I suppose it depends on the tenor of the discovery hole....

I suppose it depends on the tenor of the discovery hole. 300-500% seems a bit exaggerated to me unless they pick up some high grade core intersection on the discovery hole.

XAM have been drilling and defining their porphyry Cu-Au discoveries for years (JORC resources of 1,533 MLB CU & >2 Moz AU) and have recently had an intersection of 650m at +1% CuEq from surface (not to mention they are in a world class porphyry Cu-Au province) and their market cap is only about 3 times that of SVY (not sure exactly what the project value is though once other project level interests are factored in, need to research that one again).

These systems take an awful lot of time, money and effort to drill out. Being in Australia if the discovery is good the project should trade at a premium to XAM's though IMO.Esh