Tarrina Resources Uncovers Five Untested IOCG Targets at Walparuta

Tarrina Resources Closes In on a Major IOCG Discovery at Walparuta

Tarrina Resources (ASX: TR8) has delivered a pivotal step forward in its pursuit of a significant copper-gold discovery, announcing the successful completion of a 2D Pole-Dipole Induced Polarisation (IP) survey at its Walparuta Project in South Australia's Curnamona Province. The results are unambiguous: five strong, laterally continuous chargeability anomalies have been mapped across a 700-metre corridor, interpreted as sulphide-related, and critically, not one of them has ever been drilled.

The IP data now completes a three-way coincident geophysical anomaly picture at Walparuta. Magnetics, gravity, and IP all point to the same targets within a 5-kilometre structural corridor. This is precisely the exploration model that has underpinned major IOCG copper-gold discoveries across the Curnamona Province and the Cloncurry Region, and Tarrina has now applied it in full at Walparuta for the first time.

Chairman Francis De Souza commented: "The IP survey has delivered more than we hoped for, clear, coherent laterally continuous sulphide-related chargeability anomalies sitting directly within the 5 km long magnetic and gravity corridor that defines what we believe to be the Walparuta IOCG system. These results significantly increase the project prospectivity and provide higher-confidence drill targets that have never been tested. We believe Walparuta now stands out as a compelling under-explored IOCG opportunity within the highly prospective Curnamona Province."

What Did the IP Survey Find and Why Does It Change the Picture?

The IP survey comprised 2.7 kilometres across three lines, designed to test the northern end of the coincident magnetic and gravity targets and the zone of historic copper-gold drilling. The results across all three lines were consistent, coherent, and confirmatory.

Five discrete chargeability anomalies were identified, with values ranging from 28 to 106 mV/V, all of which are strongly indicative of sulphide mineralisation. Each anomaly was correlated across multiple IP lines, confirming they are laterally continuous bodies rather than isolated artefacts.

The conductivity data across all three lines is consistent with continuous zones of sulphide-bearing rock, independently supporting the chargeability interpretation.

The Validation Result: Does the Historic Drilling Confirm the Model Works?

One of the most important outcomes from the survey is the direct validation delivered by Line 1. The historic copper-gold drill intersections at the Walparuta Cu-Au breccia plot precisely on top of a well-defined high-chargeability anomaly.

This confirmation is significant for two reasons. First, it demonstrates that the IP method successfully detects copper and gold-bearing sulphide mineralisation in this geological setting. Second, it means the five additional untested anomalies identified across the survey can now be pursued with materially higher confidence.

The historic drilling that underpins this validation returned results including:

• 36.6 m at 0.37% Cu and 0.27 g/t Au from 39.6 m (including 9.1 m at 0.80% Cu and 0.53 g/t Au)
• 38.1 m at 0.26% Cu and 0.31 g/t Au from 15.2 m (including 10.7 m at 0.41% Cu and 0.46 g/t Au)
• 32.0 m at 0.23% Cu and 0.01 g/t Au from 56.0 m
• 9.8 m at 0.29% Cu and 0.58 g/t Au from 132.6 m (including 7.6 m at 0.50% Cu and 0.97 g/t Au)

These intersections were returned from just nine drill holes, testing only the northern portion of what is now understood to be a 5-kilometre IOCG system.

Understanding the Coincident Anomaly Model and the Discovery Framework That Built Olympic Dam

What Is a Coincident Anomaly Approach?

IOCG (Iron Oxide Copper-Gold) systems are among the world's most significant copper-gold deposit types. The most famous example is Olympic Dam in South Australia's Gawler Craton, one of the largest known copper deposits on Earth.

Discovering IOCG systems requires layering multiple geophysical surveys and identifying where they all respond over the same zone. This is the coincident anomaly approach, and it has guided discoveries across the Curnamona Province and the Cloncurry Region in Queensland.

Why Does This Matter for Investors?

The coincident anomaly picture is now complete at Walparuta. Furthermore, all three independent geophysical methods are pointing to the same targets in the same corridor. This is the highest-confidence targeting configuration available before drilling, and it is the configuration that has repeatedly led to meaningful copper-gold discoveries in comparable geological settings.

The Primary Target: Largest, Shallowest, and Never Drilled

The standout result from the survey sits on Line 2, the southern line, which crosses the primary magnetic-gravity target 200 to 400 metres southeast of the historic Walparuta Mine. This anomaly is notably:

• Larger and stronger than any anomaly on the central line
• Characterised by chargeability values of 30 to 78 mV/V
• Starting at a depth of just 70 metres, meaning it is a near-surface target
• Sitting at the intersection of the magnetic, gravity, and IP highs
• Never tested by a single drill hole

Two additional untested chargeability anomalies are also present on Line 2. The westernmost of these is supported by copper-anomalous soils of up to 290 ppm Cu, suggesting possible near-surface Cu-Au sulphide mineralisation extending the system further west.

On the northern Line 3, anomalous copper soil values of 61 to 650 ppm Cu were recorded along the western anomaly, adding geochemical support for the interpreted sulphide zones.

A Province That Is Coming to Life

The significance of the Tarrina Resources Walparuta IOCG discovery at South Australia's Curnamona Province is amplified by what is happening around it. The Curnamona Province is attracting serious capital from major ASX-listed operators, with the following recently announced transactions in the same geological belt:

Walparuta sits within the same geological domain as both of these projects in the Olary Domain at the southern end of the Curnamona Province. Havilah's Kalkaroo deposit (1.1Mt Cu, 3.1Moz Au, 23.2kt Co) and Mutooroo deposit (195kt Cu, 82.1koz Au) are located approximately 50 to 80 kilometres northeast and east of Walparuta.

Despite this proximity, Walparuta has never been subject to modern, integrated IOCG-focused exploration until now.

What Comes Next: A Clear and Systematic Path to the Drill Bit

The IP survey has established the drill targets. The near-term work programme is focused on refining those targets before committing to drilling, with results from current rock sampling expected by end of June 2026.

Planned activities over the next three months include:

1. Improving and optimising the 3D magnetic and gravity inversion models to sharpen drill targeting
2. Reviewing and analysing petrophysical and geochemical data from rock samples submitted for multi-element analysis, IP chargeability, magnetic susceptibility, and density measurements
3. Assessing the value of auger soil sampling to improve geochemical coverage across the system
4. Evaluating the most cost-effective IP acquisition technique, gradient array or additional 2D pole-dipole lines, to extend coverage south and west
5. Planning follow-up drill targeting based on the results of the next exploration phase

The company's stated priority is drill testing of the Walparuta IOCG-style targets after IP and geochemical coverage is extended to better define the extent of the potential system. A planned exploration programme of approximately 6,000 metres of RC and diamond drilling has been outlined as part of the company's multi-year work programme.

The Investment Case: An Under-Explored System With All the Right Signals

The Tarrina Resources Walparuta IOCG discovery at South Australia's Curnamona Province has constructed an exploration thesis grounded in the same targeting methodology used to discover and develop the major deposits now attracting hundreds of millions of dollars of investment in the same province.

The key investment case pillars are:

• A 5-kilometre IOCG system defined by magnetics and gravity, with historic copper-gold results confirming mineralisation at the northern end
• Five untested IP targets now identified, including the primary magnetic-gravity-IP anomaly on Line 2, the most significant untested target the company has defined
• Shallow starting depth of 70 metres on the primary target, reducing drilling costs and time to results
• Historic drilling validation, with copper-gold intersections plotting directly on the IP anomalies, confirming the model works in this setting
• Province-wide momentum, with multi-hundred-million-dollar transactions in the same geological belt reinforcing the strategic value of the Curnamona Province as a copper-gold address
• 220 square kilometres of 100%-owned tenements covering the Walparuta and Weekeroo Inliers, with only nine historic drill holes across a 5-kilometre system

In addition, the company notes a statistically significant positive correlation between magnetic susceptibility and copper and gold grades in historic drill core, with Spearman's correlation coefficients of 0.739 for Cu and 0.515 for Au. This means that the strongest magnetic targets are statistically the most likely to host higher-grade mineralisation. The primary untested target on Line 2 has stronger magnetic intensity than the zones already shown to contain copper and gold.

Understanding IOCG Systems and Technical Terminology

What Is an IOCG Deposit?

IOCG (Iron Oxide Copper-Gold): A class of hydrothermal ore deposit characterised by iron oxide alteration (magnetite and haematite) and copper-gold-silver mineralisation. Olympic Dam is the most prominent global example.

What Is Induced Polarisation?

IP (Induced Polarisation): A geophysical survey method that detects disseminated sulphide minerals (chalcopyrite, pyrite, and bornite) by measuring how rocks store and release electrical charge. High chargeability values are associated with sulphide mineralisation.

Chargeability (mV/V): The unit used to measure IP response. Higher values indicate greater concentration of sulphide minerals that may carry copper and gold.

What Is Magnetic Susceptibility and Why Does It Matter Here?

Magnetic Susceptibility: A measure of how strongly a rock responds to a magnetic field. At Walparuta, high magnetic susceptibility correlates statistically with higher copper and gold grades, making it a powerful targeting tool.

Coincident Anomaly: The overlap of multiple geophysical datasets (magnetics, gravity, and IP) over the same zone, providing the highest-confidence indication of a drill target in IOCG exploration.

Curnamona Province: A Palaeoproterozoic geological terrane spanning South Australia and New South Wales, recognised as one of Australia's premier copper-gold addresses.

The Tarrina Resources Walparuta IOCG discovery at South Australia's Curnamona Province has now completed the three-survey coincident anomaly picture, the same targeting framework used to discover major IOCG deposits across the Curnamona Province. With five untested sulphide targets defined, the primary anomaly sitting from just 70 metres depth, and a province generating hundreds of millions of dollars in deal activity, Walparuta's first real drill test represents a compelling near-term catalyst for investors to watch closely.

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