An area centred approximately 110 km north of Port Augusta, covering part of the Pernatty Ridge plateau on the south-western side of Lake Torrens, approximately 145 km south-east of the Olympic Dam mine, was taken up to explore for possible economic iron oxide - associated copper-gold-uranium (IOCGU) mineralisation concealed within buried Mesoproterozoic basement. EL 3457 straddles the regional geophysical boundary between an anomalously high crustal magnetic/gravity signature to the south-west that grades into a low magnetic/gravity signature to the north-east. The detailed pattern of magnetic anomalism suggests the presence of predominately northwest-southeast and secondary north-south and east-west trending fault systems. Such a complex structural environment is a favourable environment for the migration of potentially ore-bearing fluids. Initial office-based exploratory work done by licensee Monax entailed it performing a review of all available geological and geophysical data, from which the company interpreted that the moderately deeply buried upper basement rocks within EL 3457 were strongly prospective for IOCGU style mineralisation. During December 2005, to identify and prioritise geophysical anomalies which could represent IOCG drilling targets, Monax acquired a semi-detailed helicopter-assisted ground gravity survey of stations read at 1 km x 500 m spacing, which was followed up during July-August 2006 with 250 m x 250 m selective infill gravity readings. A combined total of 2418 gravity stations were read. Consultants' geophysical modelling of the gravity data for eight discrete residual anomalies suggested that several apparently structurally controlled minor gravity highs, which have semi-coincident moderately magnetic features, could arise from zones of magnetite to haematite alteration that might denote a mineralising environment. Accordingly, the company next proceeded to conduct a regional deep drilling programme, which commenced on 12/9/2006. Seven of a planned 10 vertical holes, RC percussion precollared to ~250-300 m depths before continuing as HQ/NQ diamond coreholes, were completed for a total penetration of 5794.3 m by 28/11/2006 (including 801.1 m of HQ and 2875.1 m of NQ coring). This early greenfields drilling done near Punt Hill was highly successful, as it identified substantial IOCG style alteration and associated copper mineralisation hosted by both Gawler Range Volcanics and unnamed metasedimentary lithologies, the occurrence of which was deemed very encouraging to ongoing exploration. Significant intercepts included: - at Whistlepig prospect, hole WPDD1 encountered 60 m @ 0.13% Cu and 0.03 g/t Au from 788 m depth; - at Woodchuck prospect, hole WDDD1 encountered 70 m @ 0.41% Cu from 683 m depth, including 28 m @ 0.82% Cu and 10 g/t Ag from 683 m depth; - at Groundhog prospect, hole GHDD1 encountered 126 m @ 0.4% Cu from 837 m depth, including 14 m @ 0.7% Cu from 846 m depth, 17 m @ 0.41% La+Ce from 788 m depth, and 14 m @ 1.0% Cu, 0.25 g/t Au and 4.5 g/t Ag from 940 m depth. During November 2006, a detailed aeromagnetic and radiometric survey totalling 7649 line km was flown over most of the licence area, with 100 m northeast - southwest flight line spacing and 50 m sensor elevation. The new magnetic data greatly improved the resolution of the magnetic features within the tenement. However, it was noted that earlier downhole magnetic susceptibility measurements had shown highly magnetic individual flows are present within the Beda Volcanics. Monax therefore exercised caution when interpreting the magnetic data, because the company assumed that the Beda Volcanics may impose a magnetic response which affects the response from the Proterozoic basement, although contrary to this argument, drillhole information indicated that the Beda Volcanics appear to uniformly blanket the licence area, so any perturbing magnetic effect should act evenly across same. Since Monax had to date primarily targeted discrete gravity anomalies within the tenement, indications were that there remained significant upside and scope for drill testing of magnetic anomalies for IOCG related alteration and mineralisation. During licence Year 2, Monax continued its regional IOCG target drilling, completing 13 additional vertical RC/diamond holes for 11,795.6 m. 990 more infill gravity readings were collected at 250 m x 250 m grid spacings over the Hoary South, Picketpin, Punxsutawney Phil, Shore Hill and Woodforde Hill prospects during August 2007. Downhole and surface dipole-dipole IP/resistivity surveys were performed at two of the Punt Hill prospects, Groundhog and Woodchuck, during November-December 2007, to look for evidence of chargeable features at depth. Drillholes surveyed were GHDD1 (hole blocked at 810 m depth), GHDD4 (blocked at 420 m), WDDD2 (full survey) and PDDD2 (blocked at 320 m). Forty-two drill core rock samples were submitted to Mason Geoscience for petrographic / mineragraphic studies, and mineral prospectivity research group pmdCRC from CSIRO was engaged to undertake a fluid flow numerical modelling project. Significant alteration and mineralisation were discovered at Punt Hill by the follow-up drilling of the IOCG copper-silver-gold occurrence found there in September-October 2006. Importantly, it soon became apparent that those particular prospects held the first significant occurrence of skarn-type metasomatic alteration and mineralisation seen on the Stuart Shelf. This fact was exciting because it is known that skarn-type mineral systems have the potential to host pods of high grade metallic mineralisation. Furthermore, the discovery during June 2005, amplified in succeeding months, of the major Carrapateena Cu-Au deposit located only 25 km to the north of Punt Hill, was a major boost to the subject licence's prospectivity, although the depth of the latter orebody (> 470 m below surface) Monax thought could be problematic if also the case for Punt Hill. The Punt Hill downhole IP (113 points measured at 10 m or 20 m intervals in three holes, WDDD2, GHDD1 and GHDD4) and surface IP surveys (18.6 line km along three traverses) proved somewhat successful at identifying a number of chargeability features at depth. However, given the great depth of the known mineralisation (>650 m), it was unable to be reliably resolved by the surface IP surveying, even using a 300 m dipole-dipole array, as was borne out by the difficulty in obtaining a good “fit” to the observed data by inversion modelling. The consultant's remedial recommendations included re-surveying using a 3D array, where measurements are made between electrodes placed on adjacent lines as well as those being used within the IP section. Monax aimed to undertake this particular re-survey during the first half of 2008. Monax suspended its regional and appraisal drilling operations in July 2007 due to the high costs associated with deep drilling and a failure to improve on existing mineralised grades. However, to advance its programme of exploration for economic mineralisation, CSIRO's pmdCRC were commissioned to undertake a series of numerical, stress field - induced mechanical deformation - fluid flow simulations designed to aid in the identification of potential sites of high fluid flow associated with Mesoproterozoic copper-gold mineralisation at Punt Hill. During licence Year 3, a 3D IP and resistivity survey was acquired over Groundhog prospect during July 2008, and was followed up with further NQ diamond drilling there during July-September 2008. The electrical geophysical data were collected along lines of 3.2 km length covering the Groundhog / Woodchuck (7 lines) and Prairie Dog prospects (3 lines), with alternating traverses of transmitter and receiver electrodes. A 200 m electrode spacing was used for both the transmitter and receiver arrays. 3D inversion models of the chargeability and resistivity data were subsequently created for the combined traverse datasets. However, the results from the inversions were not overly conclusive. The shallower 280 m and 420 m depth slices showed possible northwest-southeast trending conductivity features which may be the shallow expressions of fault structures, but the deeper 770 m slice was relatively featureless. It was surmised that this response may be a true representation of the underlying geology, but is more likely just demonstrating the lack of depth penetration of the survey. The 2089.5 m vertical drilling programme comprised two new holes (GHDD6 and GHDD7) and one extension to a previous hole (GHDD2), and was designed to test IP/resistivity anomalies and possible related theoretical hydrothermal alteration anomalies identified by the pmd*CRC modelling project. This drilling continued to yield sub-economic skarn mineralised intercepts. Significant core sample assay results obtained from the GHDD2 hole extension section to TD 1069 m included: • 24.8 m @ 0.67% Cu (from previous hole TD 900.2 m down to 925 m depth), • 41 m @ 0.36% Cu (from 938-979 m), • 17 m @ 0.30% Cu (from 990-1007 m), • 37 m @ 0.35% Cu (from 1013-1049 m), and • 149.8 m @ 0.37% Zn, 4.7g/t Ag (from 900.2-1050 m). Significant core sample assay results obtained from new hole GHDD6 (TD 1023 m) included: • 159 m @ 0.47% Cu, 5.3 g/t Ag, 0.12 g/t Au, 0.48% Zn & 0.12% Pb (from 846-1005 m), which included 17 m @ 1.1% Cu, 1.2% Zn and 8.5 g/t Ag from 853-870 m. After the completion of the latest drilling work, Monax undertook environmental rehabilitation activities at all of the drill sites it had occupied for the 2006, 2007 and 2008 campaigns, and submitted a rehabilitation summary report to PIRSA in February 2009. During licence year 4, the only field work undertaken by Monax was the acquisition, processing, modelling and interpretation of data from another infill ground gravity survey it conducted in October 2009. This survey comprised 1142 gravity stations collected on a regular 250 m x250 m spaced grid, which were designed to infill existing data over the Gopher and Otcheck prospects. Phil Hawke from Hawke Geophysics was engaged to merge process the entire gravity data set. He conducted a review of the terrain corrections required of the gravity data, in an attempt to remove artefacts caused by steep scarps formed on the western edges of the Andamooka Ranges. He enlisted the assistance of Stewart Geophysical Consultants to provide a separate expert report on the terrain correction iterations. The newly processed, terrain corrected gravity data provided an obvious improvement in the understanding/resolution of the basement structure and dense bodies potentially associated with mineralisation. The Gopher gravity anomaly was defined and modelled using both UBC and 3D techniques. Monax is progressing Native Title and Aboriginal Heritage discussions, with the aim of soon drill testing targets on this feature. Monax also stepped up its promotion of farm-out possibilities for the Punt Hill Project, with the aim of securing further investment for continued exploration.