EL 3511 Eucolo Creek, of 528 square km, is situated near the eastern margin of the Gawler Craton within the Olympic Dam Domain, approximately 90 km south-west of the Olympic Dam IOCG-U deposit (3.98 billion tonnes at 1.1% Cu, 0.4 kg/t U3O8 and 0.5 g/t Au), and 95 km west of the Carrapateena IOCG-U deposit (discovery intercept 178.2 m @ 1.83% Cu and 0.64 g/t Au, from 476 m depth). The main exploration target on this licence is the untested Churchill Dam gravity anomaly of approximately 10 km diameter and 5-10 mGal amplitude, which is located in the vicinity of intersecting north-east and north-west trending gravity lineaments. Data from regional aeromagnetic surveys show the presence of a very broad magnetic high partly coinciding with the northern end of the gravity high. There is no basement exposure in the licence area. PIRSA and Geoscience Australia had postulated that the local basement mainly comprises Mesoproterozoic Gawler Range Volcanics ('GRV'), the extrusive equivalents of the Hiltaba Suite, and the discrete gravity anomaly suggests that a dense, haematite-altered body of basement rock may exist in this area. PACE Initiative partial subsidy funding for completing a single drillhole to test the Churchill Dam gravity anomaly to a depth of ~500-600 m was obtained from the South Australian Government by licence holder Debnal Pty Ltd in December 2005, in expectation that the anomaly source could represent a possible economic Olympic Dam or Prominent Hill type buried IOCG deposit. EL 3511 was joint ventured to Venture Minerals Ltd ('Venture') in mid-2006. It was realised that the basement at Churchill Dam could lie under as much as 1 km thickness of cover sediments, and so efforts were made to secure a rig capable of drilling to at least this depth. However, because of the increased incidence of deep drilling activity throughout Australia and especially in South Australia, availability of such rigs was found to be tight. In the interim, Venture acquired new semi-detailed ground gravity data over the target regional gravity anomaly to confirm its shape and size. During June-July 2006 Haines Surveys was contracted to obtain gravity readings at 148 stations covering an area of 60 square km, giving a station density of 400 m x 400 m. Consultant geophysicist Jim Hanneson was retained to perform geophysical modelling and interpretation. He identified five coincident gravity/magnetic features which are not associated with Gairdner Dyke signatures, which could have IOCG prospectivity. His gravity data modelling suggested that the top of basement and the source of the main anomaly might both be around 900-1000 m beneath the centre of the gravity high. The “500 m depth sliceâ€? gravity images produced by Resource Potentials showed a conspicuous set of overlapping dense 'ring shaped' features located within and extending to the north-west of EL 3511, which strongly resembled the gravity signature of a volcanic caldera in its form and dimension, perhaps one similar to that inferred as the original host setting of the Olympic Dam deposit. After considering the gravity interpretation results, a WNW-trending residual gravity high of approx. 1700 m x 500 m dimension located on the eastern flank of the regional Bouguer gravity high was selected by Venture for drill testing. An orientation soil geochemical sampling programme was carried out by the licensee during December 2006 along two ENE-trending traverses crossing the central and southern parts of the Churchill Dam regional gravity anomaly (28 samples collected). The samples were assayed using enzyme leach and water leach techniques, with the hope that these methods would be able to pick up mobile metal ions leaking upwards through the thick Mesoproterozoic and Neoproterozoic cover from an IOCGU-mineralised body in the GRV basement. Some interesting results were obtained at the end of the central traverse, and the survey was extended in January 2007 when a further 79 soil samples were collected. To reduce the assaying cost, this second batch was assayed only by enzyme leach, which is considered more robust (i.e. less affected by changes in soil chemistry). Again interesting results were obtained, but it was evident that a more extensive partial leach geochemical survey extending well beyond the limits of the gravity high would be needed to properly evaluate the significance of the soil trace metal anomalism. After some false starts and delays, Wallis Drilling Pty Ltd was contracted to drill the Churchill Dam gravity anomaly PACE exploratory/stratigraphic hole during January 2007, using a KL900 multipurpose reverse circulation diamond coring rig with a nominal depth capacity of around 1400 m. Drilling of CHRCD001 began on 30/1/2007 and was completed on 17/2/2007 at 1146.4 m. The hole was vertically precollared by RC methods to 243.8 m depth, and then drilled with NQ2 diamond core bits to total depth. A single well deviation survey conducted at the end of drilling indicated that the hole had remained essentially vertical, with an 88.5º plunge to 225.3º magnetic azimuth. The hole was collared in a thin, ~2 m layer of Quaternary alluvium, then passed into a 103 m thick sequence of brown and grey mudstone with lesser fine grained green grey and brown quartz sandstone, assigned to the Woomera Shale Member of the Tent Hill Formation, Wilpena Group (Neoproterozoic). Some 29 m of brown, green grey and white quartz sandstone with minor green grey and brown mudstone was then intersected from 105 to 134 m depth beneath surface, and was assigned to the Whyalla Sandstone. This unit was followed by 35 m of grey mudstone with minor green grey quartz sandstone and ?dolomitic siltstone, present over the depth interval 134-169 m, which was correlated to the Tapley Hill Formation. The top of the late Mesoproterozoic Pandurra Formation was encountered in at approximately 169 m depth while drilling the RC precollar section of the hole, and this metasedimentary redbed formation continued on downhole for approx. 635 m to 803.5 m depth. Crystalline basement GRV rocks were penetrated at 803.5 m depth, consisting initially of a dull brown to green volcanic breccia with clasts of highly porphyritic rhyodacite. This lithology was logged for 31.8 m from 803.5 m to 835.3 m depth. Zones with a red-brown silty matrix similar to the overlying Pandurra Formation are evident in the upper few metres of the GRV. Brecciated GRV rhyolite and rhyodacite units with varying amounts of haematite±carbonate±silica±chlorite±sericite alteration were intersected from 836 to 966 m depth. Trace amounts of fine grained pyrite and ?chalcopyrite were noted in some units, especially within a brecciated and haematite-carbonate-chlorite veined and banded rhyolite layer that was cored between 925 and 966 m depth. A further 20 m of similar brecciated and carbonate-haematite-chlorite altered GRV dacite was intersected from 1008 to 1028 m depth. The hole was terminated at 1146 m while still within moderately to weakly altered, but less haematitic, porphyritic dacite GRV rocks. Despite the lack of significant mineralisation shown by this drillhole, Venture concluded that the broad alteration zones and hydrothermal brecciation seen in the drill core of CHRCD001 are highly encouraging, and believed that the GRV at Churchill Dam could host a significant IOCGU deposit. It decided to proceed with the following exploratory work: - Extension of the 400 m x 400 m gravity survey coverage to include the peripheries of the interpreted caldera, plus surveying a trial area of 200 m x 200 m gravity infill around CHRCD001, to investigate whether refinement of the residual anomaly drill targeting is possible. - A revision of the three-dimensional gravity model using representative density measurements obtained from CHRCD001 core. - Further drill testing of both the centre of the regional Bouguer gravity high and also the other, non dyke-related residual gravity highs mapped around the margins of the interpreted caldera structure. To satisfy the first undertaking, Venture acquired semi-detailed gravity coverage on a 400 m x 400 m grid across the southern part of EL 3553 during June-July 2007 (325 stations read), as part of a larger, 1831 station gravity survey covering the entire regional anomaly. A further two deep drill holes, CHRCD002 and CHRCD003, were drilled near the centre of the Churchill Dam regional gravity anomaly during March 2007 and July 2007 respectively. CHRCD002 was vertically precollared by RC to 188.8 m, and then was NQ2 diamond cored to a total depth of 1056.4 m. CHRCD003 was also vertically precollared by RC to 207.3 m, and then was NQ2 diamond cored to a total depth of 1168 m. Both CHRCD002 and CHRCD003 were thoroughly sampled and assayed, including over the entire RC precollar section in both holes, besides throughout the diamond cored lower Pandurra Formation and the parts of the GRV succession as penetrated. To support Venture's geological interpretation of the drilled sequence, a petrographical study was carried out on 8 drill core samples taken from CHRCD001 and 9 drill core samples taken from CHRCD002. Furthermore, rock geochemical classification diagrams and rare earth element content variation diagrams were produced for establishing the various volcanic rock lithotypes encountered by all three holes. The petrographer confirmed that the alteration seen in these rocks in all three holes was of an epithermal hydrothermal nature. No significant mineralisation was found in these drillholes, although the Neoproterozoic Woocalla Dolomite appears to be weakly anomalous for silver and base metals, as was noted by previous explorers who had drilled it nearby. The relevant depth interval 122-131 m in hole CHRCD003 gave the highest assay values, averaging 1.04 ppm Ag, 246 ppm Cu, 400 ppm Zn and 659 ppm Pb. Assay values returned from the GRV core sampled over the depth range 556-1168 m in this hole averaged 3.18% Fe2O3, 0.54 ppm Ag, 2.6 ppm Cu and 7.42 ppm U. Venture has since concluded that the results of its drilling programme at Churchill Dam described above have demonstrated the presence of only the Lower Gawler Range Volcanics in basement beneath the EL 3511 tenement area. The conclusion that the volcanic rocks belong to the lower unit is based on the presence of particular lithologies not seen in the Upper Gawler Range Volcanics, namely, mafic volcanic and pyroclastic rocks. Therefore, the company's drilling effort has provided a valuable insight into the volcanic succession present beneath deep cover in the Stuart Shelf region. This succession, which can broadly be correlated between all the Churchill Dam drillholes, consists of an upper rhyodacitic unit (present in CHRCD002 and CHRCD003) that includes lavas, volcanic breccias and possible ignimbrites, but unlike its lower equivalent lacking felsic tuffs; a dacitic unit that includes both lavas and pyroclastic flows (present in CHRCD001 and CHRCD002); a mafic unit, mostly andesitic in composition but including some basaltic material, that was extruded as lavas and pyroclastic flows (present in all three holes), and a lower rhyodacitic unit that includes lavas and pyroclastic flows (present in all three holes). Explosive volcanic facies have been identified, but thick accumulations of ignimbrite and polymict collapse breccia typical of caldera stratigraphy have not. Nevertheless, the observed combination of alteration style, anomalous chemistry and presence of hydrothermally brecciated volcanic rocks is seen as very encouraging for the IOCGU prospectivity of the GRV basement in the region. After the licence control reverted to Debnal in 2010, that company performed a review of previous data plus a reinterpretation and detailed modelling of gravity and magnetic data for the western part of the licence area. From this work there appeared to be a number of prospective targets worthy of testing. At least two targets were identified associated with undrilled subordinate gravity highs that represent dense bodies in the order of 400-800 m below surface and therefore appeared not to be directly related to the Gairdner Dolerite dyke swarm. It was recommended that those two targets in particular be tested for inferred IOCG type mineralisation, each with a 1000 m deep diamond drillhole. Discussions were held with interested parties about forming a new joint venture. No work was done during licence Years 5 through 10. An agreement which would have allowed Debnal to sell the licence, that was reached with an international major resource company during 2012, later fell through before conclusion. The search for a joint venture partner remains ongoing. No work was completed in licence Year 11 on renewed EL 5890. During licence Year 12 no fieldwork was completed, however the company did undertake steps to being able to drill including a data review, drill target identification, PEPR Authorisation and Heritage Survey Clearance Agreement.