The viability report, commissioned by Kavango to assess whether the target would be economically viable, is a conceptual study—and not a definitive study.

The study, prepared by Executive Mining, concludes the IOCG target would be economically viable at depths up to 2 kilometres below the surface, should sufficient bulk of mineralization be discovered that is of sufficient grade.

Kavango now plans to release an exploration plan in the coming weeks.

"The IOCG target at the Great Red Spot is highly attractive because it is so large, and the geophysical indicators so compelling," Kavango CEO Ben Turney said.

"At this stage it is important to understand that the numbers presented are idealized. Until Kavango is able to drill test the IOCG target we cannot know what the geological formations are nor whether any mineralisation is present," he said.

The report's conclusions, based on price modeling of US$1,600/oz gold, $18/oz silver, $3.50/lb copper, and $28/lb uranium, saw an NPV10% in the range of $3 billion-$8.05 billion and an estimated IRR range of 17% to 31%.

"We are very pleased with the results of the report and Kavango will continue further exploration of the IOCG target, with a view to vectoring in on specific drill targets," Turney said.

Kavango's share price closed the July 25 session at 1.93p.

Olympic Dam is one of the world's most significant deposits of copper, gold, and uranium.