Altair’s Missed Drill Targets Highlight Risks and Rewards Near Oak Dam

Exploration Breakthrough at Olympic Domain

Altair Minerals Limited (ASX: ALR) has reported a significant advancement in its December 2024 quarterly activities, unveiling major untested conductive and phase anomalies within its Olympic Domain Project in South Australia’s Gawler Craton. These geophysical signatures are highly indicative of iron-oxide copper-gold (IOCG) style mineralisation, a sought-after deposit type known for hosting world-class resources.

The anomalies were detected through a comprehensive reprocessing of 2019 Audio Magnetotelluric (AMT) data, which involved a 3D forward modelling approach analysing approximately 40,000 data points. The standout discovery is an ovoid conductive body spanning 1.7km in strike length, situated roughly 5km northwest of BHP’s Oak Dam deposit, a massive IOCG resource boasting 1.34 billion tonnes at 0.66% copper and 0.33g/t gold.

Contextualising the Conductive Anomalies

The conductive anomaly is interpreted as a response to accumulations of copper and iron sulphides such as chalcopyrite and pyrite, iron oxides like magnetite, and associated hydrothermal alteration minerals including chlorites and sericites. This geophysical signature aligns closely with those observed at nearby major IOCG deposits such as Khamsin and Carrapateena, reinforcing the prospectivity of Altair’s Horse Well prospect.

Historical drilling in the vicinity has intersected mineralised halos around these anomalies but appears to have narrowly missed the core conductive and phase targets. Notable drill results include intercepts of 115m at 0.62% copper equivalent (CuEq) from 1095m and 70m at 0.67% CuEq from 962m, underscoring the potential for substantial mineralisation adjacent to the newly identified geophysical bodies.

Next Steps: Precision Targeting with TEM Surveys

Recognising the limitations of AMT data in accurately resolving vertical depth due to inherent noise and relative scaling, Altair plans to conduct a moving loop Transient Electromagnetic (TEM) survey. This follow-up will provide precise depth measurements and enhanced lithological context, enabling more accurate drill targeting to test the high-priority conductive and phase anomalies.

This strategic approach aims to bridge the gap between geophysical modelling and drilling, potentially unlocking a significant IOCG discovery in a highly competitive copper province. The Horse Well Project’s proximity to BHP’s Oak Dam West discovery, combined with Altair’s unique position as a junior explorer holding ground adjacent to this major deposit, adds considerable strategic value.

Broader Portfolio and Corporate Position

While the Olympic Domain Project remains the company’s flagship focus, Altair is concurrently reviewing multiple complementary business opportunities globally within the gold, copper, and silver sectors. The company is also exploring joint ventures and divestments of non-core assets to optimise its portfolio and shareholder value.

Financially, Altair reported a cash balance of $0.95 million at the end of December 2024, with ongoing expenditures on exploration and corporate activities. The company’s prudent cash management supports its near-term exploration ambitions while maintaining flexibility to pursue strategic opportunities.