Matrix Metals Limited (MRX) today announced that results from the ongoing reverse circulation drilling program at Mt Watson has reported an intersection of 70 metres grading 1.34% copper. The balance of the assay results from this 2,000 metre program is due to be received by 12 March 2004.
This intersection was the most significant from a number of exceptional intersections including 15m @2.35% Cu, 16m @ 1.12% Cu, 28m @ 0.93% Cu, 31m @ 1.02 % Cu and 24m @ 0.97 % SHAW Stockboking resources analyst, Mr Andrew Richards said that this is another good result for Matrix.
"From the initial news this looks like quite a significant find and a very positive sign for the company."
The mining specialist advised that the results have confirmed extensions to resource grade mineralisation in the up-faulted block, immediately north of the Central Zone mineralisation. The up-faulting has moved the mineralised horizon closer to the surface in this area and has therefore extended the potential size of the resource.
The results also confirm additional widespread, relatively thick, high grade mineralisation on the northern down dip extension of the Western Zone and a particular consistently and strongly mineralised area has been located down dip in the Western Zone, highlighted by the above mentioned, 70 metre intercept of MWRC 108.
The company went on to claim that significant thickness and shallow depth to the mineralisation in both zones covered by the reported drilling, and the extensive distribution of resource grade intercepts, suggest that significant additional resources are likely to be defined by the ongoing drill program.
Based on the success of this 2,000m program, the Company said it will proceed with a further 5,000m extension to the program at Mt Watson to commence immediately.
The program is to further test the Western Zone as well as moving through the Central Zone to the Eastern area and further west towards a highly prospective vegetation anomaly.
MRX Price at posting:
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