51. Discovery of the Olympic Dam Copper-Uranium-Gold-Silver Deposit

The Olympic Dam deposit was discovered in July 1975 with the intersection of 38 m (125 ft) of 1.05% copper in diamond drill hole RD 1. A further eight holes were drilled with only marginal encouragement to November 1976 when RD 10 cored 170 m (558 ft) at 2.12% copper and an economic discovery was confirmed. The discovery of Olympic Dam is an excellent example of the application of broad-scale scientifically based conceptual studies to area selection combined with the backing of an exploration management willing to support its exploration scientists in testing their ideas with stratigraphic drilling. It also illustrates the persistence required in mineral exploration. The project began in 1969-1972 with the development of a conceptual model for the formation of sediment-hosted copper deposits. This model suggested that the alteration of continental-type basaltic rocks could release copper into solution from which it could be concentrated in favorable stratigraphic positions. In mid-1972, this concept was applied to a review of the Proterozoic and Lower Paleozoic rocks in South Australia aimed at defining targets for stratigraphic copper deposits.