A now relinquished licence portion located on the north-eastern margin of the Peake and Denison Ranges, covering exposed and inferred buried portions of the Margaret Inlier, has been explored for possible economic IOCG mineralisation hosted by Proterozoic basement rocks. The licensee's interpretation of available regional geophysical data did not disclose any coincident gravity and aeromagnetic anomalies that might represent the iron oxide - dominant alteration system which characterises the setting of the target mineralisation. Accordingly, 88% of the originally granted licence area has been relinquished due to its perceived diminished prospectivty.