Broken Hill Gold Maps Large IP Anomaly Beneath Icebreaker Drill Hits
Key Takeaways
- IP and ground magnetic surveys at White Dam defined a ~1.5km² chargeability anomaly and a coincident ~1km² magnetic anomaly sitting directly beneath recent high-grade gold-copper drill hits.
- The eastern IP anomaly reaches 60mV, around six times the 10mV background, and has not been drilled; historic RC holes average just 50m depth.
- An initial 3,000m diamond and RC programme starts this week, with diamond holes to 400m and first assays expected in late November 2026.
- White Dam carries a 118koz gold resource, an operational plant and a heap leach facility, underpinning the company's aim of self-funded exploration.
- The anomalies are interpretations only; Kalkaroo (3.1Moz Au) is a regional reference, and nothing suggests White Dam is comparable in size.
Icebreaker geophysics completed: a large IP anomaly sits beneath high-grade drill hits
Geophysics at the Icebreaker prospect has handed Broken Hill Gold a much bigger target to drill. Induced Polarisation (IP) and ground magnetic surveys at the 100% owned White Dam Gold-Copper Project, 80km west of Broken Hill in South Australia’s Curnamona Province, defined a ~1.5km² chargeability anomaly and a coincident ~1km² high-intensity magnetic anomaly.
Both anomalies encompass the high-grade gold-copper intersections from recent RC drilling, reported on 23 July 2026. An initial 3,000m diamond and RC drilling programme commences this week, with first assay results expected in late November.
The surveys were completed in the last 4 weeks, so the next catalyst is close. Here are the headline takeaways:
- A ~1.5km² chargeability anomaly and a coincident ~1km² magnetic anomaly sit directly beneath the high-grade drill hits.
- Diamond holes are planned to test depth and strike extensions and provide the first tests of the main geophysical targets.
- The company says it has a path to self-funded exploration, backed by a 118koz gold Mineral Resource and existing infrastructure.
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What the surveys found
IP chargeability results
IP works by sending current into the ground and measuring how rock holds the charge, which can point to sulphide minerals. The Pole-Dipole survey comprised 9 transects on 200m spacings, covering 50 line-kilometres.
The chargeability feature comprises a deeper eastern high-intensity anomaly of up to 60mV (around six times the 10mV background) and a shallower northwestern anomaly of up to 40mV. The northwestern anomaly is directly coincident with sulphide mineralisation intersected in drilling at Icebreaker.
It is interpreted to represent potential depth and strike extensions to the known gold-copper sulphide mineralisation. That is an interpretation, not a confirmed discovery, and only drilling can test it.
The anomalies have not been adequately drill tested. Historic RC drillholes average 50m vertical depth, with only a limited number of holes deeper than 100m.
A second significant shallow chargeability anomaly sits 1km southwest of Icebreaker. Its source is unknown and there is no previous drilling in the area.
Ground magnetics
The ground magnetic survey covered 319 line-km on north-south lines at 40m spacings. Magnetics detect magnetite, an iron oxide mineral.
At Icebreaker and Rolling, the survey defined a large, high-intensity feature over a 1km² area, spatially coexistent with the IP anomaly. It is interpreted to be indicative of iron oxide alteration, as it coincides with the magnetite-pyrite alteration observed in Icebreaker drilling to date.
Matthew Boyes, Managing Director
“…we believe Icebreaker is one of the most exciting exploration targets in the Curnamona in many years. We are also starting to see genuine IOCG-style copper potential, and the next six to eight weeks will be a pivotal period as we drill test these targets.”
Why does a large alteration system matter?
Linking Hannaford, Rolling and Icebreaker
The Hannaford deposit, along with the Icebreaker and Rolling prospects, sits on the margins of the combined IP and magnetic anomalies. The company says this suggests a large alteration system.
There is virtually no drilling below 100m at any of them. The company says this leaves substantial potential for additional mineralised zones, but that potential is untested, not proven.
What is IOCG and why do IP and magnetics matter?
IOCG stands for Iron-Oxide-Copper-Gold, a deposit style with the potential to form very large deposits. IP picks up sulphides through chargeability, while magnetics pick up magnetite and iron oxide.
When both signals overlap in the same place, and drilling has already hit mineralisation there, the target is strengthened. For you as an investor, that overlap is what turns a geophysical anomaly into a drill target worth testing.
The Curnamona Province is described as highly prospective for IOCG mineralisation. Regional deposits cited in the announcement include:
- Kalkaroo (1.1Mt Cu, 3.1Moz Au, 23kt Co), located just 40km north of White Dam
- North Portia (0.1Mt Cu, 0.26Moz Au), 75km north
- Mutooroo (0.2Mt Cu, 82koz Au, 20kt Co)
These are regional reference points only. Nothing in the announcement suggests White Dam is comparable in size.
Dual strategy: discovery upside and a path to self-funded exploration
Alongside the IOCG target, White Dam carries a 118koz gold Mineral Resource. The 2026 White Dam Mineral Resource Estimate (JORC 2012) has no Measured category.
| Deposit | Indicated (oz) | Inferred (oz) | Total (oz) | Total grade (g/t Au) |
|---|---|---|---|---|
| Hannaford | **16,400** | **26,900** | **43,300** | **0.8** |
| Vertigo | **24,300** | **30,496** | **54,795** | **0.7** |
| Icebreaker | **2,800** | **17,600** | **20,400** | **0.5** |
| Total | **43,500** | **74,996** | **118,496** | **0.7** |
The Icebreaker resource is a shallow oxide zone, separate from the sulphide target being drilled. The project has historical gold production of ~180,000oz, including ~120koz from Hannaford between 2010 and 2018.
Existing infrastructure includes open pits, a heap leach facility and an operational gold plant. The company’s stated aim is for this to offer a path to self-funded exploration, which remains an aim rather than a certainty.
Icebreaker is located on an exploration licence and will require the grant of a mining licence and necessary permits before mining can commence there.
Investors exploring how the self-funding aim is being put into practice can read our detailed coverage of the third gold pour at White Dam, which covers the Perth Mint doré shipment, the heap leach reline funded by proceeds and the pad expansion design.
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Upcoming catalysts and next steps
Diamond drilling to 400m depth will assess both the northwest and main eastern IP anomalies, as the company interprets that drilling to date has only intersected the lower-intensity upper sections of the northwest anomaly. The southwest anomaly will also be drill tested.
IP is in progress over Vertigo, and IP and magnetic surveys are commencing at Mary Mine, Green & Gold and Wilkins. Drilling will also underpin Mineral Resource upgrades at the Icebreaker oxide zone and Hannaford, with testing for potential Mineral Resources at Rolling and Pixie.
The company also added 750km² of new exploration tenements (to be granted) west of White Dam. The announcement’s timeline runs as follows:
- October 2026: Initial 3,000m diamond and RC drilling commences at Icebreaker; IP survey over Vertigo.
- October to November 2026: IP and magnetic surveys over Mary Mine, Green & Gold and Wilkins.
- November 2026: Exploration commences on the Wadnaminga MLs.
- Late November 2026: First assay results from Icebreaker drilling expected.
- Early 2027: Drilling at Wadnaminga.
- Q1 2027: Vertigo restart mining studies and FID.
With drilling starting now and first assays due in late November, news flow from Icebreaker should arrive quickly.
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