Centaurus said the 6.5km long by up to 600m-wide SW1-B prospect comprises three distinct target zones with similar geological, structural, geochemical and geophysical characteristics to known IOCG deposits.

However while multiple high priority walk‐up copper‐gold drill targets have been identified, drilling won’t be happening until 2018 following permitting and the conclusion of the wet season.

Soil values of up to 412 parts per million copper, 108 parts per billion gold and 299ppm cobalt have been recorded.

Vale’s Salobo has reserves totalling 1.2 billion tonnes grading 0.63% copper and 0.4 grams per tonne gold, with the mining operation producing around 176,000 tonnes of copper and 317,000 ounces of gold in 2016.

Centaurus is now targeting other prospects at its overall Salobo West exploration project.

Centaurus raised A$2.5 million in August in a rights issue that priced new shares at 0.4c.

Long standing shareholders of the ASX-junior will be hoping Salobo West heralds a big change in fortune for the company after previous ventures over the past decade in the South American came to naught. 

Shares in Centaurus were up 40% to 0.7c in morning trade, capitalising the company at $12.4 million.