When Phelps Dodge began managing exploration on EL 2885 in mid-2002, its focus was on defining structurally-controlled magnetic targets that had remained untested, but which could host significant sized deposits of Olympic Dam or Ernest Henry type IOCG mineralisation. The company reprocessed and interpreted all of the available aeromagnetic data for the Moonta-Wallaroo region, besides reviewing historic drillhole information and evaluating much ground gravity, IP and TEM data, and then decided to acquire new highly detailed low-level aeromagnetic coverage across the entire licence area. 11,514 line km of a new airborne magnetic/radiometric/DEM survey was flown there during October 2002, along 100 m spaced north-south lines with a 40 m sensor elevation (to allow close comparison with the Amalg Resources-Adelaide Resources aeromagnetic survey data previously obtained in the Moonta Porphyry JV area). When the new Phelps Dodge aeromagnetic data were interpreted, a total of 81 possible IOCG-related targets were identified. In order to prioritise these geophysical targets, it was decided to conduct complementary soil calcrete sampling over them. 962 samples were collected for assay, mainly at 400 m x 400 m centres, with infill sampling at 200 m x 200 m spacing. The calcrete analysis results showed that three targets, nos 16, 19 and 24, had the highest copper and/or gold values. Based on structural features that Phelps Dodge had noted during its data review, a ground gravity survey was also read over four more extensive potentially IOCG prospective areas, commencing in August 2002, but not completed until December 2002 when farm crops were removed from the fields involved. More than 1600 gravity stations were read on irregular 400 m x 200 m grids surveyed over these areas, with some infill to 200 m x 100 m station spacing. Several promising gravity anomalies were disclosed by this survey. A programme of aircore/RC drilling to bedrock was begun during 2002, with 9 holes completed for a total penetration of 509.3 m, all located near Targets 16 and 18 in the north of the licence area, and all ending within variably weathered metasediments. Anomalous copper, to 0.17% Cu over 34 m, was encountered in two holes at Target 16, associated with quartz-tourmaline veining. During 2003, Phelps Dodge continued to explore its priority IOCG targets via additional calcrete sampling, gravity surveying, trial moving and fixed loop ground TEM surveying, and test RAB bedrock drilling, plus deeper RC and diamond drilling at Target 77. Historic diamond drill cores held at PIRSA's Moonta Core Library were also inspected. 1210 calcrete samples were collected, primarily at 400 m centres, with infill to 200 m. Several elevated copper and gold anomalies were identified. 2572 new gravity stations were read in two field sorties conducted during July-August and December 2003, using the same staggered 400 m x 200 m station density as previously, with infill readings as required at 200 m x 100 m spacings. 36.5 line km of 200 m moving loop ground TEM data were acquired over several targets, but no significant anomalous bedrock conductors were detected, except for a possible weak, very deep IP chargeability response seen at Doora prospect. To investigate the bedrock geochemistry at 37 targets, 148 more RAB drillholes were completed for a total penetration of 7740 m. A number of minor copper and gold anomalies were evident in drill cuttings sample assay results, ranging up to 0.46% Cu and 0.17 g/t Au. The single hole RC (TD 223 m) and diamond drilling (TD 558.1 m) done at the Target 77 strong magnetic high located ~8 km south-west of Alford, returned up to 0.25% Cu and 0.08 g/t Au. In late October 2003, a newly listed Australian company, Red Metal Limited, became operator of the Moonta-Wallaroo joint venture through a strategic alliance it had made with Phelps Dodge. At this time, Adelaide Resources still held 100% equity of the majority of EL 2885 (embracing 1160 square km), while Breakaway Resources Limited (formerly Amalg Resources NL) retained a small interest in areas surrounding the historical Moonta and Wallaroo mining fields. During 2004, Red Metal continued the process of investigating Phelps Dodge' priority IOCG targets via additional calcrete sampling, gravity surveying and test RAB bedrock drilling, plus deeper RC and diamond drilling. A gravity survey of 801 stations was acquired during December 2004, at the same 400 m x 200 m precision as previously, excepth that some infill coverage was carried down to 50 m station spacings. The company reported that strong negative gravity anomalies were commonly seen at the targets surveyed. 1047 calcrete geochemical samples were collected at the usual 400 m regional spacing, with later infill over defined copper-gold anomalies. The best results were recorded over Targets 78 and 81. 12 inclined RC percussion holes for 1425 m, 3 inclined diamond drillholes for 1181.5 m, and 69 aircore drillholes for 1311 m were completed by Red Metal during February-March 2004, July-September 2004, and December 2004 respectively. The highest intercepts made were 5 m @ 2.69% Cu in hole MPD-04-14, at Target 19, and 32 m @ 0.51% Cu in hole MPDAC170, at Target 78. During the following year, Red Metal's exploration activities took place mainly in the north-western corner of the licence area, at Target 81 situated at the southern end of the Alford structural corridor. Here a ferruginous and gossanous bedrock ironstone (called the Wombat prospect) had been shown by the 2004-05 aircore drilling to be copper-mineralised over at least a 1 km extent. A ground gravity survey of 595 stations was read during December 2005 at 400 m x 200 m and 200 m x 100 m grid spacings, to try to better define the gravity anomaly at the Wombat South prospect, prior to conducting deep diamond drilling there. 4 inclined diamond drillholes were completed subsequently, for a total of 1615.9 m; of these, hole MPD-05-18, to TD 656.7 m, was drilled at Target 81W with partial funding provided by the SA Government's PACE Initiative, as approved collaborative drilling project DPY1-16 (see PIRSA open file Env 11028). Only subeconomic levels of dispersed, low density stockwork-veined chalcopyrite mineralisation were encountered within a 38 m thick interval of carbonate-biotite-potash feldspar breccias that have developed in pre-Adelaidean feldspathic host rocks. The programme of regional bedrock aircore drilling was also continued, with 352 vertical holes completed for 8435 m. The highest intercepts made were 4 m @ 1.41% Cu in hole MPDAC434, and 19 m @ 0.93% Cu in hole MPDAC341, both coming from the broad Target 78 located between Cunliffe and Paskeville. During 2006, the joint venture partners began to curtail their field activities, as most of their geophysical targets had by now been drill tested and thereby discounted as lacking significant IOCG potential. Red Metal completed 9 diamond drillholes for 3148 m during the first five months of the year. 6 holes tested bedrock copper-gold anomalies at the Wombat and Wombat South prospects, and one hole did the same at Target 78. Minor elevated copper concentrations were assayed in the drill cores, with the best result being 158.1 m @ 0.22 % Cu, including 6.6 m @ 1.37% Cu, 0.28% Zn and 0.04% Co, from hole MPD-06-22 drilled at Wombat prospect. During April 2006, surface moving loop TEM surveying was carried out in four places at the Moonta Mines, as well as at Target 78 and at Wombat prospect. Weak conductive responses detected at the Moonta Mines were tested by 2 of the new diamond drillholes, MPD-06-29 and MPD-06-30, but no significant mineralisation was found. A single downhole EM survey was conducted in deep diamond hole MPD-06-27 drilled at Wombat prospect, and a weak off-hole DHEM response was correlated with a thin interval of copper sulphides cored in that hole. Because of their failure to discover a world-class IOCG deposit within EL 2885, Red Metal and Phelps Dodge decided in January 2007 to withdraw from the Moonta Joint Venture. When Adelaide Resources resumed managing exploration on the subject tenement area, it had already begun assessing the uranium potential of the Moonta-Wallaroo district. The presence locally of minor bedrock uranium mineralisation had been recognised for the last 100 years, however, many of the past drillholes had never been assayed for uranium. Therefore, exploration undertaken by the licensee on its renewed EL 3733 during 2006-08 comprised several rounds of radiometric scanning and subsequent selective laboratory assaying of samples taken from the historic diamond drill cores housed in the State Government’s core storage facilities at Moonta and Glenside. PIRSA's records indicated to the company that a total of 1593 mineral exploratory holes (diamond, RAB, aircore and RC) had been drilled within the district, and of these holes, the Department advised that core samples from 345 of them were retained in storage and available for investigation. From this holding, core samples from 227 holes were radiometrically scanned by Adelaide Resources using a GR Exploranium 110 scintillometer. 55 of the holes had core containing radiometrically anomalous intervals. These depth intervals, in the form of quarter core pieces, were chip sampled, and the rock chips sent for laboratory analysis of a range of trace elements. Several significant assay results of >1000 ppm U3O8 were returned by 306 core chip samples taken from 9 of the historic drillholes, sometimes coinciding with elevated copper and gold values. The highest uranium contents, of >2300 ppm U with a maximum value of 4950 ppm U, were found in 3 drill cores obtained from historic holes DDH 114, DDH 126 and DDH 128 which had been drilled within the Wallaroo Mines. The newfound fact of anomalous uranium being widespread at >50 m depth at numerous locations within the tenement area gave Adelaide Resources good encouragement for doing further work to assess the potential of these prospects.