Erosion resistant subterranean drill bits having infiltrated metal matrix bodies

Subterranean drill bits having good erosion resistance, strength, toughness, and thermal stability are disclosed. The drill bits comprise a bit body carrying at least one cutting element and having an infiltrated metal matrix. The infiltrated metal matrix comprises a matrix powder composition bound together by an infiltrant. The matrix powder mixture includes cast tungsten carbide powder having a particle size of −30 (600 micron) +140 mesh (106 micron), a second component powder consisting of one or more other types of tungsten carbide particles, and a metal powder.