Apollo Minerals' (ASX: AON) recent gravity survey at its Bundi Prospect in South Australia has identified a 7 kilometre by 5 kilometre anomaly similar to the nearby world-class Prominent Hill IOCG deposit.
Notably, the anomaly, which has multiple pipe-style targets comparable to the Carrapateena IOCG deposit, is four to five times larger than Prominent Hill and two to three times larger than Carrapateena.
Target depths range from between 150 metres and 300 metres below surface.
"We have great confidence in the potential to discover a major IOCG at Titan and the results from this current round of targeting are highly encouraging and warrant working towards having Bundi drill-ready as soon as possible," chief operating officer Dominic Tisdell said.
"The similarities to leading regional IOCGs are striking and the widespread anomalous copper surface geochemistry very unusual.
"Bundi is off to an excellent start and we look forward to keeping our investors up to date with developments as they happen."
The company plans to carry out a follow-up high-powered induced polarisation survey to finalise drill targets.
Heritage and approval processes for drilling are underway with drilling planned for the fourth quarter of 2013.
Each pipe-like target at Bundi appears to be associated with major controlling structures including sub-vertical dyke sheets.
Collectively these anomalies form a distinct pattern very similar to that seen at the Prominent Hill and Carrapateena IOCG deposits.
Likewise, analysis of the magnetic response shows striking similarities to the Carrapateena IOCG system including possible remnant magnetisation along the margin of the system after more recent hydrothermal alteration of the iron oxides to haematite.
Modelling of moving loop electromagnetic survey data over the northern portion of Bundi has identified a moderate-strong bedrock electromagnetic conductor of about 100 metres by 100 metres.
The top of this target has been modelled as a conductor at about 150 metres below surface and is consistent with higher-grade sulphide development within an IOCG system.
Bundi surface geochemistry is highly anomalous in a range of IOCG pathfinders including iron, copper, gold, silver, cobalt, selenium and chlorine.
This anomalous geochemistry sits directly above the modelled intrusive system from which it is believed to be derived.
Apollo had recently acquired Government seismic and magnetotelluric (NYSE:MT) data associated with the 08GA-OM1 profile between Tarcoola in the south and Coober Pedy in the north.
The MT data has been reprocessed using modern software and processing techniques with results suggesting a very large scale conductive plume exists near Bundi.
The conductive plume appears to be sourced from within a major, as yet unnamed, crustal-mantle offsetting fault.
The combination of these features is evident in comparative data below the Olympic Dam IOCGU deposit. It is believed that mantle derived conductive plumes evident in MT data can be an important source of metals for truly world-class deposits.
Bundi is located in the south eastern corner of Apollo's 100% owned tenements that collectively form a large part of the company's Titan Base-Precious Metals project in South Australia that also incorporates the Aurora Tank JV with Marmota Energy in the northwest and covers 1,400 square kilometres.
The northern and southern edges of Bundi are situated about 3 kilometres from the Proterozoic mafic-felsic Wirrida Intrusive Complex and known Gawler Range Volcanics respectively, in a similar setting to the Prominent Hill IOCG east of the Project.
Prominent Hill is also alongside a large Proterozoic intrusive complex (White Hill Intrusive Complex) and Gawler Range Volcanics to the south
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