There's no Doubt there's GOLD - NAG, page-2

I thin you are correct Ant

No stratigraphic carbonaceous shale was encountered in NAD001, which is encouraging for the use of IP in the Nagambie region. This means that the Nagambie Mine IP target, with an east-west strike length of over 2,000m, is more likely to be reflective of concentrations of sulphides throughout.

In summary then, the combination of the more southerly position of the Nagambie Thrust and the initial drop in the hole angle meant that NAD001 traversed to the north of, and then under, the junction of the Nagambie Thrust and the Upper Splay Fault (see Figure 1). This junction is interpreted to be the location of strong sulphide-gold mineralisation that gave rise to the discrete IP chargeability high and represents a well-defined follow-up drill target.

1/ The oxides at the surface must have come from sulphides below
2/ The IP is reflective of sulphides as no stratigraphic carbonaceous shale was encountered

Lets hope they thread the needle a bit better next time