Monax Mining's Punt Hill Project, comprising EL4642 (Punt Hill) and EL 4548 (Yeltacowie), is located within the Olympic iron oxide - associated copper-gold (IOCG) Province on the eastern margin of the Gawler Craton, South Australia. This has a highly prospective and mineralised geological terrane which is host to the world class Olympic Dam mine, the Prominent Hill mine, the Carrapateena and Hillside deposits, and a number of other important IOCG prospects. It has been demonstrated that the key to achieving exploration success in this terrane is having persistence in exploration. However, due to the high risk and cost, exploration intensity is highly dependent on global market conditions and mineral deposit discovery rates. Monax has drilled 26 holes totalling 22,239.7 m over a 5-year period, testing geophysical anomalies across the Punt Hill Project, which has resulted in the successful identification of significant volumes of skarn - related alteration and mineralisation. The PACE-subsidised drillhole completed at the Camel Dam prospect was designed to test the centre of a gravity anomaly, which an existing vertical drillhole CDDD01 was interpreted to have missed. CDDD01 had penetrated a Donington Suite granite containing intense haematite-chlorite-sericite alteration and minor sulphide mineralisation. Monax believed that the lithology and alteration encountered in this hole indicated proximity to a haematite breccia - dominant IOCG system. The Camel Dam prospect is defined by discrete a 1.2 mGal gravity feature which is located in an area of relative magnetic quiescence. Magnetic susceptibility readings of the drill core from CDDD01 were extremely low, as expected, however, the average specific gravity of the drill core was 2.65 g/cubic cm which is consistent with the typical density of granite. Monax believed that this density of the basement rocks in CDDD01 is far from sufficient to explain the cause of the Camel Dam gravity feature. The gravity feature's dimensions are approximately 1 km x 1.3 km. PACE drillhole PHDD1206 was commenced on 25/11/2012, spudding at essentially the same surface location as CDDD01 had used, and was completed to a depth of 641.2 m on 1/12/2012. It was drilled at a 60 degree angle towards approximately 325 degrees True azimuth using HQ and NQ diamond coring from the surface, and Proterozoic basement was reached at 451.8 m depth. This comprised altered sedimentary rocks of the Stuart Shelf and Cariewerloo Basin extending down to 489.5 m depth, followed by interpreted Donington Suite granite and a Gairdner Dolerite dyke respectively, down to 641.2 m depth (EOH). It has been concluded that the dolerite accounts for the geophysical anomaly, thus downgrading the prospectivity of the target. Routine magnetic susceptibility and specific gravity measurements were taken down the length of the drillhole. No geochemical or petrological analyses have yet been undertaken on the drill core. All drillhole - related information is provided in a digital format as Appendix 1 of the subject final report. Wet and dry photographs of the basement interval of the drillhole are also provided as Appendix 2.