Resource increase boosts Matrix share price

Minerals explorer Matrix Metals Ltd's announcement of a 135 per cent increase at its Mount McCabe copper resource has seen a 8.2 per cent increase in the company's share price.

At noon, its share price was trading at 6.6 cents.

The resource is now 1.7 million tonnes grading at 1.24 per cent copper with the re-estimation incorporating results from the recently completed drilling program.

The company's 100 per cent owned McCabe deposit is part of the White Range Project and is located 6 kilometres south west of the main Greenmount Deposit in Queensland.

The previous McCabe resource was 720,000 tonnes at 1.2 per cent copper. The re-estimation represents an increase in the contained in-ground copper at McCabe from 9,000 tonnes to 21,000 tonnes.

Planned drilling programs will continue to further test the potential of the White Range area.