From what I understand with discussions with a few geo's - 5 mgal is relatively significant and indicative of a dense body - most probably an iron body.
IOCG deposits are iron oxide bodies with the iron being haematite which usually gives it a strong gravity signature. So the 5 mgal response is a good sign.
However I cannot find magnetic info on the gravity anomalies at Murninie.
You will often hear of IOCG systems having a co-incident magnetic anomaly. Whilst this is true - the magnetic signature is usually weaker as the iron in IOCG systems are haematite which does not of itself have a magnetic signature. If it did have a strong magnetic signature may indicate something else - i.e. magnetite.
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