Skarn-style alteration in Proterozoic metasedimentary protoliths hosting IOCG mineralization: the Island Dam Prospect, South Australia

New mineralogical, geochemical, and geochronological data are presented for the Island Dam prospect, Olympic Cu-Au Province, South Australia. Skarn assemblages comprising actinolite/phlogopite + K-feldspar + magnetite suggest the presence of calcareous protoliths at Island Dam and indicate high-temperature alkali-calcic alteration in the early stages of IOCG mineralization, as seen in other deposits in the region. Dating of lamellar hematite intergrown with Cu-Fe-sulfides allows the timing of the alteration-mineralization event to be constrained at 1594 ± 28 Ma, contemporaneous with the ~ 1.59 Ga IOCG mineralization event recorded across the eastern Gawler Craton. The host metasedimentary sequence can be correlated to the Wallaroo Group based on lithology and fabrics, and stratigraphically by an underlying ~ 1850 Ma Donington Suite granite and the new U–Pb ages for superimposed mineralization. Oscillatory zoned silician magnetite in skarn displays a trace element signature comparable to that observed in the outer shell of the Olympic Dam deposit and the nearby Wirrda Well prospect and is consistent with early stages of IOCG mineralization. The geochemical signatures of hematite from skarn and banded Fe-rich metasedimentary rocks share a common enrichment in W, Sn, Mo, Th, and U seen in hematite from IOCG-style mineralization across the Gawler Craton. Relative enrichment in As, Sb, Ni, and Co is, however, specific to iron-oxides from banded Fe-rich metasedimentary rocks. These features can be attributed to pre-existing iron-rich lithologies.