Holes reported today included 63m at 2.1% copper and 4.6gpt gold from 153m downhole.

According to Tennant, the intersection lengths are interpreted to be close to true thickness.

"The drilling to date has identified a steep westerly plunging zone of copper-gold mineralisation that extends from 60m to (more than) 200m below surface and at-least 150m along strike in an east-west orientation," Tennant said.

As well as Peko and Noble Nob, Tennant also see analogies with the Warrego deposit (6.75Mt at 1.9% copper and 6.6gpt gold), and Castille Resources' 4.7Mt resource grading 1.63% copper and 1.73gpt gold.

Planning for a step-out drill campaign is underway.

Tennant had cash of $4.7 million at the end of June.

Shares in Tennant spiked more than 45% to 5.7c early, but in later morning trade were up 23% to 4.8c, capitalising it at nearly $30 million.