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Mt Watson Deposit - Highly Encouraging Soil Sampli

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    After a period of relative quiet, this looks promising.

    MATRIX METALS LIMITED 2002-09-23 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Matrix Metals Limited is pleased to announce the first results from a
    soil sampling program being undertaken around the Mt Watson resource
    area.

    Matrix's exploration team has been undertaking a program of mapping
    and soil sampling, focusing on the strike extension areas that have
    been identified around the existing Mt Watson deposit, in preparation
    for a concerted drilling program which will target a major increase
    in the Company's oxide copper resources.

    The first results from the soil sampling program has identified a
    number of highly prospective targets, with the amplitude and width of
    the anomalies considered very significant.

    The program has so far comprised sampling lines across areas to the
    south and north east of the existing resource areas that have been
    interpreted to be prospective for additional copper mineralisation.

    An area 50 metres to the south of the existing Mt Watson deposit was
    soil sampled and a copper anomaly identified over a strike length of
    900 metres. The anomaly varies in width between 30 to 40 metres with
    values up to 350 parts per million (ppm) copper. This anomaly is
    supported by a previous drill intersection of 10m @ 1.0% copper.
    Based on the existing geological knowledge of the area and the drill
    intersection, anomalous values in this range are considered highly
    significant.

    In addition, three other areas directly along strike to the north of
    Mt Watson have also been sampled with again, significant results
    reported. These areas, now known as Boomerang 1, 2, & 3, reported
    anomalies with strike lengths of 250 metres, 250 metres and 300
    metres respectively. Values of up to 700ppm copper were reported
    with the width of the anomalies ranging from 30 to 90 metres.

    The reconnaissance soil lines over the Southern and Boomerang areas,
    together with earlier drill coverage in the resource area, confirm
    encouraging surface copper indications occur over a total strike
    length of approximately 5 kilometres.

    Infill and expanded soil sampling will be completed in all these new
    areas of interest prior to the commencement of the first phase of the
    RC drilling program scheduled to commence in October. This initial
    scout drilling program will focus on the area to the south of the
    existing Mt Watson deposit and to the north at Boomerang 1, 2 & 3.

    Upon completion of the initial scout drilling program, the second
    phase of the RC drilling program will commence and will comprise
    resource definition drilling across all areas of confirmed
    mineralisation, including the previously identified areas directly
    east and west of the Mt Watson deposit.

    A Chapman
    CHIEF EXECUTIVE OFFICER

    The information in this report that relates to Mineral Resources and
    Ore Reserves is based on information compiled by Messrs Phil Frank
    and Bob Dennis. Mr Frank is a Fellow of the Australasian Institute of
    Mining and Metallurgy and is employed by PH Frank and Associate and
    Mr Bob Dennis is a Member of the Australasian Institute of Mining
    and Metallurgy and a full-time employee of the Company. Both Messrs
    Frank and Dennis have sufficient experience which is relevant to the
    style of mineralisation and the type of deposit under consideration
    and to the activity which they 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. Messrs
    Frank and Dennis, each consent to the inclusion in the report of the
    matters based on information in the form and context in which it
    appears.

 
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