The presence of thick (>100 m) and electrically conductive (< 10 Ω.m) ground cover is a major impediment in mineral exploration of deep resources. Iron-oxide copper gold (IOCG) systems in Australia are often associated with a pronounced potential field anomaly, depending on the oxidation state of iron, but the gravity and magnetic field signatures have little vertical resolution unless constrained by drill hole petrophysics. Additionally, IOCG systems have deep magmatic sources, with their conductivity anomalies extending at least to the lithospheric mantle. The Vulcan IOCG prospect lies about 30 km northeast of the Olympic Dam IOCG mine and is defined by a significant gravity anomaly associated with brecciated haematite beneath 850 m of sedimentary cover sequences. To image the physical properties and structural geometry of the Vulcan IOCG prospect, a 100-site broadband MT and passive seismic array was deployed in a 1 km grid over a 9 by 9 km area. Three-dimensional inversion of MT responses resolve structure in three distinct domains. Firstly, broad limestone-quartzite-shale stratigraphy (1–30 Ω.m) in the 850 m cover is delineated in resistivity and corresponds well with changes in shear-wave velocity. Secondly, the region of brecciated haematite below the cover sequences is shown to have lower resistivity (< 60 Ω.m) than surrounding country rock (> 100 Ω.m). Thirdly, a more electrically conductive (< 30 Ω.m) vertical zone that extends > 5 km is imaged a few kilometers to the northeast of the Vulcan haematite breccia, and appears to be linked by a region of low shear-wave velocity in the depth range 1–2 km. Two-dimensional inversion of more regional MT responses along a 200-km line passing through the Vulcan prospect suggest this vertical region of low resistivity links to the lower-crust with anomalous resistivity of < 60 Ω.m in a similar way as imaged beneath the Olympic Dam mine. It is suggested that this conductive region is associated with graphite precipitated from magmatically derived CO2-rich fluids cooling in a reducing environment.