A large area in the central-eastern Olary Domain surrounding Kalabity Homestead is thought to be prospective for Broken Hill type stratiform Pb-Zn-Ag deposits, Mt Isa - Century style stratiform Zn-Pb deposits, Cloncurry style strata bound Cu- Au deposits, and iron oxide copper gold (IOCG) mineralisation similar to that occurring at Olympic Dam.This district has already been explored sporadically for the past three decades by a number of major exploration companies, whose considerable exploration efforts have included major geophysical, geochemical and drilling programs. Although no significant mineral deposits were located, several anomalous targets were identified that in PepinNini's opinion had not been adequately followed up. During the first licence year, in the latter part of 2004, PepinNini commenced a comprehensive data and literature review to identify exploration opportunities to meet the corporate objectives of the company. Thirteen prospects were recognised, that showed good potential for base metal or copper–gold mineralisation. Eight of these targets were believed to warrant immediate drill testing. During licence Year 2, PepinNini undertook drill testing of selected prospects at Birthday Well, Johnaroo, Waukaloo Syncline and South Koolka. Nine vertical RC holes were drilled for 903 m (RC05BW001 – 006, RC05JN001 - 003) and 2 inclined RC pre-collard NQ diamond cored holes for 759 m (DD05WS001, DD05SK001). The 6 RC holes put in at Birthday Well were designed to follow up anomalous Cu, Pb and Zn intersected by previous explorers. However, only weak Cu-Zn and Cu anomalism was found this time, e.g. in hole RC05BW001, which intersected 90 m @ 0.22% Cu, 0.2% Zn and 402 ppm Co (from 7 m to 97 m EOH) [albeit including 4 m @ 0.62% Cu, 0.36% Zn & 1240 ppm Co], and PepiNini did not regard it as encouraging. The 3 RC holes put in at Johnaroo, located north-east of Birthday Dam were designed to follow up previous weak Cu-Zn and As drill intercepts in ferruginous psammopelite, and to test the northern end of the Waukaloo Ridge magnetic anomaly. No significant mineralisation was encountered in these new holes, and only weak albite alteration was seen in the third one. At Waukaloo Syncline a single diamond tailed hole was cored to try to identify the source for an unresolved downhole electromagnetic conductor detected by previous explorer Rio Tinto Exploration. Abundant iron sulphide was identified, disseminated throughout the drill core, but PepinNini believed that this did not adequately explain the conductivity anomaly. Some weak Pb-Zn mineralisation that is present is also not enough to explain the anomaly. Nevertheless, the potential of the prospect was downgraded due to its poor mineralisation. The South Koolka prospect's basement lithology had been described as a magnetite calc-silicate skarn with IOCG potential. PepiNini’s diamond core drilling was designed to look for any down-dip extension of the mineralised stratum identified in drilling done by previous explorers. This objective was met, but the thickness of the unit and its degree of associated alteration was shown to decrease at depth. Therefore, the potential for significant mineralisation to occur in it was placed into doubt. A reconnaissance field trip was conducted during August and September 2005 to inspect the Crocker Well Uranium Field and the Becaroo prospect radiometric anomaly, where 6 rock chip geochemical samples were collected. An elevated uranium content (17,770 ppm U, equivalent to 1% U3O8) was revealed in one sample carrying abundant davidite. PepinNini decided that this prospect warranted further investigation. During licence Year 3, on 13/9/2006, PepinNini entered into a formal agreement (a Memorandum of Understanding) with Sinosteel Corporation of China to form a strategic alliance which would explore and develop the uranium, base metal and precious metal potential of the Curnamona Project. In the meantime, PepinNini alone began exploring the western part of the tenement, by undertaking reconnaissance mapping and rock chip geochemical sampling of the Crocker Well – Mount Victoria Uranium Field bedrock exposures, with a particular focus on identifying the sources of 5 prominent U-channel anomalies evident in publicly available regional airborne radiometric survey datasets compiled by PIRSA (Plan SA Ex3171.03.2). A handheld scintillometer (Scintrex BGS-4 scintillation counter) survey was conducted across the anomalies (designated as Becaroo, and Anomalies A – D) to cover both peak and background portions of the anomalies. Total count radioactivity data were collected at 10 m intervals along north-south traverses 100 m apart (for a total of 3472 readings). Rock chip samples (50) to submit for laboratory assaying were collected across all 5 prospects; both representative samples of rock units, and potentially mineralised rocks, were sampled. Sixteen samples returned uranium assay values of >100 ppm U. The best results were returned from the Becaroo and Anomaly A prospects, giving highest equivalent grades of 26.2 kg/t U3O8 and 24.1 kg/t U3O8 respectively. During licence Year 4, on 6/6/2007, a joint venture agreement was officially entered into between PepinNini and Sinosteel Corporation of China, with 40% : 60% respective participation rights assigned. No technical work was performed during the ensuing period of handover of project management, and therefore no formal annual report was submitted to PIRSA. During licence Year 5, again no technical work was done, and so no technical report was submitted.