Aquila Resources took up ownership of the much previously-explored ground comprising the Wilcherry Hill Project with the intent of exploring for the first time the iron oxide - associated copper-gold & uranium (IOCG-U) mineralisation potential of regional structural corridors that border several major Hiltaba Suite buried plutons, in areas where unexplained elevated gold-in-calcrete anomalism occurs and inferred favourable basement rocks exist for possibly having undergone extensive iron metasomatism or large-scale epigenetic alteration. Late in 2001, Aquila's data room review of the available exploration data for the project area had led it to the realisation that detailed gravity surveys, a key tool used in exploring for IOCG deposits, had not previously been acquired on the project licence ground to allow geophysical modelling of potential iron oxide metasomatic bodies that could carry economic mineralisation. Consequently, semi-detailed and detailed gravity data was acquired by Aquila during March-April 2002 (1041 plus 444 stations read along 53 east-west lines over 3 irregular grids). Other early work undertaken by the licensee was the commissioning of a geophysical interpretation of the structural framework for project tenements known to contain large buried Hiltaba age granite bodies, plus a re-assessment of the bedrock signal truth significance of past calcrete geochemical results in the light of a new regolith landform study for the region that was also contracted to be done. During 2004-2005, 134 vertical aircore and RC percussion holes were drilled by Aquila for a total penetration of 7414 m to test five selected targets, three located on Wilcherry Hill EL 3095 and two on Peterlumbo EL 3272. The main outcome from this drilling was the enhancement of understanding about the western gneissic granite shear zone at Weednanna as a zone of gold mineralisation. The strongest intercept made was 11.0 m @ 0.88 g/t/Au. No anomalous gold was detected from drilling the targets on Peterlumbo. At this time Aquila also maintained an interest in the base metal potential of the Mitchell prospect, located straddling ELs 3021 and 3190, where minor sphalerite and galena had been encountered by previous explorers' drilling. This occurrence of possibly significant replacement mineralisation within the Gawler Range Volcanics apeared to be closely associated with northwest-trending fractures filled by younger Gairdner Dolerite dykes, and Aquila consideres that this setting could have similarities to those of the Menninnie Dam and Telephone Dam deposits. No work took place on the subject licences during the 2005-2006 joint reporting year, while a transfer of ownership was in train. After Trafford Resources assumed operating the Wilcherry Hill Project and had sub-ventured the iron ore exploration rights to IronClad Mining, it continued to do appraisal drilling at the Weednanna prospect, to verify the existing partly delineated gold mineralisation and to extend the known occurrence beyond the range of previous drilling. During August-September 2006, 13 inclined RC holes for 1993 m were drilled on the western side of the prospect: they yielded two highly exceptional gold intersections, of 36 m @ 5.71 g/t Au from 52 m hole depth (including 12 m @ 11.37 g/t Au from 68 m) in hole 06WDRC007, and 32 m @ 3.44 g/t Au from 56 m in hole 06WDRC002. These were the largest gold intercepts seen to date at the prospect, and appeared to represent a sub-horizontal style of mineralisation not previously recognised. In other drilling done at the end this campaign, Trafford completed 3 inclined RC holes for 873 m at the Stuart aeromagnetic anomaly to also look for gold, but no significant assay values were returned. The northern-most hole, 06STRC003, drilled mainly tuffs, a calc silicate and granite, with a maximum iron assay return of 3.6%. No sulphides were visible. The hole was terminated at 281 m. The central hole, 06STRC002, drilled predominately calc silicate hornfels with trace sulphides. A maximum iron assay of 8.6% Fe was returned. The hole was terminated at 300 m. The southern-most hole, 06STRC001, drilled through 125 m of kaolinitic clays and granitic material before passing into calc silicate rocks to 254 m. From 254 m to completion at 293 m, the hole encountered acid volcanics (rhyolite), tuffs and a further calc silicate horizon. A maximum iron assay of 2.8% Fe was returned. No sulphides were visible. During December 2006, as a follow-up to some new deposit margin dipole-dipole IP lines surveyed at Weednanna [survey was abandoned as unsuccessful by the contractor Zonge Engineering and Research - IP data not supplied to PIRSA], new resistivity anomaly targets were selected by Trafford for stepout exploratory drilling, and 14 more inclined RC holes (06WDRC014 to 06WDRC027) totalling 1672 m were drilled to test them. Significant results included encountering a wide gold horizon (8 m @ 2.2 g/t Au from 100 m) in hole 06WDRC023 within a gneissic unit. The intersection lies on the eastern edge of a large IP anomaly, but it was noted that it appeared different to the usual Weednanna prospect mineralisation, in that very few sulphides were observed. In addition, two diamond holes were completed by Trafford on EL 3095 at this time. The first, 06WDDH001 drilled to 164.2 m, was designed to test the depth extent of gold mineralisation found at Weednanna during the August-September drilling campaign. The second, PQ size diamond cored hole was drilled to a depth of 160.9 m at Weednanna to provide a sufficient volume of rock sample to send for qualitative bulk metallurgical testing of magnetite iron mineralisation. A total of 300 kg of whole drill core was provided to SGS Oretest in Perth for this testwork. IronClad Mining also drilled one PQ sized diamond core hole to a depth of 250 m during the above reporting period, but no significant iron mineralisation was encountered. During February 2007, Trafford commenced appraisal RC drilling at the Golden Gate prospect area lying some 7 km north of Weednanna. The IP response obtained by the company here coincided with peak geochemical values recorded from historical RAB and diamond drilling in 1982. Of note then was the highly anomalous uranium seen in RGG 5 (maximum 510 ppm U from 52–54 m) associated with anomalous base metals and silver – no gold values were reported. Four inclined RC holes (07GGRC001 to 07GGRC004) totalling 348 m were designed to verify the above results and perhaps define the extent of the uranium anomaly. Hole 07GGRC001 intersected 20 m @ 87.5 ppm U from 52 m. This hole was abandoned at 72 m due to drilling difficulties within brecciated granitic rocks, whilst still in mineralisation. The depth extent of the mineralisation, therefore, remains unknown. The subsequent three holes were drilled 50 m to the east, north and south of 07GGRC001. Preliminary results indicated that the mineralised zone extends for at least 150 m in a north / south direction and 200 m east / west. The mineralisation, therefore, remains open in all directions as well as at depth. Also during February 2007, Trafford performed outcrop rock chip and grab sampling (33 samples) of BIF strata at the Ironstone Hills prospect on EL 3021. 22 of the samples contained between 15% and 59% Fe, while one sample contained 32% Mn. Subsequently, similar sampling done on BIF outcrops at the Pier Dam prospect returned >20% Mn from four of six samples. Grab sampling of the previously reported auriferous BIF at Reddon Dam prospect on EL 3190 did not verify the earlier detected anomalism. Reconnaissance geological mapping was carried out by Trafford at the lead-anomalous Death Adder prospect on EL 3272, and observations were recorded about interesting vein structures developed within metamorphosed Warrow Quartzite exposed on a prominent hill traversed there. At Ultima Dam prospect, drilling done in the 1980s by Shell had consisted of a number of widely spaced RAB and diamond holes put in over a strong magnetic anomaly on the western side of Ultima Dam. Assay results for uranium obtained from these historic holes were considered by Trafford as encouraging, since they defined a 2.2 km long anomalous zone, so further RC holes were planned between the historical RAB lines to test the extent of this uranium anomalism. 10 RC holes (07UDRC001 to 07UDRC010), for 1092 m were completed during June 2007. This drilling programme confirmed the original zone of weak uranium anomalism. Trafford considered that more work was required over this prospect to find zones of higher grade uranium mineralisation, especially to the north-west of the magnetic anomaly where ground access was currently restricted by Native Title heritage constraints. Early in 2007, Trafford implemented a desktop study into the economic viability of iron ore production on the Wilcherry Hill Project, after independent geologists Maprock Pty Ltd calculated a JORC-compliant inferred resource of 44 million tonnes with an average metallurgical grade of 36.4% Fe. Subsequently, another independent study made for Trafford by ProMet Engineers (March 2007) indicated that commencing iron production could be economically viable, if tailored for the export of either Blast Furnace (BF) grade concentrates or the higher grade Direct Reduction (DR) concentrates, with attendant moderate operating costs, relatively low capital costs, and likely production cost margins of up to $27/tonne for premium product (DR grade) and up to $23/tonne for BF grade. The results of these mining pre-feasibility technical studies led Ironclad Mining to enter into the previously mentioned joint venture agreement with Trafford. As part of this iron ore exploration joint venture, Ironclad began drilling the Ultima Dam East prospect in September 2007 with the aim of delineating high grade magnetite iron mineralisation. By the end of October 2007, Ironclad had drilled 13 inclined RC holes (07UERC001 – 07UERC013) for 1389 m to collect a variety of 3 metre composite and one metre RC drill chip samples to send for assaying, besides additional samples destined for metallurgical testwork (Davis Tube Recovery testing). One PQ size diamond hole was also drilled by Ironclad at the prospect. During October 2007, Trafford conducted an infill gravity survey over the Mawson prospect located in the western part of EL 3095, where coherent gold-in-calcrete anomalism had been found by previous explorers. 670 stations were read at 50 m intervals along lines spaced 250 m apart. A number of gravity highs offset from magnetic anomalies were identified, which despite their modelled >200 m deep sources, Trafford considered were worthy of drilling in order to assess their uranium, base metals and gold potential. This particular prospect was seen as having possible IOCG-U affinity, because limited historical drilling into the calcrete gold anomaly during the late 1990s had intersected 29 m @ 0.9% Cu (in Acacia Metals' hole 99WDRC061).