The area has long been considered highly prospective, being part of the Gawler Craton that has yielded Olympic Dam, Prominent Hill and the Challenger Gold Mine.

Trafford Resources, (ASX code TRF) an on-again, off-again favourite of the Punter – has seized the opportunity and pegged 2000 square kilometres of tenements in the area.

They call it their Jumbuck Project, and the aim is to look for Olympic Dam-style iron oxide, copper and gold (IOCG) deposits.

That, of course, is what most junior explorers in South Australia are looking for.

What makes Trafford a little different is it has money. It has raised more than $4 million without tapping its shareholders for extra cash. Instead, it has sold almost 2.5 million of its shares in Robust Resources (ROL) and still has six per cent of ROL (5.3 million shares, currently worth more than $7m).

The company says it will retain these as a strategic investment, but it is clear they provide a substantial cushion for contingencies.

Moreover, Trafford holds 20pc of IronClad Mining (IFE) which is due to begin production of high quality iron ore at Wilcherry Hill on the Eyre Peninsula before the end of the year.

Over time, that production is expected to provide TRF with cash flow, which TRF is planning to pour into further exploration.

Not all money will be spent on Jumbuck: TRF also intends to push ahead with further assessment work at Telephone Dam – its lead, silver and zinc find just beside Ironclad’s mine, where recent results have been encouraging.

Some will also go into further gold exploration at Weednanna, also on the Eyre Peninsula.

Given the current market climate, the Punter should probably wait to see if he can pick up TRF a bit more cheaply next week, but being an impatient soul he has bought 5000 TRF at 35c each.

He may have to be patient with them, though – as the Jumbuck project has barely started.

It could be years before they find anything worthwhile – assuming there is anything to find.