Woocalla EL 3744/4725, comprising two small licence sub-blocks, is located near to but to the south and south-east of the historic Mount Gunson stratiform copper mining field. Licensee Gunson Resources has been in joint venture there with Noranda Pacific, principally searching for possible concealed economic base metal and gold mineralisation that may have formed within brecciated and altered lithologies in the pre-Pandurra Mesoproterozoic to Palaeoproterozoic basement, in geological settings similar to that of the IOCG occurrence at the world-class Olympic Dam deposit. Variants of this style of mineralisation are seen elsewhere on the Stuart Shelf, notably at Emmie Bluff and at Carrapateena which lie closer to Woocalla, and the known tectonic and structural features of the Mount Gunson area were believed to be favourable for hosting repetitions of these types of IOCG-related mineral occurrences. Work in on the subject licence has been limited to prospectivity reviews and 3D inversion modelling of available regional potential field geophysical data, with no field work carried out during the nine years of its tenure. The reviews did not identify any targets warranting immediate work, nor were any convincingly prospective new targets able to be generated subsequently, and so the joint venture partners have recently decided to surrender the ground. During the reporting period, the JV carried out substantial drilling work on the adjoining three project licences, which enabled Noranda to earn a majority interest in all four tenements. PACE Initiative - subsidised drilling completed on EL 3264 during December 2005 and early in 2007 gave the project partners some early exploration success by encountering minor IOCG - related copper mineralisation at Chianti prospect, where drillhole MGD34 made an intercept of 4 m @ 2.01% Cu + 0.01 g/t Au below 548 m depth, within an interpreted distally altered and weakly brecciated quartz-vein rich granitoid host rock. However, follow-up drillholes failed to intersect significant mineralisation of this or other affinity. The industry-prevalent targeting process for defining basement-hosted IOCG mineral-prone prospects relies heavily on the use of high quality and detailed magnetic and gravity datasets. Because the gravity dataset that was available for EL 4725 is very coarse, it was not found to be appropriate for generating targets. In Xstrata Copper's opinion, any future targeting in the Woocalla area for IOCG anomalism would require a more detailed gravity survey to be carried out. There was also prevailing concern within the JV that the drill depth to reach basement in this area could be >1000 m, which was viewed as an exploration deterrent.