An area centred approximately 50 km south of Woomera, near the Oakden Hills, is being explored for three separate types of mineralisation: • stratiform copper mineralisation similar to that of the world-class Central African Copper Belt and White Pine deposit in Michigan. This style of mineralisation would be hosted in flat-lying sedimentary units of the Adelaidean sequence, with copper metal being sourced from the underlying Pandurra Formation redbeds or even from zones of extensive alteration and leaching in the pre-Pandurra basement. The deposits at Windabout and at MG 14, hosted in dolomitic black shales of the Tapley Hill Formation in each case, have similarities to this style of mineralisation. The mineralisation mined at the Cattlegrid deposit, while differing in detail from the classic stratiform copper models, probably represents a local variant of this type of deposit, related to a redox boundary and a zone of structural preparation. • base-metal and gold mineralisation within brecciated and altered lithologies in the pre- Pandurra basement, as seen at the world-class Olympic Dam deposit. Variants of this style of mineralisation are seen elsewhere on the Stuart Shelf, and the tectonic and structural setting of the Mount Gunson area is favourable for repetitions of the Olympic Dam setting. • gold mineralisation of any of the types being explored in the central and western Gawler Craton. Within the subject EL 3022, where basement was believed to lie at depths greater than 800 m, the practical focus was on finding stratiform copper mineralisation within the Stuart Shelf cover rocks. During June 2002, a group of consultants was assembled by Mount Gunson Project operator Gunson Resources ('GUR') to review the potential of the project tenements for hosting >250Mt stratiform copper orebodies. The group consisted of: Dr D W Haynes, Douglas Haynes Discovery Pty Ltd Mr Mark Dugmore Dr Ken Cross Dr J E Hanneson, Adelaide Mining Geophysics Pty Ltd Mr Hamish Paterson, Hamish Paterson & Associates Pty Ltd. Based on their collective insights into the empirical and theoretical factors which ought to govern the formation of this class of copper deposit, eleven target areas were identified and ranked. The ranking was accomplished according to the following criteria: • presence of an untested, preserved depositional margin of Tapley Hill Formation (THF) around a basement high consisting of Pandurra Formation and/or Gawler Range Volcanics. The presence of Whyalla Sandstone over a thin section of THF was taken as evidence of preservation of the original THF basin margin • presence of a preserved THF pinchout within 200 m of the present surface (this contour was poorly constrained in several of the target areas) • a 'basin amplification' factor - because targets on the eastern flank of the Pernatty Culmination were potentially open to large-scale fluid migration from the main Adelaidean basin lying to the east, during the Delamerian compressional event • presence of through-going structures, particularly in an 045º and/or 320-330º orientation • copper anomalism encountered in previous drilling • pinchout zones of THF less than 10 m thick • potential for an economic volume of mineralisation: calculations of orebody area, based on likely thickness and grade parameters, were used to determine whether the existing drilling spread had allowed room for an orebody of this size to be undetected. Other non-technical aspects were also taken into account in the ranking process. Because of difficulty in gaining approval from Native Title claimants for access to salt lake areas, targets remote from such environments were ranked higher than ones lying under or close to salt lakes. Similarly, targets lying with the GUR tenements were given a higher ranking. Following the target definition and ranking, it was recognised that some targets (target areas 9 and 10) lay on open ground close to the western boundary of EL 2639 and EL 2756. To protect these targets on open ground, EL 3022 was applied for (with EL 3008 to the north). On completion of the ranking process, it was decided to test a number of the target areas with broadly-spaced partial digest soil geochemistry. Sampling lines were laid out during August and October 2002 at 800 m to 1 km line spacing, with a nominal sample spacing of 100 m. Where the sample lines crossed major structures, the sample spacing was closed to about 25 m to test whether there was any indication of geochemical activity associated with these interpreted faults. Within EL 3022, from a total of 524 soil samples, both target Areas 9 and Area 10 displayed low-level geochemical anomalism which, considering the sandy overburden (dunes and sandy flats), GUR decided still warranted reconnaissance drill testing. Early in 2003, Stuart Shelf regional exploration co-venturer BHP Billiton chose to withdraw from the Mount Gunson Project. Work on the project then was suspended for a period while attempts were made to interest a new joint venture partner in the project. During licence Year 2, work completed on EL 3022 included: • an IP survey over the residual gravity feature at the Moseley Dam prospect • target interpretation refinement, based on IP data and gravity • work site clearance surveys for Moseley Dam prospect • drill testing of the residual gravity anomaly at Moseley Dam prospect with one diamond drillhole. A single line of IP was run across the Moseley Dam residual gravity anomaly by Zonge Engineering during February, 2004. As part of the same survey, a second line was read at the 23 Mile Tank anomaly on EL 2639. The station spacing was 300 m, and a base frequency of 0.125 Hz was used. The dipole-dipole resistivity and IP images for Moseley Dam suggested that a zone of disseminated sulphides might exist within the THF close to its up-dip pinchout. In view of this interpretation, a single vertical hole was completed by GUR during May 2004 to test both the residual gravity response and the anomalous IP. Diamond drillhole MGD 33 was drilled to a depth of 252.14 m (75.0 m RC precollared), passing through THF over the depth interval 75.24 to 207.50 m. The thick sequence of this unit (containing dolomite, dolomitic shales, black shales and local dolomitic breccia) was a surprise, as one of the modelling parameters used in siting the hole was to be close to the THF pinchout. Since the THF is not present in earlier CSR drillholes OK 38 and OK 87, it appeared that there is significant basin-floor topography in the prospect area, which may be structurally controlled. The sequence seen in MGD 33 is actually very similar to that in OK 138, indicating that thick THF extends over a large area, and that the formation must thin very rapidly against a steeply sloping basement shoreline. It was clear that a large area of prospective thin THF must lie to the north of MGD 33, and follow-up drilling was proposed. Based on drilling results from MGD 33, there is no obvious explanation for the source of the residual gravity anomaly. The anomaly may be due to a local channel with thicker THF, but there is no corresponding anomaly over the thick THF seen in OK 138. Another possibility is that there could be a Gairdner mafic dyke within the Pandurra Formation basement in this area – the trend of the residual gravity feature supports this, but there is no indication of such a dyke in the aeromagnetic data. A proposal was submitted to PIRSA for a grant of PACE Initiative funding to assist with further drilling at the Moseley Dam prospect. This drilling was to comprise a small number of shallow percussion holes designed to tie down the location of the THF pinchout, and then to step out into the broad basinal feature north of MGD 33 and drill two or more cored holes. Any encouragement arising from this follow-up drilling would lead to GUR to conduct an extensive test programme around the margin of the THF, on EL 3022 and on adjoining tenements. The proposal was successful, being approved by PIRSA as collaborative drilling project DPY1-11 (see Env 11205), attracting a subsidy payment of $27,500, but its execution was delayed by a year due to GUR's inability to secure a drilliing contractor. Eventually, during January-February 2006, GUR obtained a suitable drill rig and was able to complete a programme consisting of 4 scout RC drillholes plus 2 RC precollared NQ2 diamond core holes, for a total vertical penetration of 627.9 m including 143.9 m of coring. The drilling results helped to define aspects of the basement geometry and stratigraphic setting at the Moseley Dam prospect. While it was expected that the thick sequence of THF seen in MGD 33 would gradually thin towards the basin margin, they showed instead that the actual stratification is not uniform, and the THF seems to display some broad folding which complicates the geological picture. The basin margin to the north is indicated by the position of hole MGC 39, which it is thought probably clipped the very edge of the THF. Conversely, the stratal sequence encountered in MGD 41 proved that the formation is still thick in that hole's position, thus suggesting that the north-south trending basement ridge which was originally interpreted to continue south to drillhole OK 87 may not in fact be present. GUR concluded that even if the absence of THF in OK 87 does denote the presence of a local basement high, rather than an emergent basement ridge, it is still likely that the broad embayment tested by the 2006 drilling is a zone of reduced circulation, and hence would be particularly favourable for the concentration of organic material, forming a environment conducive to the precipitation of copper sulphides from circulating groundwater and basin fluids. Thus the underlying model, which predicts copper mineralisation to occur where the THF is thin and close to its line of onlap against the basement high, remains valid, as borne out by the best copper values occurring in recent holes MGC 38 (6753 ppm Cu, from 60-62 m at the top contact of the THF) and MGD 40 (4865 ppm Cu obtained from a similar stratigraphic position), which are close to the northern margin of a broad embayment in the formation. In the middle of licence Year 4, GUR signed an option and joint venture agreement with international metals explorer Noranda Pacific Pty Limited, with effect from 15/6/2006, which would allow Noranda to earn a majority interest in the five Mount Gunson Project ELs. The basic condition was that Noranda should spend a minimum of $3.5 million over three years to earn 51%; then, if it so wished, it could spend an additional $6.4 million over the succeeding three years, to take its stake up to 75%. No further field work occurred on the subject licence area during Years 5 and 6 of tenure, while for part of this time the joint venture partners carried out a technical interpretation of possible stratiform copper mineralised drilling targets, and discussed their ranking. The prime exploration focus became shifted outside of the licence, since Noranda preferred to test more attractive basement targets elsewhere on the project ground, such as Chianti prospect on EL 3264 where GUR had previously recorded 4 m @ 3.4% Cu equivalent in its 2005 PACE drillhole MHD 34. This intercept, although narrow, compared favourably with the discovery intercept of 67 m @ 3% Cu made in Carrapateena prospect 25 km to the east. During licence Year 7, limited infill gravity surveying was performed on EL 3967 during April-May 2009 as part of a wider-ranging gravity data acquisition programme which was designed to eliminate a number of gaps in the gravity coverage of the Mount Gunson Project area, and to replace older data where the quality, mainly of the elevation parameter, was thought to be suspect. 100 stations were read along 5 lines, at 250 m station spacing. The lines extend eastwards onto EL 3477 (23 stations), so the total number of new stations in the local area is 123. During licence Years 8 through 11, no field work occurred on the subject licence. Other work in train comprised ongoing data reviews and analysis as part of the wider target generation process for the project ground, spurred on by the entry of Xstrata plc. Specifically, this included the review and processing of geophysical datasets and then refining 3D models of various target areas. In Xstrata's opinion the lack of detailed gravity data prevented robust targets from being identified, and it suggested that a detailed gravity survey would be required to progress further with evaluating basement-hosted IOCG. However, doing such work was seen as of low priority due to the likely economically excessive (1000 m+) depth to basement. During licence Year 12, Xstrata attempted to farm out Noranda Pacific's 51% in the licence, without success. Therefore it later withdrew from the joint venture and transferred its interest back to Gunson Resources. During licence Years 13 and 14, no work was done. Gunson Resources began seeking a new joint venture partner. In mid-2016, following the sale of the subject EL 5108 plus adjoining ELs 5333 and 5636, new licence owner Terrace Mining commenced making a prospectivity review and data gap analysis that addressed the licence's potential for sediment-hosted copper-cobalt mineralisation hosted by the Stuart Shelf cover sequence and IOCG copper-gold mineralisation hosted by the underlying Gawler Craton rocks. This review is being conducted in addition to scoping studies that are underway into the proposed mining of the Windabout and MG14 sediment-hosted copper-cobalt-silver mineral resources located in adjacent EL 5636. Terrace Mining recognised that, on the Stuart Shelf, sediment-hosted copper-cobalt-silver mineralisation is known to have a close spatial relationship with the interface between the Pandurra Formation and the overlying sedimentary units, typically the Tapley Hill Formation and Whyalla Sandstone. This prospective interface is flat-lying and rarely crops out. Previous work has mapped the horizon over large areas from drilling information, however it was believed that considerable scope remained to actively explore it for new discoveries of this mineralisation style. It was envisaged that modern advances and evolution in remote sensing technologies, for example, in high resolution seismic surveying, geophysical data modeling and inversion, and regolith geochemistry studies and GIS-based data integration, could now be applied for the first time to much of the Mount Gunson Project area. During licence Year 15 a farmin and joint venture agreement (dated 17th March 2017) between Terrace and Gindalbie Metals Limited was entered into, but they had not earned an equity interest by the end of the reporting period (28th October 2017). A regional exploration assessment of the ground the subject of the joint venture, including adjoining EL 5636, commenced towards the end of the period and was advancing at time of reporting. The aim of the assessment was to generate exploration targets through the review of open file exploration and geological information. During licence Year 16 the following works were conducted within the tenement: - Commencement of a regional-scale assessment of exploration potential of the tenement, initially focussing on assessment of historical exploration data and processing and interpretation of newly released Gawler Craton Airborne Survey geophysical data.