The results included 23.1m at 3.3% copper and 8% zinc from 259m.

The company also pointed to a "39m wide zone of massive/semi massive sulphides down dip from (a) hole" that returned 25m at 1.8% copper and 14.1% zinc from 187m.

"From our first hole we could see that C3 has the potential to be something special," Smakman said.

"Every hole has hit VMS mineralisation, some with exceptional grades and widths."

C3 has a current inferred resource of 4.6 million tonnes grading 1% copper and 3.9% zinc, with Palma discovered in the 1970s.

Smakman is ex-Crusader, now called Big River Gold, owner of the long studied Borborema gold project in Brazil.

Alvo listed on the ASX in October last year following a A$10 million IPO that offered new shares priced at 25c each.

Shares in Alvo were up 11.5% to 39c in midday trade, capitalising the company at $36 million.