Abstract: A replaceable stud cutter for use in matrix drag bit is provided by furnacing a ductile metallic receptacle within the body of the drag bit as it is fabricated. The metal receptacle is characterized by having a receiving cavity defined therein and by including various mechanisms such as grooves or flares which facilitate retention of the metallic receptacle within the matrix body. The lowermost portion of the receptacle within the matrix body may also be shaped or tapered to allow dense packing of the receptacle adjacent to other receptacles along a given radial line on the bit face. A replaceable cutter is brazed, adhesively bonded and/or mechanically locked within the receiving cavity defined in the metal receptacle. When the replaceable cutter becomes worn through normal use, the mechanical locking elements can be drilled out, the brazing melted or adhesive dissolved to allow insertion of a new replacement cutter without causing any damage or alteration either to the receptacle, matrix body or bit face.