Taiton Resources Ltd (ASX:T88) is moving closer to uncovering the next iron oxide copper-gold (IOCG) deposit in South Australia at its Highway Project, which is just one of the exploration and development projects in its portfolio of Tier 1 assets across NSW, Western Australia and South Australia.
The 2,930 square kilometre Highway project is interpreted to host a large-scale molybdenum-enriched polymetallic porphyry or an intrusive-type mineral system — yet has been overlooked by prior explorers.
The Highway project is west of the Olympic Dam copper-gold province, which hosts multiple IOCG deposits.
However, only limited exploration for IOCG mineralisation has been carried out west of this province, including at the Highway project. This is partly due to restricted access within the Woomera Defence Area and the interpreted depth of overlying cover and volcanics.
Given its geological setting west of the Olympic Dam copper-gold province and the potential timing of mineralising events, Taiton believes the broader Highway project to be prospective for IOCG mineralisation.
Highway project and prospects.
Geochemical and geochronological analyses of zircons indicate that the Highway Project was tectonically active at the same time as the formation of IOCG deposits in the Gawler Craton, such as Olympic Dam and Prominent Hill.
Gravity survey points to IOCG
Taiton commenced gravity surveying in July across target areas at the Highway project that had been identified for potential IOCG-style mineralisation.
The recently completed surveys across the Pluto and Yogi-Garfield prospects cover interpreted Hiltaba Suite Granites (HSG) and Lower Gawler Range volcanics (LGRV) — both known to host IOCG mineralisation.
Geology interpretation of the Highway project outlining new gravity survey coverage.
At the Yogi prospect, a gravity survey was completed on an initial 400-metre by 400-metre grid with infill stations to 200 by 200 metre spacing for a total of 558 stations.
Gravity anomalies of greater than 6 milligals (mGal) were defined at Yogi, with a strike extent of around 1.5 kilometres within a broader gravity feature.
3D inversion modelling of the gravity data defined a broad body of nominal 2.97 gram per cubic centimetre (g/cm3) density over a strike length of more than 5 kilometres. And 3D inversion of the magnetic data defined a magnetic body that sits centrally along the gravity feature and is interpreted as a potential intrusion.
Yogi residual Bouguer gravity anomaly image over subset inversion model target area.
State’s next potential IOCG deposit
Taiton is optimistic that the Yogi prospect hosts a type of IOCG-style mineralisation due to the potential complexity of the geology in this area, coupled with the varied nature of geophysical signatures of known IOCG deposits.
“The large gravity anomaly at the Yogi prospect has got everyone in Taiton excited and we are fast preparing ourselves to drill test the concept of potentially uncovering the next IOCG deposit in South Australia,” Taiton executive director Noel Ong said.
“The nature of the gravity responses from our survey does highlight the broader region’s prospectivity for forms of IOCG type targets remains strong.”
The company is now completing the interpretation of gravity surveys for IOCG targeting, with plans to review IOCG, epithermal and molybdenum porphyry targets.
South Australia gold discoveries
Additionally, in August, the company defined multiple gold targets at Highway and at the Challenger West project, also in South Australia. This was the result of infill UltraFine (UF) soil sampling programs completed across the projects in July.
At Challenger West, multiple gold targets were defined. Ong said, “The next step for Taiton is to prepare the Challenger West project for a drilling program and we would like to see ourselves as the next company to unravel the next economic gold deposit in the Challenger district.”
The Challenger West project is between 10 kilometres and 40 kilometres west and north of the more than 1-million-ounce Challenger gold deposit.
At Highway’s Merino prospect, multi-element anomalism defines a footprint for a potential silver-gold epithermal mineralisation system.
“In addition, the Merino prospect is starting to show its multi-element nature with an Epithermal story developing. We will continue to work on Merino and unlock its true value.”
Diversified portfolio
Along with the Highway project and the Challenger West gold project, Taiton’s portfolio also includes the Kingsgate molybdenum and high-purity quartz project in NSW and the Lake Barlee Project in Western Australia.