Broken Hill Gold Maps Large IP and Magnetic Anomalies Beneath Icebreaker Drill Hits
Key Takeaways
- Broken Hill Gold has defined a ~1.5km² IP chargeability anomaly and a coincident ~1km² magnetic anomaly directly beneath its July high-grade gold-copper intersections at Icebreaker.
- The eastern anomaly reaches 60mV, about six times the 10mV background, and a second shallow anomaly 1km southwest has never been drilled.
- A 3,000m diamond and RC program starts this week, with holes to 400m and first assays due in late November 2026.
- The company holds a 118,496oz gold resource with open pits, a heap leach facility and an operational plant, which it says offers a path to self-funded exploration.
- Kalkaroo, a 1.1Mt copper and 3.1Moz gold IOCG deposit, sits just 40km north, but the Icebreaker anomalies remain an interpretation until drilled.
Icebreaker geophysics completed: large IP and magnetic anomalies sit beneath high-grade drill hits
Broken Hill Gold (ASX: BH6) announced on 15 October 2026 that it has completed Induced Polarisation (IP) and ground magnetic surveys at its 100% owned White Dam Gold-Copper Project, 80km west of Broken Hill in South Australia. The surveys defined a ~1.5km² chargeability anomaly and a coincident ~1km² magnetic anomaly at the Icebreaker prospect.
Both sit directly beneath the recent RC high-grade gold-copper intersections reported on 23 July 2026. The geophysics was completed in the last 4 weeks.
What does that tell you? The company interprets the chargeability anomaly as representing potential depth and strike extensions to the known Au-Cu sulphide mineralisation. That is an interpretation, not a confirmed result, and drilling is needed to test it.
Matthew Boyes, Managing Director
“…we now have coincident IP and magnetic anomalies over a large area, in a zone we already know is well mineralised – that is an extremely compelling set of drill targets.”
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What did the surveys find at White Dam?
Two surveys, two overlapping signals. Planetary Geophysics Pty Ltd carried out both programmes over the White Dam Mining Leases and selected near-mine prospects.
IP chargeability results
IP surveys measure how well rocks store an electrical charge, which can flag sulphide minerals underground. The Pole-Dipole survey over Icebreaker and the adjacent Rolling Prospect comprised 9 transects on 200m spacings, covering 50 line-kilometres.
The survey defined a chargeability feature covering ~1.5km². It includes a deeper eastern anomaly of up to 60mV (around six times the 10mV background) and a shallower northwestern anomaly of up to 40mV between the Rolling and Icebreaker Prospects.
The northwestern anomaly is directly coincident with sulphide mineralisation intersected in drilling at Icebreaker. A second shallow anomaly sits 1km southwest of Icebreaker, where the source is unknown and there is no previous drilling.
Ground magnetic results
The magnetic survey covered 319 line-km on north-south lines at 40m spacings. At Icebreaker and Rolling it defined a large, high-intensity feature over a ~1km² area, spatially coexistent with the IP anomaly.
The company interprets it as indicative of iron oxide alteration, as it coincides with the magnetite-pyrite alteration observed in Icebreaker drilling to date.
| Survey | Coverage | Key result |
|---|---|---|
| IP (Pole-Dipole) | 9 transects, 200m spacing, 50 line-km | ~1.5km² chargeability feature; up to 60mV (east) and 40mV (northwest) |
| Ground magnetics | 319 line-km, 40m spacing | ~1km² high-intensity feature interpreted as iron oxide alteration |
Why does IOCG potential matter?
Iron-Oxide-Copper-Gold (IOCG) is a deposit style that combines iron oxide minerals with copper and gold. The source describes it as having the potential to form very large deposits.
The Curnamona Province is described as highly prospective for IOCG mineralisation. Regional examples named in the announcement:
- Kalkaroo Project (1.1Mt Cu, 3.1Moz Au, 23kt Co), located 40km north of White Dam.
- North Portia (0.1Mt Cu, 0.26Moz Au), 75km north.
- Mutooroo (0.2Mt Cu, 82koz Au, 20kt Co).
The local link matters for investors. The Hannaford deposit, and the Icebreaker and Rolling prospects, sit on the margins of the combined IP and magnetic anomalies, which the company says suggests a large alteration system.
There is virtually no drilling below 100m on any of them, leaving what the company calls substantial potential for additional mineralised zones. Treat that as potential, not proof.
Investment case: discovery upside with a path to self-funded exploration
Broken Hill Gold is pairing IOCG discovery potential at Icebreaker with a 118koz Au shallow Mineral Resource and existing infrastructure: open pits, a heap leach facility and an operational gold plant. The company says this offers a path to self-funded exploration.
Managing Director Matthew Boyes also pointed to historical gold production at the project of ~180,000oz.
| Deposit (2026 MRE, JORC 2012) | Indicated oz | Inferred oz | Total oz |
|---|---|---|---|
| Hannaford | 16,400 | 26,900 | 43,300 |
| Vertigo | 24,300 | 30,496 | 54,795 |
| Icebreaker | 2,800 | 17,600 | 20,400 |
| Total | 43,500 | 74,996 | 118,496 |
Note that the Icebreaker resource relates to the shallow oxide zone. The announcement reports no drill results, and the sulphide mineralisation is a separate matter. Icebreaker sits on an exploration licence and will require the grant of a mining licence and necessary permits before mining can commence there.
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Drilling starts this week: what catalysts are ahead?
An initial 3,000m diamond and RC drilling programme is commencing this week at Icebreaker. Diamond drilling to 400m depth will assess both the northwest and main eastern IP anomalies, and the second shallow anomaly 1km southwest will also be drill tested.
The company interprets that drilling to date has only intersected the lower intensity upper sections of the northwest anomaly. First assay results are expected in late November.
The company listed these upcoming catalysts:
- October 2026: initial 3,000m drilling commences at Icebreaker; IP survey over Vertigo.
- October to November 2026: IP and magnetic surveys over Mary Mine, Green & Gold and Wilkins Prospects; Vertigo sulphide drilling results.
- November 2026: exploration commences on the Wadnaminga MLs.
- Late November 2026: first assay results from Icebreaker drilling expected.
- Ongoing: resource drilling at the Icebreaker oxide zone and Hannaford; testing for potential Mineral Resources at Rolling and Pixie.
- Early 2027: drilling at Wadnaminga.
- Q1 2027: Vertigo restart mining studies and FID (final investment decision).
The company also noted the recent addition of 750km² of new exploration tenements (to be granted) west of White Dam.
Boyes said the “…next six to eight weeks will be a pivotal period as we drill test these targets.” For you as an investor, that window is where the geophysical interpretation meets the drill bit.
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