An area located ~25 km north-east of Woomera is being explored for possible economic buried Cu-Co-Au mineralisation which may have formed in the Adelaidean metasedimentary cover rocks of the Stuart Shelf. Under Gunson Resource's prior tenure of EL 3112/4187 Emmie Bluff in the same general area, the target of exploration had been large tonnage IOCG mineralisation hosted by far deeper crystalline basement rocks [see open file Env 10356]. This target type remains highly valid but requires an exploration consortium to pursue. In 2006, a joint venture on this earlier tenement had been executed between Gunson and Noranda Pacific. Working under the terms of the agreement, Noranda earned a 51% interest in the project in March 2010 after reaching the initial earn-in target of $3.5M. However, in June 2014, following unsuccessful attempts to farm out its ongoing expenditure commitments, Noranda announced its intention to withdraw from the JV and sell its interest back to Gunson, with effect from 14/8/2014. This transfer received the SA Minister of Mines' consent on 2/10/2014, and Gunson has now resumed 100% ownership of the subject ground. No field work was done during Year 1 of the replacement subject licence. Gunson performed a project data review and from it defined another deep IOCG drilling target at the Emmie Bluff prospect, lying approximately midway between previous drill holes MGD 55 and MGD 56. A farm in partner will be sought to fund the deep (>1 km) drilling of this target. A preliminary economic evaluation was performed for a known stratabound Cu-Co-Ag deposit that occurs at 400 m depth at Emmie Bluff. The company's intent going forward alone is to conduct geochemical and geological reviews of exploration opportunities for similar Adelaidean sediment-hosted deposits, as well as to conduct soil geochemical surveys over targets so defined, and then to follow-up, if and as appropriate, with reverse circulation drilling. During licence Year 2, no work was done. Gunson continued trying to attract a new joint venture partner. Some additional small subtle gravity anomalies with possible target potential were identified by desktop studies of existing geophysical data. During licence Year 3, Terrace conducted a high-level exploration review, integrating the large volume of data generated for the area over the past 50 years, including a GIS-based review. Field work during the reporting period was confined to exploration rehabilitation activities conducted by Strandline. In May 2017 Gindalbie Metals Limited (Gindalbie) entered into the Mt Gunson Project encompassing EL5333, EL5636 and EL5108, under a farm-in and joint venture agreement (Mt Gunson FI & JV). During licence Year 4, a regional exploration assessment (REA) that included EL 5333 (as a part of the Mt Gunson FI & JV) was commenced with the objective of generating new drilling targets for both copper-cobalt and IOCG-styles of mineralisation. No fieldwork was carried out during the reporting period. During licence Year 5 the company commenced a regional assessment of the exploration potential of the tenement area with an initial assessment of the historical exploration data and the processing and interpretation of the newly released Gawler Craton Airborne Survey. Plans were developed by Garsed and Associates for aa drilling program (commenced after the close of the reporting period). A cultural heritage survey of the Emmie Bluff deposit area was completed in preparation for the drilling program. During May 2018, a drill core study was undertaken of historical Emmie Bluff core at the South Australian Drill Core Reference Library, with cores relogged by Ian Garsed (see included report). Three composite metallurgical samples were taken from the historical Emme Bluff drill core and submitted to metallurgical consultants Strategic Metallurgy for metallurgical sighter test work (see included report).