the age report - matrix metals ecstatic at samples

should make this afternoon & tomorrows trading interesting?


Matrix Metals ecstatic at samples

January 13, 2004 - 12:06PM

Matrix Metals Ltd will re-estimate its Mt Watson copper deposit after achieving exceptional drilling results in recent months.

The Perth-based junior explorer said it had completed its drilling program at Mt Watson - near Mt Isa in north west Queensland - in December, with results expected to "significantly increase" the deposit's inventory, which currently compromises 1.6 million tonnes at 1.1 per cent copper.

The company said it had discovered large new zones of mineralisation in previously untested areas, and in areas which had only been shallow drill-tested in the past.

"The results indicate that the strick length of the deposit is at least 350 metres longer than previously estimated, for a total of at least 1,500 metres," Matrix said in a statement to the market.

"The deposit also remains open in all directions.

"The new zones of mineralisation are characterised by being consistently wide and containing high grade copper."

The latest results come on top of encouraging results released to the market early last month.

Based on the results, the company said it would re-estimate the resource, with results expected before the end of February.

Investors welcomed the news, pushing the stock up 0.8 of a cent, or 8.25 per cent in early trade, before settling up 0.3 cents at 10 cents by 1052 AEDT.


This story was found at: http://www.theage.com.au/articles/2004/01/13/1073877805655.html