Exploration for possible economic concealed Beltana mine type stratabound lead-zinc-(silver) mineralisation, and for other diapiric and associated basic igneous intrusion - related base metal and/or gold occurrences, was carried out over a small area of folded and partly thrust-deformed Neoproterozoic and Cambrian metasediments located about 40 kms east of Copley. The principal early activity that was engaged in relative to this area was the commissioning of a consultant's remote sensing interpretation of likely prospective stratigraphic unit outcrops and attendant rock structural and alteration features, carried out via image processing and viewing enhancements done to commercially available satellite multispectral reflectance data. His work identified several small zones within Lower Adelaidean clastic sediments that exhibit hydroxy-goethite and silica alteration which appear to be spatially related to low-angle thrust structures; the work also highlighted some other, haematite-carbonate - altered steeply dipping beds within the Wonoka Formation, in one place up to 50 m wide. It was recommended that these places be inspected on the ground to look for evidence of ore-forming fluid migration into local stratigraphic and fold/fault structural traps. Late in 2009, visiting geologists from the licensee's Chinese parent company spent two days traversing the tenement, and performed some limited grab rock chip sampling near old abandoned mine workings, prior to the company's local representative being asked to conduct a reconnaissance soil geochemical survey across the entire licence on a nominal 400 m x 100 m grid spacing, using portable handheld Innov-X XRF analysis equipment (656 samples were tested). Geochemical maps are presented herein for the resulting pathfinder element data. During licence Year 2, in May 2010, Panda Mining contracted GPX Surveys to acquire a high resolution airborne magnetic and radiometric survey over EL 4240, as part of a broader coverage of the company's four tenements in the Leigh Creek region. Approximately 1622 line km were flown at Castle Hill along north-south flight lines spaced 100 m apart, using a 45 m mean sensor elevation above the ground surface. Southern Geoscience Consultants Pty Ltd were retained to perform an interpretation of the survey data. [The raw data from this survey portion is herewith released to open file via the DSD Mineral Geophysics website]. In addition, all known (reported) historical small surface occurrences of mineralisation within the tenement were visited over the period June-September 2010 and geologically mapped. No work took place on EL 4240 during licence Year 3. During licence Year 4, a review was made of all of the available surface geochemical data, which disclosed an apparent base metal zonation that might be compatible with the existence of possible buried MVT or sedex style base metal mineralisation. This model was then combined with the results of geological mapping and aeromagnetic data interpretation, which had outlined an anticline, open to the east, which has an associated 2 km long magnetic high near the fold closure. A number of surface anomalies in different pathfinder elements appeared to be spatially related to this magnetic feature, which Panda Mining decided would warrant drill testing to look for a blind orebody. The targeted stratigraphic sequence comprised a thick, north - eastwards-dipping section of Wilpena Group shales and siltstones. During licence Year 5, in July and August 2013, Panda Mining drilled 2 inclined RC exploratory holes on its Mount Serle South magnetic target for a total penetration of 373 m, as part of a 4-hole, partly diamond tailed RC drilling programme that was also undertaken on the company's adjoining EL 5881 to the north. Excessive groundwater influx into hole SRC001 at 120 m depth, coupled with the rig compressor's insufficient downhole airlift pressure, caused its premature abandonment: the hole was later twinned as SRC003 and successfully completed to the ~250 m intended total depth using a different, more powerful RC drilling rig. In the drilling done on EL 4240, no significant mineralisation was encountered, although laboratory assaying of drill cuttings by partial leach methods revealed that a trace amount of gold is present over two separate 5-metre depth intervals in hole SRC003. It was concluded that the source of the aeromagnetic anomaly tested at this location is probably the finely disseminated magnetite-?pyrrhotite which was observed to be associated with silicification of the Ulupa Siltstone below 200 m depth. Other work done during the year consisted of further geological mapping on structural features of interest, and the collection for laboratory-based geochemical assaying of 51 additional rock chip samples and 40 additional soil samples [ The resulting assay data is presented herein, but no interpretation has been provided ]. After renewal of the subject tenement for a sixth year, now as EL 5407, Panda Mining continued with geological mapping near the centre of the licence area and the collection of a further 19 rock chip samples for laboratory-based geochemical assaying. The most important new activity, however, was the surveying of gradient array IP profiles across a large, NW-SE trending fault, where some soil geochemical anomalies had recently been disclosed by laboratory partial leach assaying. Two separate prospect areas were surveyed during April 2014 using a 40 m IP recorder station spacing, along traverses spaced 200 m apart. Within survey Area 1 near the centre of EL 5407, the bedrock exhibited high resistivities and only low to moderate chargeabilities, from which no likely base metal targets were discernible. However, within survey Area 2, in a narrow portion of EL 5407 located alongside the tenement boundary with Panda Mining's northerly adjoining EL 5881, the IP results showed a small, circular high resistivity / high chargeability anomaly which the company thought could denote base metal sulphides formed at a structural contact, thus providing a new drill target to test. Due to the need to assign exploration funds to higher priority activities elsewhere within its many licence holdings, Panda Mining undertook no further field work on EL 5407 during 2015. A decision was later made to surrender the licence.