An area centred ~110 km north of William Creek, 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 comprising semi-detailed gravity survey, diamond drillhole and IP survey results, plus selective geophysical data reprocessing and 3D gravity inversion modelling, concluded that substantial evidence exists for the presence of an IOCG mineralising system in the area, and that two discrete, untested geophysical targets existed near Spring Hill which had only been inconclusively tested by previous vertical drilling, and required more investigation via angled diamond drilling to around 400 m depth. The gravity model for the north-eastern anomaly's source body indicated a diameter of about 1.3 km and a depth to source of about 160 m below the surface. The south-western target appeared to be about 1 km in diameter and lay at a depth of about 385 m. During licence Years 2 and 3, no work was done. The previously identified targets were reviewed and it was concluded that they are still valid drill targets. But because of the current difficult market conditions for raising capital, Falcon Minerals was forced to curtail its exploration activities and to begin rationalising its portfolio of projects. The company decided to divest both the subject EL 4350 and its adjoining EL 4536 ground. It also entered into negotiations with a prospective joint venture partner. During licence Year 4, 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 4350). To address this offer, Monax Mining Limited as operator for the alliance with Antofagusta undertook land access negotiations and subsequently acquired a detailed, 432 station ground gravity survey over the Tarlton Springs gravity anomaly [a separate target to Spring Hill South-west] 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.