And as it played out, Alvo shares gained as much as nearly 60% during their first day of trading following the company's $10 million IPO.

Also supportive of positive market sentiment would be the presence on the register of two well-regarded institutions in the resource sector space, Resource Capital Fund and Sprott.

And a third tick for the company would be Smakman and his team given their extensive experience in Brazil from previous ventures - in particular Crusader Resources (now known as Big River Gold) and its Borborema project.

This time round the Palma project in central Brazil is the focus, with a resource of 4.6 million tonnes grading 1% copper and 3.9% zinc (plus lead and silver) at C3 historically established within a known VMS district minimally explored.

Alvo's maiden 10,000m diamond core program is said to be imminent.

Shares in Alvo were up 52% to 38c in late trade, capitalising the company at $27.6 million and equating to an enterprise value of about $18 million.