Induced polarisation (IP) is a common geophysical method of exploration for disseminated sulphides. However, in areas with deep (>200 m) and conductive (10 Ωm or less) cover, the technique is less successful as it requires a significant transmitter source and large-offset dipoles. An alternative approach is to use natural-variations in Earth’s external magnetic field as the polarising source of the signal, known as natural-field IP. This paper presents a study of extracting IP information from electrical dipole observations during a broadband magnetotelluric (MT) program with a 9 km by 9 km grid of 100 sites above the Vulcan IOCG deposit beneath 750 m of cover, ∼40 km north of the Olympic Dam IOCG mine in South Australia. Inter-site transfer functions between 95 sites and five reference sites at the southeast and southwest corners of the grid were computed to determine a phase shift between horizontal electric fields in the bandwidth of 1–100 s period. Phase shifts of up to – 5 degrees were centred on a region of brecciated hematite where drill holes intersected pyrite, and an inferred fault-zone from passive seismics that marks the boundary between upper crust that is resistive (>100 Ω.m) with high magnetic susceptibility to the south of the fault, and a region of conductive crust (<10 Ω.m) which is low magnetic susceptibility. Our study suggests that the natural-field IP method can identify regions of polarizable minerals beneath deep cover where artificial power sources cannot be feasibly deployed. Such surveys are cheaper, safer, and easier to deploy as only receivers are required, and 3D coverage can be obtained as the source-field is of much larger dimension than the survey array. In addition, the natural-field IP signals are observed as part of the MT program so that both electrical resistivity and polarisation parameters can be determined.