A method for the manufacture of heavy metal powder-based frangible projectiles which are relatively easy and inexpensive to manufacture and which exhibit a selectable variety of desirable physical and/or performance properties. The projectiles of the present invention are powder-based, preferably including predominately tungsten powder as a heavy metal, particularly a tungsten powder which includes a predominate portion of finely sized particles. Lighter metal powders, also preferably having a predominate portion of finely sized particles, may be employed in combination with the tungsten to achieve certain desired results. Importantly, the present inventor has found that inclusion of a non-metal matrix powder, also of finely sized particles, in a mixture of a heavy metal powder, such as tungsten powder, and a light metal powder, may be employed in a variety of combinations to produce a projectile which is fully frangible upon striking a target (no ricochet), or which is frangible after either partial or full penetration of a selected target, either a semi-solid (e.g., a gel block) or a solid (e.g., a ¼ inch thick cold rolled steel plate at an angle of about 90 degrees).