During 2009-2010, the first year of the subject licences' joint annual reporting, 27 vertical open exploratory rotary mud holes were drilled to basement on EL 3905 Goulds Dam for a total penetration of 3564 m, to search for redox fronts that may exist south (i.e. 'upstream') of the reduced sedimentary section that was drilled on EL 2978 during July-August 2005. Each drillhole was geophysically logged using a PFN tool and a Geovista Induction Probe (including short and deep conductivity tools and a natural gamma tool). From the PFN tool downhole logging, all of the holes recorded peak uranium grades of >0.02% pU3O8, from mineralised zones which ranged between 50 cm and 2 m in thickness. Hole GLD405 had the best grade of ??m @ 0.44% U3O8 from 108 m depth. The results of this drilling suggested that there was good potential to extend the Goulds Dam deposit orebody limits northwards along the Billeroo Palaeochannel within the basal Eyre Formation sands. During the 2010-2011 joint reporting year, no field work was done. Uranium One re-interpreted all of the existing geophysical and lithological data, made plans to acquire a fixed wing airborne EM survey over the lower reaches of the Billeroo Palaeochannel, and commissioned Aerometrex Pty Ltd to conduct an aerial orthophotography survey over EL 3906 (and also over EL 3714 Glenorchy and the Honeymoon mine site). The latter survey was done at the start of November 2010. Digital ortho-images of the land surface were seamlessly mosaiced, and were tiled to a 3000E x 3000N grid for the 30 cm dataset, and to a 1000E x 1000N grid for the 8 cm dataset. During the 2011-2012 joint reporting year, the major activity undertaken was the acquisition early in October 2011 of part of a multi-licence airborne 25Hz TEMPEST electromagnetic survey along east-west flight lines spaced at either 250 m or 500 m apart, using a 100 m sensor nominal terrain clearance height. A total of ~299 line km were flown over EL 3906, and ~199 line km were flown over EL 3905. The intent in flying this survey was to infill the 2002 TEMPEST AEM survey coverage, and thus provide higher resolution data over areas of interest including the Box Dam region within EL 3906 and the northern and southern extensions of the Billeroo Palaeovalley beyond the Goulds Dam deposit Retention Leases. When the new AEM data had been processed and provided to the JV partners, Uranium One commissioned Caon Geophysics Pty Ltd to conduct a complete review and re-interpretation of all available geophysical data (airborne EM, gravity and magnetic) for the Goulds Dam JV Project licences (three in number, including the separately reported and recently renewed EL 5043 Ethiudna - see Env 10381), and to make a fresh geomorphic history interpretation of the nature of the Billeroo and Curnamona palaeovalleys. Part of the brief involved modelling of the basement palaeotopographic surface, including identifying any basement structures that may have influenced the deposition of the palaeochannel sediments, and perhaps also have created “trap” sites for reductant organic matter which could later become loci for uranium precipitation. A set of preliminary layered earth inversion images were generated that Uranium One said had provided both better resolution of the palaeovalley at Goulds Dam and Box Dam, and had identified several new exploration targets. Within the Goulds Dam Retention Leases 83 to 90, there appeared to be a series of NW-SE oriented structural features which could have influenced the geometry of the Billeroo Palaeovalley by causing it to “snake and bend” around palaeo-topographic basement highs, and thereby may have created settings favourable for the accumulation of organic material. In contrast to this, the Curnamona Palaeovalley appeared to lack similar evidence of structural control, leading to it having a much more “uniform” subsurface morphology. Another important finding evident in the AEM data was a significant palaeovalley system which essentially runs in an E-W direction within EL 5043 and the southern portion of EL 3906. It was arbitrarily divided by Uranium One into two sections surrounding Telechie Main Dam and Lake Mary Dam, and was expected to provide an excellent exploration target that hitherto had barely been drill tested. Its interpreted main channel seemed to “snake and bend” around a number of possible basement “highs” in a similar manner to the Billeroo Palaeochannel in the Gould’s Dam region, and is close to uranium enriched basement rocks, which are located only ~10-15 km to the south at Spring Hill and Jagged Rocks. At this time, Uranium One also began working in collaboration with the CSIRO on a project which would attempt to identify groundwater resources using airborne EM survey data. CSIRO’s Water for a Healthy Country Flagship initiative was working through the Goyder Institute of South Australia on research that was intended to contribute to the development of an integrated water resource management strategy, to facilitate the economic growth potential of priority regions associated with the mining and energy sectors. The initiative was designed to draw on the combined efforts of industry and government to determine the location, accessibility and sustainability of the State’s groundwater resources that are suitable for mineral processing and energy supply. It also aimed to contribute to the development of policy measures for controlling access to water resources and to manage the protection of dependant ecosystems and environmental assets. Among the foreseen challenges of employing AEM datasets in groundwater studies is to be able to accurately define the conductivity structure and layer boundaries that reflect the hydrogeology, rather than artefacts arising from, for example, inaccurate system characterisation or processing procedures. In the Goulds Dam area, Uranium One already had a range of AEM data that had been acquired by different instrument systems (fixed wing and helicopter), at different resolutions and at different dates. They also had a considerable amount of borehole data (geophysics and geology) that could complement and constrain a hydrogeophysical interpretation of the AEM data. During the 2012-2013 and 2013-2014 joint reporting years, the first two of renewed ELs 5141 and 5142, no work was done due to deteriorating economic conditions for uranium exploration. A campaign of exploratory drilling on the Goulds Dam Project ground comprising 140 vertical rotary mud holes had been planned to commence in the fourth quarter of 2012. 20 of these holes were to be drilled within EL 5141 over the Goulds Dam East prospect, and 35 holes were to be drilled within EL 5142 over the Box Dam prospect. The drilling was postponed until economic conditions might improve, but this did not happen before a decision was made in the latter half of 2014 to allow the licences' tenure to lapse.