Significant Conductive & Phase Anomalies Identified West of BHP’s Oak Dam Deposit

Altair Minerals Limited (ASX: ALR) (‘Altair or ‘the Company’) is pleased to report results from reprocessing AMT Data at its Olympic Domain IOCG project, immediately west of BHP’s Oak Dam IOCG project, which has been 3D forward modelled for the first time.

• Acquisition, compilation and reprocessing of Audio Magneto-Telluric (AMT) Data has unveiled a new conductive target body with IOCG discovery potential.
• Major untested conductive and phase anomaly have both been identified proximal to each other within Altair’s Olympic Domain Project which is highly prospective for IOCG style mineralisation.
• The newly uncovered conductive and phase anomaly body located ~5km Northwest of BHP Oak Dam Deposit (1.34Bt @ 0.66% Cu & 0.33g/t Au)1
• Previous drilling appears to have narrowly missed the newly identified phase anomaly with impressive results from the mineralised halo surrounding the target anomaly4,5,6:
  • HWDD08: 115m @ 0.32% CuEqi from 1040m (Drilled ~2km North of main phase anomaly)
  • HWD1: 61m @ 0.33% CuEq from 901m
  • HWDD05: 115m @ 0.62% CuEq from 1095m (Drilled ~700m North of conductive high)
  • HWDD05W1: 70m @ 0.67% CuEq from 962m
• Reprocessing for Horse-Well geophysics and interpretation has been led by Jim Hanneson and Chris Anderson, who’s geophysics work has led to world-class discoveries, most notably Carrapateena (BHP acquired asset via AU $9.6 Billion takeover of Oz Minerals)2 and Havieron (AU ~$1Billion takeover valuation from Greatland Gold buying Newmont’s stake in Havieron & Tefler)3
• Ovoid conductive anomalous body shares parallels to those of Khamsin and Carrapateena deposits, with a follow up with TEM survey that can precisely identify the depth of the body for drill targeting

Dr. Hanneson has applied proprietary code to forward-model the AMT data readings from the original data files as previous efforts to model the data have been incomplete and smoothened out.

The forward modelling of AMT data has identified two distinct conductive and phase anomalies within Altair’s Olympic Domain Project which adjoins BHP’s Oak Dam Project. The anomalous bodies which have been identified are located just ~5km Northwest of BHP Oak Dam Deposit (1.34Bt @ 0.66% Cu & 0.33g/t Au)1 and provides a clear target for future drilling with an aim to make a second major IOCG discovery within the prolific region.

Olympic Domain Geophysics – 100% Owned, South Australia

Altair has finalised compilation and reprocessing AMT data for its Olympic Domain Project which for the first time within Olympic Domain has formed a 3D forward geophysics model. The 3D forward geophysics model has defined major conductive and phase anomalous bodies which has shown significant scale to host a potential large IOCG deposit which is analogous to the genesis of the Oak Dam Deposit.

The AMT data model includes 220 different sounding stations covering an area of 146km², with conductivity and phase readings across a spectrum of 90 frequencies at each sounding station with additional repeat soundings for both Conductivity and Phase, leading to a model formed from analysing ~40,000 data points.

Conductive Anomaly

AMT surveys read multi-frequency EM fields within the subsurface, whereby a conductive zone beneath the surface, such as an IOCG mineralised body induces a current which alter the ratio of electric (E) and magnetic (H) fields, which is detected by the AMT device, and measures of the overall strength of the electric field.

Within the Horse-Well prospect at Olympic Domain, a discrete untested conductive anomaly has been defined by Altair through a 3D forward model of the AMT data occurring at cross section L6574000N.

The larger conductive anomaly spans 4.2km strike along SW-NE. A second higher priority and more distinct ovoid conductive body that spans 1.7km strike SW-NE, which is suspected to be related to IOCG mineralisation and presents a clear drill target. The conductive ovoid body defined by AMT readings in the context of IOCG mineralisation is generally a response from the accumulation of Copper & Iron Sulphides (Chalcopyrite, Pyrite), Iron Oxides (Magnetite) and/or alteration zones which consists of Chlorites, Sericite and hydrothermal alteration.

Figure 1: 3D Forward AMT Model for Conductivity, cross section L6574000N (looking north). Historic holes shown4,6, HWDD08 superimposed onto cross section to show spatial distance from distinct conductive zone. Vertical scale is arbitrarily modelled. Model generated by Adelaide Mining Geophysics Pty Ltd (Jim Hanneson).

The conductive response measured by the AMT survey indicate potential for a large chargeable sulphide bearing IOCG unit located beneath sedimentary cover. The distinctive ovoid conductive anomaly presents a clear untested and high-priority drill target.

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