Exploration licence 5937 is entirely on Lake Torrens, approximately 80 km northeast of Wommera, 100 km southeast of Roxby Downs. In the immediate vicinity of the project area, modern exploration has been conducted since the late 1970’s searching for IOCG targets. Geophysical anomalies were identified within the project area with a single drillhole testing a low order gravity target in the mid 2000’s. No drill testing has occurred due to access issues on targets beneath Lake Torrens. Significant potential exists for IOCG mineralisation within the tenement. The Torrens target is yet to be thoroughly drill tested due to access issues encountered over the previous decades. The Torrens target contains the key ingredients for an IOCG system. These are a significant gravity anomaly with a proximal magnetic anomaly, haematite + sericite overprinting magnetite alteration assemblages as well as copper – gold +/- uranium and REE anomalism in existing first pass drilling. Two exploration target styles exist for EL 5937 – IOCG style Cu+Au+/-U, and sedimentary Cu+Co mineralisation. During the first licence year, access impediments prevented on-ground exploration activities from being undertaken. Encouraging negotiations with the Kokatha Aboriginal Corporations were proceeding at the time of reporting. On 23 February 2018, the ERD Court made orders authorising Kelaray to enter and conduct exploration activities within the relevant area of EL5937 and EL5945. Data compilation and reviews were undertaken, incorporating all historic Western Mining and Copper Range information available. Drill core from the project area (WTDD1) was examined. Airborne geophysical data (Falcon airborne gravity and aeromagnetic survey flown for Barrick) was retrieved and was waiting to be prepared. During the second license year an extensive literature review and compilation of open file data was undertaken to facilitate a thorough geological understanding of the area. This was undertaken in conjunction to an aerial geophysical survey. CGG Aviation were contracted to conduct a high-sensitivity aeromagnetic and FALCON Airborne Gravity Gradiometer (AGG) survey over the adjoining Torrens Joint Venture tenement. This survey was flown at a 60-m flight height with 200 m spaced lines orientated north-south with east-west tie line at a 2000 m spacing. Southern Geoscience Consultants undertook processing, image, and grid production from the survey data, along with inversion modelling. Stewart Geophysical Consultants were engaged to merge, undertake terrain corrections and grid enhancements on all available ground gravity data. Ian Garsed from Garsed and Associates conducted a geological interpretation and target evaluation. This involved a review of data, processing of geophysical grids, basement geological interpretation focussing of faults and their relative timing and priority anomaly identification.