An area located on and adjacent to the north-eastern side of the Margaret Inlier of the Proterozoic Peake and Denison Ranges, which is centred approximately 120 km south-east of Oodnadatta, has been explored for possible buried economic IOCG mineralisation within Proterozoic basement. During the first licence year, available geophysical and geological data were reviewed, and plans were made to conduct a ground gravity survey over selected aeromagnetic anomalies to try to define coincident anomalism. A search was begun for a joint venture partner to assist with funding ongoing exploration. No work was performed during licence years 2 and 3. During the fourth year, it became obvious that a JV partner would not be found to assist with any drilling, and so Red Metal decided to allow the tenement to expire.