Monax Alliance's Margaret Dam Project is located on their EL 5347 Francis Creek, which is centred approximately 40 km south of William Creek in northern South Australia. The initial project work done for licence operator Monax Mining by geophysical consultant David Miller, who was originally directed to find and assess possible IOGC deposit signatures in the basement, could not identify any compelling such anomalies in the local regional geophysical data, but instead attention became focussed on a newly recognised discrete and prominent residual magnetic anomaly which potentially could represent a kimberlite, on the basis of perceived geological and geophysical similarities to other known kimberlites. Geophysical modelling of new detailed ground magnetic and gravity survey data which was subsequently collected over the anomaly by Monax in November 2014 indicated that it could possibly be due to two slightly separated source kimberlite bodies, with their eroded top surfaces lying at a depth of approximately 80 m below ground level. The target was considered significant due to the past discovery of many diamonds and fresh diamond indicator minerals in the southern Peake and Denison Ranges and adjoining plains region, and because of the failure of previous company exploration to locate a kimberlite source for these dispersed rare minerals. As part of approved PACE Initiative Year 8 drilling project DPY8-09, DSD financially assisted Monax to complete one rotary precollared vertical diamond drillhole (MDDD1501) to a total depth of 108.17 m during late June 2015 to test the EL 5347 kimberlite target. The drillhole, 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. 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.