m spacing; this part of the survey had to be curtailed owing to local severe thunderstorms and heavy rainfall. After receiving news of the mid-November 2001 discovery by Minotaur Exploration of the Prominent Hill IOCG deposit at a location only 48 km north-west from Mount Paisley, Anglo American hastened to model and interpret all of the EL 2708 geophysical data. The favoured IOCG anomaly gave an estimated depth to its basement magnetic source of between 600 and 1000 m. It was decided that additional ground geophysical profiling would be needed to refine this depth estimate and firm up drilling targets. In the interim, Anglo obtained aboriginal heritage site clearances for possible sites where it might eventually drill, and analysed 336 soil geochemical samples collected from above the Mount Paisley geophysical anomaly. Interpretation of the resulting spectrum of weakly anomalous U, Mo, As, Na, REE and Cu assay values settled on the idea that they resembled the known range of rock geochemical signatures of the Cretaceous Bulldog Shale, and thus were likely to be signals of trace element dispersions from this shallow bedrock unit that have been diluted by surficial processes, so they were eliminated from further investigation. During late March 2002, Anglo American acquired additional gravity data at Mount Paisley. 378 stations were read by Fugro Ground Surveys along north-south lines at either 200 m x 800 m or 200 m x 1600 m station spacings. The potential field data from all surveys combined was then modelled in detail by geophysical consultant Jim Hanneson. His work identified three plausible prospects located along the western side of the tenement, where dense source bodies might exist at moderate depths. However, Anglo American considered that these targets were either too deep to be of interest, or that the source of the anomalies chosen had been explained by previous drilling. Therefore no further exploration of EL 2708 was recommended from this geophysical data interpretation, with Anglo ceasing participation in the licence after 11/2/2003, and the company exited the project joint venture overall in December 2003. During February 2004, Garsed & Associates were contracted by Goldstream Mining to conduct a detailed assessment of recent exploration conducted on all of the Mount Woods Project licences, including on EL 2708. Two untested main targets were selected for EL 2708 on the basis of their maximum residual gravity anomaly amplitudes (20 mGal at Marshall and 16 mGal at Deputy) and their interpreted geological setting. No field work too place on the subject licence area during Years 4 and 5. On 21/6/2006, Goldstream Mining was given approval by PIRSA to conduct a diamond drilling programme designed to test a deep Olympic Dam style target. The programme comprised 1 to 2 holes for a total penetration of 1300 m, and was set to commence during July 2006. It had to be postponed because of the unavailability of a suitable drilling rig, and was rescheduled to commence as soon as one became available. In the meantime, Goldstream continued with its assessment of data and an evaluation of the uranium potential of the licence. During 2007 Goldstream's geophysical consultant reviewed and remodelled the Mount Paisley magnetic and gravity datasets using University of British Columbia (UBC) inversion algorithms, and integrated the previous modelling outcomes obtained by Jim Hanneson. In consequence, Goldstream was then able to refine the coordinates of the planned diamond drilling sites. The UBC model shells from the gravity and magnetic inversion, along with the polygons from Jim Hanneson’s modelling, were combined along with all (currently unresolved) possible locations of historic Esso Minerals drillholes DP1 and DP2. This three-dimensional graphics construct enabled the spatial relationships between the magnetic and gravity sources to be visualised. The figures demonstrated that hole DP2 did not intersect the source of the principle gravity anomaly (considering all the locations recorded for this drillhole). The modelled bodies that source the magnetic and gravity anomalies were seen to have a favorable 3D spatial relationship (as prescribed for IOGC style mineralisation). It was concluded that the top of the source of the gravity anomaly may start at around 1000 m depth, with the core of the anomaly (highest density component) being at a depth of greater than 1500 m. Goldstream commenced its EL 3387 diamond drilling programme during January-March 2008, when a single vertical diamond cored hole, MPD001, open hole RC precollared to 353.4 m depth, was drilled to a total depth of 1683.7 m to test the Marshall gravity anomaly. Diamond NQ coring commenced within the Palaeo-Mesoproterozoic Pandurra Formation, the preserved section of which was found to be very thick at this location, since the pre - Pandurra Formation basement rocks were encountered at a depth of 1288 m. From here on, below an unconformity break, the hole cored a 185 m thick sequence of dense haematite-rich banded iron formation (BIF) containing minor zones of brecciation. Below the BIF unit lies a sedimentary sequence comprising conglomerate, siltstone and black shale. This sequence is intruded by dolerite sills consisting of quartz-sericite±chlorite plus coarse-grained amphibole and magnetite. The combination of a dense BIF sequence and intrusions of magnetic dolerites has explained the geophysically modelled deep-sourced, large gravity and magnetic anomaly. No haematitic alteration or other distal vectors to an IOCG mineralised system were observed in the basement drill core. Although trace chalcopyrite is present in the BIF and shales, this copper sulphide mineralisation was not regarded by Goldstream as worth chasing because of the depths at which it occurs. Niton portable XRF semi-quantitative spectroscopic analysis of the drill core is currently in progress to quickly obtain indicative assay values. Four NQ2 core samples from MPD001 were submitted to Pontifex & Associates for petrographic description: two from the Fe-rich part of the BIF unit, one from the magnetic dolerite, and one from some form of siliceous, altered breccia. [The rock descriptions are included in the present data release]. Drillhole MPD001 has successfully tested one of several Olympic Dam style targets presently defined in the licence area, but it intersected only minor mineralisation. Additional coincident magnetic and gravity anomalies are believed exist at shallower depths north-east of MPD001. Further modelling of these geophysical features is planned, as well as downhole geophysical surveying in MPD001.