The company said down-hole electromagnetic surveys had highlighted "extensive conductive plates along strike and at depth, significantly enhancing the scale potential of the C3 deposit".

C3 is part of Alvo's overal Palma exploration play that is currently estimated to contain 4.6 million tonnes grading 1% copper, 3.9% zinc (plus lead and silver credits).

Drill results reported today were headlined by 14.9m grading 2.22% copper and 10.8% zinc from 74m.

Alvo has drilled more than 13,000m of diamond core drilling on its Palma ground in central Brazil since listing in October.

Other targets around C3 are also to be tested based on the VMS-cluster model.

Alvo started the September quarter with A$5.6 million cash.

The company is led by geologist and previous long-time Brazil-located Rob Smakman - ex Crusader Resources.

Shares in Alvo were unchanged at 16.5c in morning trade, capitalising the company at $12 million.