Step 1: Characteristics of Porphyry Copper Deposits.
Porphyry copper deposits are large, low-grade deposits typically associated with granitic rocks (I), found in convergent tectonic settings (IV). These deposits are characterized by low-grade and high tonnage of ore (II), and often contain alteration zones (III).
Step 2: Conclusion.
The correct answer is (C) I, II, III and IV only, as all four characteristics are true for porphyry copper deposits.