ASX and Media Release

21 May 2009

 

HIGH GRADE DRILL RESULTS AT WOGGAGINNA

 

KEY POINTS

 

                     High grade iron intersections from RC drilling at Wishbone prospect, including:

                       

                        28m @ 62.5% Fe from 28m within 50m @ 59.7% Fe from 18m depth (WRKRC364),

                        34m @ 62.1% Fe from 24m depth (WRKRC365),

                        22m @ 61.2% Fe from 36m depth, and

                        20m @ 59.2% Fe from 72m depth (WRKRC367)

                       

                     Woggaginna has potential to become Warwick Resources' largest DSO project

 

                     Intensive exploration programme underway, ahead of resource drilling planned for Q3 2009

 

Pilbara explorer, Warwick Resources Limited (ASX:WRK) today announced high grade iron ore results from Phase 2 RC drilling at Wishbone prospect on its 100% owned Woggaginna iron ore project near Newman.

 

Woggaginna is located 55km southeast of Newman and 35km south of BHP Billiton's Jimblebar iron ore mine and railway (Figure 1).

 

The latest high grade drill results follow excellent results from Phase 1 RC drilling at Wishbone, which delivered broad high grade iron intersections from shallow depths including 53m @ 60.5% Fe, 51m @ 60.8% Fe and 31m @ 62% Fe (refer to ASX announcement of 11 February 2009). The high grade iron intersections have corresponding low to moderate levels of deleterious elements.

 

Warwick Resources Managing Director Bruce McQuitty said the drill results underlined the potential for Woggaginna to become the Company's largest DSO project.

 

"Woggaginna is showing excellent potential for near surface, direct shipping grade iron ore. The proximity of the project to the Company's nearby Jimblebar Range and Caramulla South iron ore projects also presents possible future options for product blending and greater mining flexibility", Mr McQuitty said.

 

The latest drilling results have doubled the strike length of drill defined iron mineralisation at Wishbone to 1.4km, while a further 1.3km of mineralised strike length has been outlined by mapping and sampling (refer to ASX announcement of 31 March 2009). Significantly, Wishbone is just one of several iron targets at Woggaginna, where over 40km of prospective iron formation has been identified from mapping and interpretation of magnetic data.

 

The Phase 2 RC drilling programme comprised 12 RC drill holes for 1,032m. Results of the drilling are summarised in Table 1, Table 2 and Figure 3.

 

The Company is undertaking an intensive exploration programme at Woggaginna during the current quarter, comprising gravity and ground magnetic surveys, mapping and sampling, aimed at identifying new targets and firming up existing targets, prior to scheduled resource drilling during Q3 2009.

 

McCamey's South

 

Assay results have also been returned from initial RC drilling at the McCamey's South project. The project tenements adjoin BHP Billiton's McCamey's Monster mining lease and contain four Marra Mamba iron ore targets named Sliver, Watertank Hill, Cracker and Wafer.

 

RC drilling was undertaken at Sliver (8 holes for 188m) and Watertank Hill (10 holes for 520m). Selected intersections include:

 

• 12m @ 54.8% Fe from 12m depth (WRKRC341), and
• 8m @ 55.0% Fe from 4m depth (WRKRC343) at Sliver, and
• 10m @ 55.5% Fe from 22m depth (WRKRC346), and
• 14m @ 53.8% Fe from 6m depth (WRKRC349) at Watertank Hill (refer to Tables 2 & 3 for details).

 

The drilling has outlined a mineralised target area (>50% Fe) of 25,000m² at Watertank Hill, and a smaller target area at Sliver, both of which are contiguous with mineralisation on BHP Billiton's tenure to the north.

 

 

For further information, please contact:

 

Bruce McQuitty

Warwick Resources Limited

Phone: 08 9227 6680 / Mobile: 0409 929 121

Email: bmcquitty@warwickresources.com.au

Website: www.warwickresources.com.au

 

 

Please follow the links below to view images:

 

Figure 1: Location of Woggaginna project and Warwicks Resources' tenements near Newman

http://www..purplecom.com.au/_content/documents/1203.JPG

 

Figure 2: Woggaginna project magnetic image - the strong linear magnetic highs are associated with BIF units

http://www..purplecom.com.au/_content/documents/1204.JPG

 

Figure 3: Wishbone prospect - plan of drill hole locations and mapped iron enrichment on magnetics

http://www..purplecom.com.au/_content/documents/1205.JPG

 

Figure 4: East-west cross section through Wishbone prospect

http://www..purplecom.com.au/_content/documents/1206.JPG

 

 

 

Table 1: Wishbone prospect RC drill results

Hole_id	Cut-off (Fe%)	From (m)	To (m)	Interval (m)	Fe%	SiO2%	Al2O3%	P%	LOI1000%
WRKRC356	50	20	22 (eoh)*	2	51.64	9.45	5.21	0.070	10.2
WRKRC357	50	14	20	6	51.64	12.81	2.95	0.030	9.84
and	50	24	50	26	55.80	9.40	2.09	0.071	8.23
including	55	24	38	14	57.61	5.83	2.21	0.075	9.10
including	55	42	48	4	58.41	6.64	2.22	0.071	7.22
WRKRC358	55	10	16	6	57.65	6.26	2.21	0.057	8.22
WRKRC359	55	8	12	4	56.26	6.06	3.05	0.084	9.80
WRKRC360	55	48	54	6	57.61	6.10	2.04	0.308	8.08
WRKRC361	55	20	36	16	59.40	5.25	2.02	0.121	7.13
WRKRC362	55	8	28	20	58.13	6.10	1.05	0.123	9.18
and	50	74	86	12	52.28	16.89	0.86	0.021	6.59
WRKRC363	50	36	88 (eoh)*	52	54.12	9.62	3.82	0.062	8.26
including	55	52	56	4	55.97	8.56	2.80	0.058	8.17
including	55	62	88 (eoh)*	26	57.82	6.44	2.25	0.081	7.56
WRKRC364	55	8	14	6	56.60	9.52	3.80	0.048	4.94
and	55	18	68	50	59.74	5.39	1.53	0.059	7.05
including	60	28	56	28	62.49	2.30	1.03	0.056	6.75
WRKRC365	55	24	58	34	62.09	4.01	1.86	0.059	4.69
and	55	74	76	2	56.96	9.67	4.84	0.033	2.92
WRKRC366	55	16	20	4	57.16	7.95	0.93	0.049	8.96
WRKRC367	50	8	60	52	56.52	8.07	3.21	0.043	7.18
including	55	8	14	6	59.68	5.47	2.12	0.048	6.64
including	55	26	32	6	57.44	6.47	2.66	0.049	7.87
including	55	36	58	22	61.21	3.98	1.74	0.046	6.21
and	55	72	92	20	59.23	4.38	2.24	0.093	8.03

* Dill hole terminated in mineralisation due to drilling difficulty. RC drill samples were collected as 2m riffle split samples. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Loss on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at 1000^oC. Results are reported on a dry sample basis. Intersections have been calculated using 50, 55 and 60% Fe lower cut-off grades as indicated and up to 6 consecutive metres of internal dilution. True widths are estimated to be between 70% and 100% of downhole widths.

 

 

Table 2: McCamey's South RC drill results

Prospect	Hole_id	Cut-off (Fe%)	From (m)	To (m)	Interval (m)	Fe%	SiO2%	Al2O3%	P%	LOI1000%
Sliver	WRKRC338				NSR
	WRKRC339				NSR
	WRKRC340				NSR
	WRKRC341	50	12	24	12	54.76	7.68	6.66	0.035	6.32
	including	55	18	20	2	60.23	3.73	3.95	0.038	5.32
	WRKRC342				NSR
	WRKRC343	50	4	12	8	55.00	7.47	5.02	0.044	7.64
	including	55	6	10	4	56.84	5.79	3.88	0.061	7.95
	WRKRC344				NSR
	WRKRC345				NSR
Watertank Hill	WRKRC346	50	14	36	22	53.83	9.01	4.37	0.033	8.67
	including	55	22	32	10	55.51	7.31	4.16	0.024	8.28
	WRKRC347	50	2	8	6	53.64	11.20	3.20	0.043	8.36
	including	55	4	6	2	55.27	9.30	2.56	0.039	8.38
	WRKRC348				NSR
	WRKRC349	50	6	20	14	53.64	11.45	2.97	0.045	8.49
	including	55	10	12	2	55.13	9.77	2.00	0.039	8.96
	including	55	18	20	2	55.19	8.34	3.17	0.048	9.32
	WRKRC350	50	10	24	14	52.35	10.67	4.02	0.082	9.86
	WRKRC351	50	4	6	2	51.28	14.20	3.11	0.035	8.58
	WRKRC352				NSR
	WRKRC353	50	20	22	2	50.89	14.38	3.89	0.064	7.73
	WRKRC354				NSR
	WRKRC355				NSR

RC drill samples were collected as 2m riffle split samples. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Loss on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at 1000^oC. Results are reported on a dry sample basis. Intersections have been calculated using 50% and 55% Fe lower cut-off grades. True widths are estimated to be between 80% and 100% of downhole widths. NSR = No Significant Result.

 

 

Table 3: Drill hole collar details

Hole_ID	Prospect	Easting	Northing	Depth (m)	Dip (o)	Azi (o)
WRKRC338	Sliver	201902	7409347	28	-90	0
WRKRC339	Sliver	201902.4	7409272	16	-90	0
WRKRC340	Sliver	202102	7409350	34	-90	0
WRKRC341	Sliver	202300.6	7409359	40	-90	0
WRKRC342	Sliver	202298.5	7409322	16	-90	0
WRKRC343	Sliver	202400.1	7409359	22	-90	0
WRKRC344	Sliver	202401.4	7409340	10	-90	0
WRKRC345	Sliver	202499.2	7409355	22	-90	0
WRKRC346	Watertank Hill	206726.6	7409434	58	-90	0
WRKRC347	Watertank Hill	206329.3	7409436	40	-90	0
WRKRC348	Watertank Hill	206341.6	7409396	28	-90	0
WRKRC349	Watertank Hill	206429.4	7409429	46	-90	0
WRKRC350	Watertank Hill	206422.9	7409383	58	-90	0
WRKRC351	Watertank Hill	206465.4	7409436	46	-90	0
WRKRC352	Watertank Hill	206500.1	7409387	64	-90	0
WRKRC353	Watertank Hill	206829.7	7409447	70	-90	0
WRKRC354	Watertank Hill	206896.9	7409446	58	-90	0
WRKRC355	Watertank Hill	207052.5	7409448	52	-90	0
WRKRC356	Wishbone	197432.7	7375953	22	-60	220
WRKRC357	Wishbone	197521.2	7375891	76	-60	200
WRKRC358	Wishbone	197630.9	7375810	76	-60	180
WRKRC359	Wishbone	197840.4	7375544	124	-60	70
WRKRC360	Wishbone	197899.5	7375228	106	-60	90
WRKRC361	Wishbone	197887.4	7375099	97	-60	90
WRKRC362	Wishbone	197899.1	7374976	88	-60	70
WRKRC363	Wishbone	198057.6	7375411	88	-60	70
WRKRC364	Wishbone	198093.7	7375229	100	-60	90
WRKRC365	Wishbone	198151.3	7375100	85	-60	90
WRKRC366	Wishbone	198150.7	7374999	70	-60	90
WRKRC367	Wishbone	198017.5	7375563	100	-60	90

Coordinates are MGA Zone 51(GDA) projection.

 

About Warwick Resources Limited

 

Warwick Resources (ASX:WRK) is an emerging iron ore explorer with a diverse asset portfolio near Newman in the Pilbara region of Western Australia which is host to world class iron ore mines. The Company's projects have a combined area of 3,000km?. Since listing on ASX in February 2007, the Company has rapidly identified significant iron ore targets on its existing tenure and has recently acquired further iron ore prospective ground. Through its relationship with Peak Drilling, the company has access to drill rigs to aggressively explore its projects. Pilbara iron ore producer Atlas Iron Ltd (ASX:AGO) is Warwick's largest shareholder with a 19.4% stake.

 

Warwick's iron ore projects near Newman are:

 

Jimblebar Range contains an Inferred Mineral Resource of 11.7Mt @ 57.6% Fe, with low levels of impurities (2.2% Al₂O₃, 0.06% P). The deposit consists of two zones of haematite-goethite mineralisation which extend from near surface to over 70m depth. The deposit is located only 8km from BHP Billiton's large Jimblebar iron ore mine and railway.

 

Caramulla South contains an Inferred Mineral Resource of 13.8Mt @ 53.9% Fe. The deposit consists of two shallow zones of hardcap Marra Mamba iron mineralisation, each approximately 1,000m long by 150-200m wide, located near the northern margin of the exploration licence. The deposit is located 19km to the east of BHP Billiton's Jimblebar iron ore mine and railway and borders on BHP Billiton's tenements to the north..

 

Western Creek contains a 3km long outcrop of Marra Mamba Formation with iron enrichment. Based on positive results from limited drilling to date, the Company considers the Western Creek project to have a Marra Mamba exploration target of 13 to 21Mt at 56% to 59% Fe. The project also contains CID and enriched BIF targets which remain to be explored.

 

Woggaginna has extensive areas of iron enrichment, developed over Banded Iron Formations (BIFs). Initial RC drilling at the Wishbone prospect yielded broad high grade iron intersections including 53m @ 60.5% Fe, 51m @ 60.8% Fe and 31m @ 62% Fe. Over 40km of BIF is evident in magnetics, with only 3km drilled to date.

 

McCamey's South adjoins BHP Billiton's McCamey's Monster mining lease and contains four high grade Marra Mamba iron ore targets.

 

Jimblebar CID - a 1km long zone of pisolitic iron mineralisation up to 100m wide and 7m thick and grading up to 57% Fe has been outlined by drilling.

 

Ten Mile CID is a recently identified channel iron target over 3km in length and up to 400m wide, with potential for further mineralisation beneath shallow cover. Initial rock chip sampling returned grades up to 58.5% Fe.

 

Grassroots CID Targets - Multiple targets for channel iron mineralisation have been identified on the Company's tenements.