a method for manufacturing a matrix drill bit includes : placing a metallic blank within a casting assembly including a mold having an inner surface formed into a negative shape of facial features of the drill bit ; loading powder into an annulus formed between the blank and the mold , the powder including at least one of : ceramic powder and cermet powder ; placing a binder alloy into the casting assembly over the blank and the mold ; protecting the binder alloy from oxidation ; inserting the casting assembly , blank , powder , and binder alloy into a furnace ; operating the furnace to heat the protected binder alloy to an infiltration temperature between solidus and liquidus temperatures thereof , thereby infiltrating the powder with the binder alloy and forming a bit body ; removing the bit body from the furnace ; and after removal , attaching cutters to blades of the bit body .