AusQuest Limited has completed its MIMDAS Induced Polarisation and magnetotelluric survey at the Coober Pedy Iron-Oxide Copper-Gold Project in South Australia. Conducted within the renowned Olympic Dam IOCG Province, the survey successfully identified two potential drill targets characterized by weak to moderate chargeabilities and low apparent resistivities—indicators that suggest the presence of disseminated sulphide source rocks. Detailed modelling using UBC2D software by GRS Pty Ltd revealed that these targets could lie at depths between 300 and 500 meters, with the anomaly areas closely aligned to discrete gravity highs of approximately 2 milligals near the Elizabeth Creek Fault zone. The exploration covered roughly 41 kilometers using pole-dipole IP and MT surveys with 200-meter dipoles deployed along traverse lines spaced 400 to 800 meters apart. High near-surface conductivities, while posing challenges in isolating chargeable targets from the underlying bedrock, did not prevent the identification of significant anomalies. Historical drilling in the area, including intersections of strong potassic alteration, further supports the potential for IOCG-style mineralisation similar to deposits of Olympic Dam, Carrapateena, and Prominent Hill. The project itself is conducted under a Strategic Alliance Agreement with a wholly-owned subsidiary of South32 Limited, adding an element of strategic partnership that may bolster future exploration efforts. AusQuest’s Managing Director, Graeme Drew, expressed enthusiasm over the survey results, noting that the breakthrough helps de-risk the project by pinpointing credible targets for further drilling. The company is now progressing to the next phase of data compilation and refined modelling with the aim of optimising drill site selection, subject to further internal review and discussions under the partnership framework. Investors might view the news with a bullish lens, as the discovery of credible drill targets in a world-class mineral province lends credibility to the project's long-term potential and could pave the way for significant discoveries in a robust exploration environment. However, a bearish perspective is warranted given the inherent risks of early-stage exploration programs and the challenging geological conditions that require more detailed modelling and successful follow-up drilling to affirm the initial encouraging indicators.