An area centred ~130 km south-east of Oodnadatta, and covering part of the exposed eastern flank of the Margaret Inlier of the Peake and Denison Ranges, has been explored for possible buried IOCG mineralisation which may have formed in the Palaeoproterozoic or younger basement. Falcon Minerals' evaluation of the historic exploratory drilling results from the surrounding area indicated that the basement rocks have been subjected to high temperature magnetite-albite-calc silicate alteration, overprinted by retrograde actinolite-chlorite-epidote-chalcopyrite assemblages and partial oxidation of magnetite by haematite. These observations led the company to draw similarities between the local stratigraphy and mineralised Proterozoic sequences in both the Olary Inlier and the Eastern Succession of the Mount Isa Inlier in northwestern Queensland. During the first licence year, a review made of pertinent previous exploration data, plus selective geophysical data reprocessing and 3D magnetic and gravity data inversion modelling, concluded that substantial evidence exists for the presence of an IOCG mineralising system at the Davenport Creek prospect. One historic drillhole at this prospect had reported a mineralised interval of 3 m @ 2.75% Cu from 330 m depth, associated with magnetite-haematite-chalcopyrite-bornite breccias in basement rocks. A further 13 m of anomalous copper averaging 695 ppm had been encountered in altered pegmatite from 390 m to the end of the hole. A down-hole EM survey was conducted, which indicated an off-hole conductor away from DCDH001. Two deep angled diamond cored holes were planned to test this concept. The prospect was modelled as an elongate to pipe-like body having a density of 3.1 g/cc and coinciding with a magnetic anomaly. This geophysical expression was thought to have similarity to that of the Prominent Hill deposit and also that of the Osborne copper-gold deposits of the Cloncurry region. No work occurred during licence Year 2, because of budget constraints that caused postponement of the planned drilling. A joint venture partner was sought to help fund the proposed drilling at Davenport Creek. During licence Year 3, in December 2012, Falcon Minerals granted Monax Alliance Pty Ltd an option to purchase its entire interest in the Peake and Denison Project licences (including EL 4536). To address this offer, Monax Mining Limited as operator for the alliance with Antofagusta undertook land access negotiations and subsequently acquired a detailed, 638 station ground gravity survey over the Outside Springs gravity anomaly in May 2013. However, the alliance's geophysical modelling of the new gravity data did not identify a source with properties that were suggestive of a large iron oxide - associated copper-gold body. As a consequence, in June 2013 Monax Alliance withdrew from the Option to Purchase Agreement. Following this setback, Falcon Minerals itself reviewed the gravity data and then decided to fully surrender tenure.