Matrix powder for drill bit body

A matrix powder for forming a matrix drill bit body comprises a plurality of carbide particles having a particle size distribution of ∓20% or less of a median particle size and a plurality of metal binder particles. The metal binder may comprise 8 to 12 weight % of the matrix powder. Optionally, the carbide may be one of cast tungsten carbide, cemented tungsten carbide or macrocrystalline tungsten carbide. Preferably, the mean particle size of the carbide particles ranges from 50 to 840 microns. A drill bit comprises a bit body having a plurality of blades 10, at least a portion of the plurality of blades comprises a first matrix region (10a, Fig. 1b), wherein the first matrix region comprises a plurality of carbide particles, of narrow size distribution, separated by a binder phase. The carbide particles have a mean free path of at least 40 microns.