Exploration for possible economic deposits of buried, Mesoproterozoic basement-hosted IOCG-U style mineralisation is being conducted over two separate multiple-block licence areas in the Olympic Dam district, EL 3761 (North Roxby) and EL 3762 (Acropolis South). During the 2009-2010 reporting year, Minotaur acquired additional ground geophysical survey data over the 4 km x 2 km Aphrodite prospect located on the south-eastern sub-block of EL 3762, ~13 km to the south-east of Wirrda Well. In late February 2010, 129 line km of ground magnetic readings were made along 24 north-south lines spaced 200 m apart, using 10 m station intervals, to try to improve the resolution of existing aeromagnetic data. This field work was performed by Minotaur's own staff, as was the subsequent magnetic data processing, which levelled and filtered the data to yield a 50 m grid output. The reduced to pole image results showed a large magnetic low in the north of the survey area trending to a broad magnetic high in the south. The dynamic range of this magnetic gradient is some 500 nT. However, the new magnetic data did not help to resolve interpreted structural features seen in the aeromagnetic data, although the CNORM filtered image did show a subtle magnetic high in the vicinity of the target 2 mGal gravity anomaly peak. After remodelling and reviewing all of the magnetic and gravity data for the prospect, Minotaur selected a location for a new drillhole that was based entirely on the gravity data, but that also lies on the edge of the above-mentioned subtle magnetic high. This drillsite was 500 m south of the AS09D03 hole which had encountered some typical IOCG style alteration and minor copper mineralisation in veins within basement granitoid rocks. During the 2010-2011 reporting year, Minotaur drilled the second exploratory diamond hole at Aphrodite vertically to a total depth of 828.8 m (after it was RC precollared to 203.9 m), this work being completed in late October 2010 with financial assistance from PIRSA through its PACE Initiative, as approved collaborative drilling project DPY6-03. This new hole, AS10D04, also encountered basement rocks consisting of porphyritic granite and granitic gneisses (Donington Granitoid Suite) and occasional mafic dykes, but typical IOCG-style alteration was absent. Basement at AS10D04 was penetrated at 655.55 m depth, slightly shallower than the equivalent depth of 671.2 m previously recorded in hole AS09D03. The degree of deformation within it as logged in the drill core varies considerably, from essentially undeformed, massive textured medium- to coarse-grained granite often containing feldspar megacrysts, to a strong biotite foliation, to extremely strong muscovite foliation and mylonite development. Several zones of intense shearing are present, containing highly attenuated feldspar phenocrysts, within strongly layered gneisses which progress into mylonite. The dip angle of the foliation varies relative to the drill core axis, being generally in the range 20–60°. Sulphides are rare in the AS10D04 drill core. Pyrite is present as rare traces disseminated within veins or as blebs. Very rare chalcopyrite was observed within calcite veinlets. No breccias were intersected, and no significant mineralised veins were seen to cross-cut the basement. A single occurrence of a haematite+calcite vein with minor pyrite was observed in a dolerite at 712.4 m depth. The predominantly granitic lithologies (porphyritic granite, augen gneiss, mylonitic granite) of the Donington Granitoid Suite have an average SG of 2.75 as measured in the drill core. The three thin mafic dykes which were intersected have a measured SG of ~3.0, and it was assumed that if their abundance increases with depth, perhaps they might coalesce enough to form a dolerite-gabbro intrusion which would account for the broad positive Aphrodite gravity anomaly. Measured magnetic susceptibility values are generally low in the cover metasediments (average 0.3 SI x 10-3 and maximum 1.46 SI x 10-3) and high to very high in the basement (average 7.25 SI x 10-3 and maximum 40.7 SI x 10-3). Susceptibility variations noted throughout the basement are related to the quantity of magnetite within the various lithological units, especially phases richer in ferromagnesian minerals (biotite). Semi-quantitative geochemical analysis was undertaken on AS10D04 using a portable XRF (Niton) spectrometer to scan RC precollar samples (0-203.9 m), basal Tapley Hill Formation shale (621-655.5 m) and basement lithologies (655.5-828.8m). Each 1-metre RC sample bag was tested randomly, and the drill core was analysed by selecting a representative sample from every 1-metre depth increment. Consistently low values were recorded for Cu, Pb, Zn and U, with the highest copper value being 700 ppm within one of the mafic dykes. No other significant trace metal values were recorded. During the 2011-2012 reporting year, in April 2012, Minotaur entered into a Sale and Purchase Deed with BHP Billiton Olympic Dam Corporation Pty Ltd relating to the sale of 5 tenements held by Minotaur on the eastern Gawler Craton, including EL 3762. Planned technical exploration activities, including acquiring a 3D MT survey at the Aphrodite gravity anomaly which would be centred on drillhole AS10D04 and utilise 500 m station spacing, were not undertaken due to the licensee conducting lengthy negotiations over the Sale and Purchase Deed, and having to assist BHP Billiton with its due diligence assessment. However, Minotaur has now realised that interpretation of gravity data is misleading when the thickness of sedimentary overburden exceeds 650 m, because the use of closer and closer station spacings for reading gravity does not result in improved resolution of rock density distribution. Therefore the real presence of small, narrow vertical mineralized breccia pipes is difficult to distinguish. In consequence, the company's recent drilling at the Aphrodite gravity anomaly of vertical diamond holes AS09D03 and AS10D04 targeting vertical breccia bodies which were poorly constrained in its gravity models proved very expensive and unrewarding. Earlier processing by Quantec Geoscience of 2D MT data previously collected by Minotaur at the Aphrodite gravity anomaly utilised the Rodi-Mackie (RLM) and Phil Wannamaker (PW) inversion methods. Both models resolved depth to basement at ~600 m, correlating well with subsequent drill hole information. Both models also show an area of less resistive basement in the centre of the line. This feature is more pronounced in the PW inversion, and is interpreted to represent a basement feature. In order to improve the chances of success and minimise drilling costs, a magnetotelluric survey in a grid pattern over the Aphrodite gravity anomaly has been proposed to hopefully better delineate basement conductors in three dimensions.