Iron Knob is slowly slipping back into fame and interest of researchers after a 3150 million year old rock was discovered approximately 10km south west of the forgotten town.
Once popular for being the birthplace of Australia's steel industry the residents are overwhelmed with the finding and are hopeful that some good news would rejuvenate the town with further research.
Dr Geoff Fraser of Geoscience Australia Geochronology Laboratory confirmed the findings to the Iron Knob Progress Association early this month.
He said the rock which has been informally named Coyerdoo Granite is the oldest rock discovered in South Australia so far.
Iron Knob's publicity officer Brian Lock said residents were keeping their fingers crossed after the significant findings.
He said the future of Iron knob and the surrounding areas cannot be guessed by anyone but he is optimistic that the finding could spark further reach by mineral processing companies and the government.
Dr Fraser said studies were continuing on the finding and it was too early to predict a possible implication.
He said samples have been cut up and polished and will be sent to Iron Knob to be kept in its museum shortly.
A series of seismic transects are being collected across selected regions of the Australian continent as part of Geoscience Australia's Onshore Energy Security Program.
One of these seismic transects, collected in June 2008, traverses the northern Eyre Peninsula of South Australia.
When processed, the seismic data will provide an east-west cross-section of the eastern margin of the Gawler Craton.
This region hosts significant uranium, geothermal, copper-gold, gold and iron resources.
To assist the interpretation of the seismic data and the current geological mapping program of Primary Industries and Resources South Australia, a program of geochronology is underway to determine the ages of major rock units crossed by the seismic line.
It was during the course of this project that this exciting and unexpected result was discovered.
The newly identified Mesoarchean rock is a grey, gneissic granite, trending north-south between Iron Knob and Iron Baron .
The rock was originally mapped as part of the Lincoln Complex, a term for local Paleoproterozoic intrusives, but the new age data indicate that this rock is approximately twice as old as first thought, and forms basement to the iron-rich sediments of the Middleback Ranges which have been mined for iron ore since the late 1800s.
Dr Geoff said the full study may take up to 18 months and the findings so far have been surprising.