IOCG Projects

The Murdie project is located in South Australia near the eastern margin of the Gawler Craton. The project area covers 1,015 square kilometres of highly prospective Olympic Domain geology and includes more than 50 discrete gravity anomalies that are located immediately south and east of the Torrens project and east of the Carrapateena mine (Figure 1). These anomalies represent locations with significant volumes of high-density rock that could contain economic Iron-Oxide Copper-Gold (IOCG) deposits.

The Company holds all permits necessary to undertake exploration works at Murdie.

Orpheus’ drilling authorisations for the Murdie project contain two main options for accessing drill sites on Lake Torrens – access via protective matting and via helicopter.

Torrens Project – 100% Ownership

Orpheus’ 100% held subsidiary, Kelaray Pty Ltd received Ministerial Consent from the Government of South Australia, for the transfer of 70% interest in the Torrens project exploration licence EL 6407, previously held by Straits Exploration (Australia) Pty Ltd, a subsidiary of Aeris Resources Ltd (ASX: AIS).

Kelaray now holds 100% interest in the Torrens project in South Australia, subject to the Tenement Sale and Purchase Agreement with Straits Exploration (Australia) Pty Ltd in return for a 2.5% net smelter royalty on future production.

This transfer sees Orpheus take a commanding land position in the highly prospective Olympic Domain near the eastern margin of the Gawler Craton. The Olympic Domain hosts several internationally significant Iron Oxide Copper-Gold+Uranium (IOCG-U) deposits including Olympic Dam, Carrapateena, Prominent Hill and Oak Dam West.

The Torrens anomaly is a particularly attractive set of exploration targets hosted in a geological domain that has persistently rewarded explorers with large, high-grade copper discoveries.

Exploration in the Olympic Domain has historically been hindered by two factors:  the thickness of cover formations, and difficulties securing access. These factors, although frustrating, have preserved exploration targets that would have otherwise been tested.  Improved geophysical acquisition, processing and modelling technology has improved the odds of discovery in this environment compared with earlier exploration efforts.

Statistically, the drill testing of gravity targets in the Olympic Domain has delivered a higher-than-average discovery rate.  It makes commercial sense to invest copper exploration budgets into drilling well defined gravity targets in the Eastern Gawler Craton.

The combination of geological prospectivity, access rights and a global appetite for new copper deposits make the Torrens project a compelling copper exploration opportunity.

The Torrens project is located within 40 kilometres of BHP Group’s Oak Dam copper discovery, 50 kilometres of OZ Minerals’ Carrapateena copper-gold deposit and 75 kilometres from BHP’s Olympic Dam mine. BHP’s recent discovery at Oak Dam has confirmed the validity of the Torrens target and the copper endowment of the Eastern Gawler Craton.

Torrens Anomaly

The Torrens anomaly is a coincident magnetic and gravity anomaly with a footprint larger than that of Olympic Dam.  The anomaly is located at the Torrens Hinge Zone, a continent-scale zone of crustal weakness that appears to have been a conduit for mineralising fluids from the Earth’s mantle.

Drilling at Torrens to date has confirmed the existence of a major IOCG mineralising system beneath several hundred metres of sedimentary cover. Further drilling is required to intercept the modelled copper-gold mineralisation. In the event of a discovery, the Torrens anomaly has the scale to host a world-class copper-gold deposit.

Orpheus holds exploration licence EL 6320 located adjacent to the Torrens Project (Figure 1). The 198 square kilometre licence area is in three parts and encompasses the Red Dam IOCG target, previously identified by WMC.

The licence areas were relinquished by BHP prior to the announcement of the Oak Dam discovery.

Orpheus has assessed the relevant, historical drill core and conducted a ground gravity survey in 2020 to improve resolution for geophysical modelling and target generation.