A phase‐coded signal with 64‐ms resolution was transmitted at 10‐min intervals for a 48‐day period between an acoustic source moored at 2000‐m depth and a bottom mounted receiver at ∠3000‐m depth and at ∠900‐km range. About 16 multipaths were resolved. They were stable in the presence of ocean fluctuations and could be identified (with some exceptions) from ray theory. The precision to which daily travel‐time fluctuations along multipaths could be measured was better than 10 ms. The resolution, stability, identification, and precision is adequate for acoustic monitoring of mesoscale ocean variability by measuring travel‐time variations along ray paths.