Coober Pedy (IOCG, Cu-Au-U)Marathon's Woorong Creek (EL 3455) and Mabel Creek (EL 3324) tenements near Coober Pedy are held through a joint venture with Minotaur Exploration Ltd.
During the 2006 financial year two additional exploration licences, EL 3497, Tallaringa, and EL 3562, Paragon Bore, were granted to extend coverage of promising features near the boundaries of the other joint venture tenements.
Exploration over all tenements was conducted, with the main emphasis on Woorong Creek and its southern extension. Electrical traverses over the M8 anomaly have confirmed the interpretation of overlapping aeromagnetic and gravity anomalies, and preparations are underway for drilling.
At Mabel Creek, recent drilling operations obtained inconclusive results and the exploration program there is being reassessed.
Geophysical interpretation indicates that the Paragon Bore anomaly is derived from a domal or layered structure, with only the southern quadrant appearing to be prospective.
