An area centred ~55 km north-northeast of Port Augusta was taken up to explore the concealed Mesoproterozoic basement rocks that lie along this part of the eastern margin of the Gawler Craton for possible buried economic iron oxide - associated copper-gold (IOCG) mineralisation that may be similar in character to that found in the Prominent Hill and Carrapateena deposits. Much of the extent of EL 4763 is characterised by very subdued magnetic and gravity anomalies, consistent with a probable lack of shallow magnetic or dense rock units. The eastern margin of the Gawler Craton in this area, as well as the positions of the Torrens Hinge Zone and western boundary of the Adelaide Geosyncline, are not well defined, and thus the potential for IOCG mineralisation to occur within basement units still remained untested. In April 2012, after conducting almost six months of negotiations, Minotaur entered into a Sale and Purchase Deed with BHP Billiton Olympic Dam Corporation Pty Ltd relating to the sale of five tenements held by Minotaur on the eastern Gawler Craton, including the subject EL 4762. Consequently, technical exploration activities planned for this licence area, such as the acquisition of a regional gravity survey and a possible subsequent 3D MT survey, were not undertaken due to Minotaur's involvement in negotiations over the Sale and Purchase Deed and having to assist BHP Billiton with its due diligence assessment.