time to buy , page-2

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Successful Primary Sulphide Exploration at Mt Watson
ANNOUNCEMENT
Successful Primary Sulphide
Exploration at Mt Watson
Matrix Metals Limited is pleased to announce an increased focus on primary
sulphide exploration at Mt Watson as a result of a number of highly significant
primary sulphide drill intersections reported during the course of the recent
oxide copper drilling programs. The significance of these intersections is
supported by the initial highly encouraging results from a ground based
“MIMDAS” geophysical survey over the Mt Watson area.
Sufficient high grade zones have been intersected to suggest that with
geophysical targeting and deeper drilling, a significant primary sulphide
resource may be delineated.
These highly encouraging primary sulphide drill intersections commenced with
the reporting of an initial intersection in drill hole MWRC 130 in April 2004. The
initial intersection plus the recently completed diamond drilling extension to drill
hole MWRC 130, now report a total intersection of 37.3m @ 2.18 % Cu from
163 m, including 20m @ 3.03% Cu, which includes 8m @ 4.89 % Cu. The
extension drilling increased the width of the intersection by some 17 metres.
In addition to drill hole MWRC 130, a second diamond drill hole was drilled to
the north west. Due to difficult drilling conditions, the hole deviated and did not
hit the specific target area but did intersect significant discontinuous zones of
primary sulphide mineralisation. Primary sulphide intersections reported in hole
MWRCD 01 are 15.4m @ 0.96% Cu from 198.7m including 5.1m @ 1.45% Cu
from 199.4m, 4.5m @ 1.05% Cu from 220.5m, 1.0m @ 0.79 % Cu from
235.0m, 1.2m @ 2.38 % Cu from 239.2m and 0.6m @ 2.49 % Cu from 252.5m.
In addition, two other primary sulphide intersections (previously announced)
have been reported in drill holes MWRC 165 and 162, located 100m and 350m
west of MWRC 130 respectively. Intersections in hole MWRC 165 include 29m
@ 1.39% Cu from 152m including 9m @ 2.31% Cu from 168m, which includes
3m @ 3.88% Cu from 170m. The intersection in hole MWRC 162 is reported at
18m @ 0.90% Cu from 162m.
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These primary sulphide intersections are highly significant in confirming the
extent of the primary zone along strike of the MWRC 130 mineralisation.
MIMDAS Geophysical Survey
Based on the significance of the initial primary sulphide intersection in hole
MWRC130, the Company commissioned a ground based geophysical survey to
gain a greater understanding of the potential of the primary sulphide zone and
to assist in the targeting of drill holes.
MIMDAS, a technology developed specifically in the Mt Isa region, is an
advanced electrical sounding method which measures the conductivity and
chargeability properties of the sub surface. MIMDAS has the capability of more
precisely defining such physical properties than other methods, with such
properties being indicators of mineralisation, with this method effective to
depths as great as 400 metres.
The initial results from the survey are highly encouraging with significant
conductive and chargeable anomalies delineated.
To date, the MIMDAS survey has defined strong conductors extending in
excess of 100 metres down dip below the drilled high grade oxide and
transitional mineralisation in an area 500 metres west of MWRC 130 known as
the Vegetation Anomaly (the survey has not yet covered the MWRC 130 area).
This conductor also extends in MIMDAS lines a further 1,000 metres west of the
Vegetation Anomaly, indicating significant extensions to the Mt Watson deposit
may be found both down dip and to the west of the current drill defined
mineralisation.
The MIMDAS survey will cover the entire Mt Watson deposit area and is due to
be completed by the end of June 2004. Based on the interpretation of the
results of the survey, a program of diamond drilling, including further drilling in
the area around MWRC 130, is planned to commence in July 2004.
Full assay details for the primary sulphide intersections drilling are presented in
Table 1, with drill-hole locations detailed in Table 2.
Yours Faithfully
Andrew Chapman
Chief Executive Officer
The information in this report that relates to Mineral Resources and Ore Reserves is based on
information compiled by Mr Bob Dennis. Mr Bob Dennis is a Member of the Australasian Institute of
Mining and Metallurgy and a full-time employee of the Company. Mr Dennis has sufficient experience
which is relevant to the style of mineralisation and the type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in the 1999 edition of the
“Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr Dennis, consents to the
inclusion in the report of the matters based on information in the form and context in which it appears.
1131 Hay Street, West Perth, W.A. 6005 PO Box 1036 West Perth, W.A. 6872
Tel: (08) 9486 7100 Fax: (08) 9486 7300. Website: www.matrixmetals.com.au Email: [email protected]
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Table 1
Mt Watson Deposit
Primary Sulphide Diamond Drilling
Details of Copper Intersections
(cut-off of 0.5% Cu, including up to 2m internal dilution)
Hole No Intersection
MWRCD01 1.0 m @ 1.01 % Cu from 192.3m
and 15.4 m @ 0.96 % Cu from 198.7m
incl 5.1 m @ 1.45 % Cu from 199.4m
and 4.5 m @ 1.05 % Cu from 220.5m
and 1.0 m @ 0.79 % Cu from 235m
and 1.1 m @ 2.38 % Cu from 239.2m
and 0.6 m @ 2.49 % Cu from 252.5m
and 0.5 m @ 0.64 % Cu from 258.6m
and 0.6 m @ 0.71 % Cu from 260.9m
MWRC130 1.0 m @ 0.56 % Cu from 69m
& Core Tail and 2.0 m @ 0.86 % Cu from 83m
and 1.0 m @ 0.53 % Cu from 89m
and 37.3 m @ 2.18 % Cu from 163.0m
incl 20.0 m @ 3.03 % Cu from 163.0m
Incl 8.0 m @ 4.89 % Cu from 175.0m
and 0.3 m @ 3.54 % Cu from 210.1m
MWRC162 1.0 m @ 0.90 % Cu from 129m
and 18.0 m @ 0.90 % Cu from 162m
MWRC165 3.0 m @ 0.77 % Cu from 83m
and 3.0 m @ 1.00 % Cu from 90m
and 29.0 m @ 1.39 % Cu from 152m
incl 9.0 m @ 2.31 % Cu from 168m
incl 3.0 m @ 3.88 %Cu from 170m
Note: MWRC 162 and MWRC 165 have been previously announced.
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Table 2
Mt Watson Deposit
Primary Sulphide Diamond Drilling
Drill Hole Details and Location
Hole No Northing Easting RL Dip Azimuth (mag) Hole Depth (m)
MWRCD01 5090.8 9456.1 282.7 -70 198.0 291.0
MWRC130 5084.0 9451.7 283.2 -70 198.0 243.3
MWRC162 5042.0 9100.0 289.2 -70 198.0 183
MWRC165 5064.8 9347.9 290.7 -70 198.0 183
END


1131 Hay Street, West Perth, W.A. 6005 PO Box 1036 West Perth, W.A. 6872
Tel: (08) 9486 7100 Fax: (08) 9486 7300. Website: www.matrixmetals.com.au Email: [email protected]
17 June 2004
Manager Company Announcements
Company Announcements Office
Australian Stock Exchange Limited
Level 10, 20 Bond Street
SYDNEY NSW 2000
ABN 42 082 593 235