MRX 0.00% 0.7¢ matrix metals limited

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  1. Yak
    13,672 Posts.
    ABN 42 082 593 235
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    No of pages: 8
    ANNOUNCEMENT
    Primary Sulphide Copper Intersection
    at Mt Watson and Capital Raising
    Summary
    Matrix Metals Limited is delighted to announce the following:
    • A primary sulphide copper drill hole intersection of high grade
    chalcopyrite and chalcocite has been reported at Mt Watson. The drill
    hole, MWRC 130, reported an intercept of 20m @ 3.03% Cu from
    163m including 8m @ 4.89% Cu from 175m. Intersecting this
    primary mineralisation, particularly at this high grade, greatly
    exceeded expectations.
    The drill hole was terminated in high grade mineralisation due to the
    depth capacity of the drill rig being reached. This resource grade and
    width primary copper mineralisation indicates that a sulphide copper
    resource may be defined at Mt Watson.
    • Further success has been recorded in the ongoing oxide copper
    drilling program at Mt Watson.
    • Matrix has reached in-principle agreement with Hartleys Limited
    (“Hartleys”) to place $15 million to its international and domestic
    institutional clients. The Company will also undertake a Shareholder
    Purchase Plan for up to $5000 per shareholder, to all shareholders
    registered with Matrix’s share registry as at Thursday 8 April 2004.
    • The funds raised will be applied to expanded drilling programs in the
    Mt Watson region, increased exploration at the White Range project
    area and to proceed with a exploration program to assess the primary
    sulphide potential over the Company’s Mt Isa inlier tenement holding.
    Primary Sulphide Intercept
    Drill hole MWRC130, in which the primary sulphide mineralisation has been
    intercepted, is located in the Western Zone of the Mt Watson deposit and was
    collared to intercept mineralisation 50m to 70m down dip of the previously
    reported intersection of 70 metres @ 1.34% copper. The drill hole intersected
    significantly higher grade chalcopyrite and chalcocite mineralisation in the target
    area.
    The drill hole was terminated in the high grade mineralisation at 183m due to
    the depth capacity of the drill rig being reached. Drilling equipment appropriate
    for further testing the mineralisation will be mobilised to site as soon as
    practicable.
    The partially complete intersection is highly significant as it is the first intercept
    reporting primary sulphide copper mineralisation of grades and width which
    indicate that a primary sulphide copper resource may be defined at Mt Watson.
 
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