The banded iron formations associated with various tillite in South Australia have been recognised as being potential sources for iron however the low-grade nature of these bands has been one of the limiting factors in why they have not been exploited. The area was highlighted in “The Investigation and Exploitation of the Razorback Ridge Iron Deposit” G F Whitten, Report of Investigations 33, 1970 [CNO:1003234]. Exploration Licence 3927 is located south of Yunta on the on the south-western corner of the Olary map sheet. The tenement is broken into 2 parts: a smaller northern section covering the Dragon’s Tail (Pualco West) and Wheal Motley and a southern, and the larger southern part that covers Pualco Range, Levi Range, Braemar Peak, Ironback Ridge and Faraway Hill. The focus of this licence area is in two parts on the banded iron formations located to the west and the south of both Razorback Ridge and South Black Hills. Technological advancements in mining and metallurgy means that it was now more economical to advance the resource. Due to fraudulent challenges against the lessee, significant time and effort was taken away from the project and other tenements held by the lessee. During the first licence year, exploration was mainly restricted to office base studies of previous exploration data and PIRSA published data. A detailed study was undertaken to better understand the Cu mineralisation at Wheal Motley and the Au occurrences in the Levi Range. Limited field visits were undertaken including the Japanese Group brought by Mr. Hillam in August 2008, followed in September with a second visit with a Korean partner, and a site visit in October by the Salim China group. During the second licence year, Royal Resources Ltd proceeded with due diligence on the Pualco Tenement, with the intention of JV with Goldus Pty Ltd on the iron ore rights of the project area. This included a desktop study and site visit. Royal believes the tenement holds good magnetite potential and could provide additional tonnage to compliment the Razorback Iron Deposit in the adjoining northern tenement.