An area believed to cover the concealed southern margin of the Peake and Denison Domain of the Northern Gawler Craton was taken up by the Monax-Antofagasta copper exploration consortium to explore for possible buried economic iron-oxide associated copper-gold (IOCG) mineralisation. However, a detailed review of all available open file geophysical data failed to identify any anomalies which could possibly represent an IOCG style target. Instead, a single isolated shallow-sourced aeromagnetic feature was recognised in the south-west of the licence area, near Margaret Dam on Anna Creek Station, which it was thought could possibly represent an eroded kimberlite intrusion. To confirm this supposition, Monax acquired detailed ground magnetic and gravity survey data over the anomaly during November 2014. Magnetometer readings were taken 10 m apart along eleven 3 km long north-south traverses spaced 100 m apart. 121 ground gravity stations were read on a 100 m x 100 m inner prospect grid, and were surrounded by 70 more stations read on a 200 m x 200 m outer grid. Geophysical modelling of the resultant data, using source configurations of a cylindrical plunging pipe and dipping tabular body, gave good correlations against the following parameters: • Dipping steeply to the north-west (70 to 80 degrees) • Strike length of approximately 300 m • Strike azimuth of 48 to 52 degrees • Width of 35 to 45 m • depth to top of 75 m • Magnetic susceptibility of 0.016 to 0.022 SI units. It was proposed that the source of the Margaret Dam magnetic anomaly could be tested with a 150 m deep vertical drillhole. As a precaution, first and second priority hole sites were selected, based on the modelling results. During June 2015, Monax completed exploratory drilling of a single rotary precollared vertical HQ diamond cored drillhole, MDDD1501, to a total depth of 108.17 m to test the EL 5347 kimberlite target. This drilling was undertaken with the assistance of a government subsidy granted under the PACE Initiative Discovery Drilling 2015 programme of successful bids and collaborative exploration agreements, as approved PACE Year 8 drilling project DPY8-09. MDDD1501, after passing through the Mesozoic Great Artesian Basin sedimentary sequence typical for the area, encountered a mafic intrusive body at approximately 72 m depth below ground level [Note: there was no drill sample recovery from the point of commencement of diamond coring at 72 m, down to 76 m, due to poor circulated water return]. This buried mafic rock contains minor magnetite, and modelling of magnetic susceptibility readings made on it suggested that the intrusion's composition would adequately generate the targeted magnetic anomaly. Petrological studies undertaken on two drill core samples of the mafic rock concluded that it is an altered olivine dolerite. Limited geochemical analysis of the dolerite showed that it contains anomalous copper, with up to 0.17% Cu reported in a one-metre core sample taken from 106-107 m depth. The copper occurs in fractured/brecciated dolerite, where the fractures have been healed by numerous very thin veinlets of carbonate which carry minor chalcopyrite. Several earlier veins to 5 mm wide were observed in thin section by the petrologists, with that vein fill consisting of granular pyrite which is microbrecciated with minor chalcopyrite healing micro-fractures, all within a continuous gangue of fine “fibrous” amphibole ± chlorite: these composite veins are cut by the later veinlets of carbonate/chalcopyrite. It was obvious that the completed DPY8-09 drillhole was a technical success; however, because no kimberlite or significant alteration or mineralisation was encountered in it, the licensee chose not to carry out any further work before a decision was made to allow tenure to lapse at the end of licence Year 2.