Two adjoining licence areas located in the country east of Pernatty Lagoon that lies between 80 and 180 km north of Port Augusta are being explored by Monax Mining Limited (Monax) for economic Proterozoic basement-hosted Iron-Oxide associated Copper-Gold (IOCG) mineralisation, such as that found at Olympic Dam, Prominent Hill, Hillside, and Carrapateena. Within these licences there is also thought to be potential for discovering younger sediment-hosted stratiform copper mineralisation such as that found at Mount Gunson. Activities undertaken during the 2009-2010 annual reporting period mostly consisted of further processing of geophysical data that is available for the two tenements. Hawke Geophysical Consultants subcontracted part of the work to a gravity survey terrain factor correction specialist, Stewart Geophysical Consultants, to undertake expert corrections on the existing 11667 stations of gravity data. In addition, Montana GIS was engaged by Monax to undertake an independent review of all 5142 stations of the company's recently acquired gravity data which form part of the total gravity dataset. Montana GIS also undertook inversion modelling of prominent untested gravity anomalies on the tenements, and provided a model for the Gopher prospect. A third consultant, Rapid Geophysics, was also engaged by Monax to independently perform gravity data terrain corrections and data reprocessing. Also during the year, Monax was provided with the dating results from a Sm-Nd and U-Pb geochronology study of alteration and mineralisation present in the basement rocks at Punt Hill. This study had been undertaken by the MER Geological Survey as part of the initial research for the SA Government's new PACE Geochronology program (cf. RB 2010/16). The basement granite was dated at 1850 Ma (Donington Suite) and the skarn alteration to it was dated at 1577 Ma, confirming that the latter feature observed affecting the basement at Punt Hill is part of the IOCG sulphide mineral forming event in the Gawler Craton. During the 2011 year of the project, new work undertaken, which was funded by farminee Antofagasta Minerals SA, comprised the acquisition, processing and interpretation of an extensive ground gravity survey, and later, the conduct of Native Title and Aboriginal Heritage clearance inspections of proposed drill sites followed by the execution of a 4-hole exploratory diamond drilling programme. The new ground gravity data were collected by contractor Atlas Geophysics in two separate field sorties carried out during November-December 2010 and February-April 2011, when a total of 8018 stations were read on either regular 250 m x 250 m, 350 m x 350 m, or 500 m x 500 m grids to extend the modern gravity coverage across both ELs 4548 and 4642. These data were subjected to sophisticated terrain corrections prior to their modelling, to try to better constrain the gravity anomalies within a structurally complex basement environment. Eleven plausible gravity targets were selected and ranked. A drilling programme to test the best four targets was devised, using existing station tracks to provide access, with all the drill sites located extremely close to these tracks. These sites were cleared for use by visits of representatives of the Kokatha Uwankara Native Title Claimants in mid-August 2011. During October-November 2011, Monax performed the JV's said drilling programme of 4 RC precollared vertical diamond drillholes, for a total penetration of 2561.1 m. The RC precollars were taken to depth of blade refusal, followed by HQ and NQ core drilling through the cover into Proterozoic basement. Hole OCDD01 located on EL 4642 reached pre- Pandurra Formation Proterozoic basement at 432.1 m depth. Lithologies intersected include intensely haematite altered and brecciated sediments with minor mineralisation overlying less altered sediments and lastly a Donington Suite granite. At Camel Dam prospect on EL 4548, a similar sequence was intersected by hole CDDD01, but here there is strongly pervasive haematite-chlorite-sericite alteration within the Donington Granite, including specularite veins. Both of these holes were technical successes; however, the specific gravity measured from the drill core from CDDD01 did not adequately explain the targeted gravity feature. Drillholes BHDD01 and SDDD01, located on EL 4548 a few km to the north of CDDD01, were less successful in that they intersected predominantly fresh Donington Suite Granite, which is intruded by fresh dolerite dykes which are interpreted to be equivalent to the Gairdner Dolerite. This result was regarded as downgrading the prospectivity of that particular part of Yeltacowie. Twenty, selected 3-metre composite samples of the basement drill core from OCDD01 were submitted for laboratory geochemical analysis of 54 elements, including rare earths. The only anomalous interval of copper mineralisation returned was 9 m @ 0.1% Cu from 435-444 m depth, within a zone having the most intense haematite alteration. After making a further inspection of the OCDD01 drill core, another 74 selected core samples were submitted for trace metal geochemical analysis at a different laboratory. No significant values were reported. Although the four new targets tested in 2011 revealed interesting geology plus some minor mineralisation, the joint venturers decided that future exploration on the project ground would return to the area of known skarn alteration and mineralisation along the Groundhog and Prairie Dog gravity trends.