Ann: Largest and Highest Grade Intervals to date, page-22

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The intercept of 952m grading 0.23% copper included 10m at 2.43% copper and 0.3 grams per tonne gold, and 38m at 1.59% copper and 0.27gpt gold.

"It is important to note that we are not yet into the target porphyry, but these results do represent a very significant step forward in that these structurally-controlled copper lodes are recognised as potentially proximal to a porphyry source in a similar manner that the Magma Copper mine lodes are related to the recently discovered, very large and high-grade Resolution copper porphyry in Arizona, USA," Stavely said.

Resolution has resources of 1.8 billion tonnes at 1.53% copper, while yesterday's Newcrest Mining deal for a 70% interest in the Red Chris project in British Colombia gives it exposure to a porphyry resource of 1.8Bt at 0.32% copper and 0.34gpt gold - characterised as being low grade.

Newcrest previously held and drill-tested the Thursday's Gossan ground.

Stavely said its most recent hole was a "breakthrough hole" that involved re-orientation of the drilling angle. It's continuing to drill and plan further holes, with the explorer having persistently probed the prospect for the past few years.

Stavely started the year with A$2.3 million cash. Just over 12 months ago it raised more than $8 million by issuing new shares at 34c.

Shares in Stavely were up 7.5% to 36c in morning trade, capitalising the company at $56 million.