Ann: TAS: Lake Torrens IOCG Project - Drilling Update, page-5

"Iron oxide copper-gold (IOCG) deposits (Hitzman et al., 1992) are a diverse family of mineral deposits characterised by the following features: (1) Cu with or without Au, as economic metals, (2) hydrothermal ore styles and strong structural controls, (3) abundant magnetite and/or hematite, (4) Fe oxides with Fe/Ti greater than those in most igneous rocks, and (5) no clear spatial associations with igneous intrusions as, for example, displayed by porphyry and skarn ore deposits (Williams et al., 2005). In addition, most IOCG deposits display a broad space-time association with batholithic granitoids, occur in crustal settings with very extensive and commonly pervasive alkali metasomatism, and many are enriched in a distinctive, geochemically diverse suite of minor elements including various combinations of U, REE, F, P, Mo, Ag, Ba, Co, Ni and As (Williams et al., 2005). Many of these minor elements are also critical commodities in the context of the present study.Uranium-rich IOCG deposits in which U is an economic metal are an important yet uncommon subset of the IOCG family (Hitzman and Valenta, 2005). Currently the Olympic Dam deposit is the only IOCG deposit in which U is extracted as a major economic commodity. This deposit is the world's largest single resource of U (BHP Billiton, 2010 Annual Report, www.bhp.com). In a global context, most of the other IOCG deposits containing higher grades of U are found in the Gawler Craton and Curnamona Province of southern Australia (Hitzman and Valenta, 2005; Skirrow, 2011). Based on current knowledge of IOCG deposits globally, it would appear that the IOCG deposits with the highest grades of REE are also confined to southern Australia."