matrix hits high-grade copper

Matrix hits high-grade copper
Brad Ricks


Monday, November 17, 2003

MATRIX Metals has discovered a high-grade zone within its Greenmount resource area at the White Ranger copper project near Cloncurry in Queensland, with a standout hit of 9.2m grading at 5.67% copper.

The high-grade result came from a six-hole metallurgical diamond core infill drilling program

Matrix chief executive Andrew Chapman said the six-hole program twinned previous RC holes drilled for estimation of the Greenmount resource, which currently stands at 7.3 million tonnes grading at 1% copper.

The total intercept for the hole that graded 5.67% over 9.2m was 22.7m at 3.62% from 24m depth, including a 0.6m interval of 24.11% copper.

Matrix chief executive Andrew Chapman said the results were exciting, with further drilling anticipated following the metallurgical test work.

"Overall it is a four month program for heap leach column test work so it will take some time," he said.

"But we are excited about what these higher grade results mean geologically for Greenmount."

Chapman said the company has also begun an RC drilling program at the Mt Watson deposit, located 25km north of Matrix's Mt Cuthbert SX/EW processing plant.

"This is a continuation of the resource estimation program to test outside the current orebody further along strike," he said.

Shares in Matrix were up 5.8% to 9.1 cents in morning trade.