An area centred ~60 km west of Lake Eyre North, and covering a mostly concealed part of the Denison Inlier of the Peake and Denison Ranges which lies to the east and north-east of Mount Charles, has been explored for possible economic buried Olympic Dam type IOCG mineralisation which could have formed in Proterozoic basement rocks which have associated coincident gravity and aeromagnetic anomalies. During the first licence year, plans were made to acquire detailed ground gravity data over a strong aeromagnetic anomaly. This field work became delayed due to a high rainfall event in early 2011. Over the following three years, no work was done while Red Metal sought a joint venture partner to help fund its exploration. This search was unfruitful, and so it was eventually decided to fully surrender the subject licence in order to let the company concentrate its financial resources on exploring its other tenements.