<?php
 
$data = array(
    'project/$1/details/$2' => 'newby/EXAMPLE/something/OTHER',
);
 
foreach($data as $desiredString => $findMe)
{
    $desiredString = explode('/', $desiredString);
    $findMe = explode('/', $findMe);
    $result = array_map(
        create_function(
            '$desired, $replace',
            'return preg_match(\'#(\$\d)#\', $desired) ? $replace : $desired;'
        ),
        $desiredString,
        $findMe);
    var_dump(implode('/', $result));
}
?>
 

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