ASX and
Media Release
12 May 2008
WARWICK
IDENTIFIES LARGE NEW IRON ORE
TARGET NEAR NEWMAN
KEY POINTS
•
Multiple zones of strong
iron enrichment associated with Banded Iron Formation (BIF)
�
Grades up to 63.0%Fe and low
contaminants indicate Direct Shipping Ore
(DSO) potential
•
Magnetics indicate more than 40km of strike length of
BIF units within project area
•
Woggaginna is Warwick’s
largest iron ore exploration target identified to date
�
Drilling programme
scheduled at Woggaginna during September quarter;
resource drilling continues on other iron ore projects
Pilbara
explorer, Warwick Resources Limited (ASX:WRK) today announced its largest iron
ore target to date following a detailed mapping and sampling programme at its Woggaginna
project in Western Australia’s Pilbara region.
Woggaginna
is located 55km southeast of Newman and 35km south of BHP Billiton’s
Jimblebar iron ore mine and railway (Figure 1).
The Woggaginna project contains an extensive cluster of banded
iron formations (BIFs) with corresponding zones of
iron enrichment. The Company has identified more than 40 kilometres of cumulative strike length of the BIF units
from magnetics (Figure 2). The strong correlation
between magnetic highs and the BIF units has since been verified by the mapping
and sampling programme (Figure 3).
Significantly, the outcropping BIF units which have been mapped and sampled
represent only one third of the total extent of BIF units within the project
area.
Warwick
Resources Managing Director Bruce McQuitty
said that Woggaginna was shaping up as the
Company’s largest DSO iron ore exploration target identified to date.
“What
is pleasing, besides the potential size and scale of the iron target at Woggaginna, is that we are developing a good understanding
of this style of mineralisation. The iron
enrichment is similar to the mineralisation at Jimblebar
Range where recent
drilling confirmed high iron grades and demonstrated bedded iron enrichment at
depths of over 70 metres,” Mr
McQuitty said.
“The Woggaginna discovery extends the Company’s record of
identifying iron ore targets from grassroots exploration and adding value
through early exploration success and drilling. This is another very
important milestone for shareholders and adds to the Company’s existing
portfolio of iron ore projects.”
The
Company’s consulting iron ore geologist completed a detailed mapping and
sampling programme over approximately one third of
the total extent of the BIF (see Figure 2). The mapping outlined areas of iron
enrichment, typically 20-40 metres wide and from
300-1,000 metres long, developed over moderately to
steeply dipping BIF units. Over 400,000m2 of iron enrichment was
mapped and sampled, of which 250,000m2 was strongly enriched
(>55% Fe, typically between 57% and 63% Fe). The mapped iron enrichment
consists predominantly haematite and goethite, with
minor amounts of limonite. Minor detrital iron
deposits were also identified.
A total of
76 rock chip sample traverses were undertaken across the strike of the zones of
iron enrichment with the aim of obtaining a representative indication of the
true width and grade of mineralisation. The
length weighted average grades of 49 samples taken from areas of strong iron
enrichment are shown in Table 1 (for further details refer to Table 2). The
results include grades to 63% Fe and low to moderate levels of contaminants. The
assay results indicate that the iron enrichment delineated at Woggaginna has excellent potential for DSO.
Table 1:
Summary of rock chip sample traverses taken across areas of strong iron
enrichment (>55% Fe)
|
No. of samples
|
Avge. Interval
(m)
|
Fe%
|
SiO2%
|
Al2O3%
|
P%
|
LOI1000%
|
|
49
|
24.9
|
58.61
|
6.16
|
2.87
|
0.065
|
6.4
|
The Company recently completed aboriginal heritage clearances and plans
to commence an RC drilling programme at Woggaginna in the September 2008 quarter. Meanwhile,
resource drilling continues at Caramulla South, Jimblebar
Range and Jimblebar CID projects with drilling results expected by
end of June 2008.
For
further information, please contact:
Warrick
Hazeldine
Bruce McQuitty
Purple Communications
Warwick Resources Limited
Phone:
08 9485 1254 / Mobile: 0417 944 616
Phone: 08 9481 8181 / Mobile: 0409 929 121
Email: whazeldine@purplecom.com.au
Email: bmcquitty@warwickresources.com.au
Website: www.warwickresources.com.au
Figure 1:
Location of Woggaginna project
Figure
3: Detail of western portion of mapped area. Iron enrichment and rock chip
sample results overlain on greyscale magnetics.
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 1,700km�. 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. In April 2008, the Company welcomed Atlas Iron
Ltd (ASX:AGO) as a cornerstone investor with a 19.9% stake and is looking
forward to working with Atlas to deliver a significant iron ore
resource in the region for the benefit of the shareholders in both companies.
Warwick’s iron ore projects near Newman are:
Jimblebar Range is an area of iron enrichment approximately 1.8km long and from 50m to
200m wide, developed over a steeply dipping sequence of banded iron
formation. Initial drilling results intersected thick high grade near
surface mineralisation, including 60m @ 60.5% Fe
from 6m depth, 58m @ 60.6% Fe from 10m depth, 44m @ 61.3% Fe from
14m depth and 36m @ 61.3% Fe from 26m depth (see announcement dated 8 April 2008).
Caramulla South has extensive surficial iron enrichment within an
east-west striking strip of Marra Mamba Formation, up
to 120m wide and 4km long, near the northern margin of the exploration licence.. An initial drill traverse returned significant
intersections, including: 21m @ 56.3% Fe from 15m depth and 11m @
59.2% Fe from 9m depth.
Woggaginna has extensive areas of surficial iron
enrichment, developed over banded iron formation confirmed by detailed mapping
and sampling. Grades up to 63.0% Fe and low contaminants indicate
DSO potential.
Jimblebar CID - a 3km long mesa from 75m to 150m wide capped by pisolitic iron mineralisation. An
initial drill traverse completed across the CID demonstrated that the channel
contains up to 7m of iron-rich pisolite grading to 57% Fe. Phosphorous levels are
very low, ranging from 0.020% to 0.025%.
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 Iron Targets – Areas
of surficial iron enrichment, developed over banded
iron formation, have been mapped at Nickel Hills. Multiple targets for channel
iron mineralisation have been identified on the
Company’s tenements.
The information in this report to which this statement is attached that
relates to Exploration Results, Mineral Resources or Ore Reserves is based on
information compiled by Mr Bruce McQuitty, who is a
Member of the Australian Institute of Geoscientists. Mr McQuitty
is a full-time employee of the Company and has sufficient experience which is
relevant to the style of mineralisation and type of
deposit under consideration and to the activity they are undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the ‘Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’. Mr McQuitty consents to the
inclusion in this report of the matters based on his
Issued
by
Purple Communications
Level
3, 28 Kings Park Road, WEST
PERTH WA 6005
Ph:
08 9485 1254 Fax: 08 6263 0455
purple@purplecom.com.au
