Perth, Dec 16, 2008 AEST (ABN Newswire) - Pilbara explorer, Warwick Resources Limited (ASX:WRK) today announced that it has completed an intensive two month RC drilling campaign on its 100% owned iron ore, gold and chromite projects near Newman.
The drilling targeted extensions to previously identified iron ore mineralisation at Jimblebar Range and Caramulla South in addition to providing initial tests of substantial iron ore targets at Woggaginna, Black Hills and Western Creek.
In addition to iron ore, the drilling also tested strong geochemical and geophysical targets at the Jimblebar gold project and extensions to outcropping chromite seams at Coobina West.
Assay results from the drilling are expected to be available progressively from late January 2009.
The Company currently has cash reserves of approximately A$7 million and a strong portfolio of projects to explore and develop over the forthcoming year.
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 comprises an east-west striking strip of Marra Mamba Formation, up to 180m wide and 4km long, near the northern margin of the exploration licence. Drilling to date has returned significant intersections, including: 36m @ 57.73% Fe from 2m depth, 22m @ 59.29% Fe from 4m depth, 21m @ 56.3% Fe from 15m depth and 11m @ 59.2% Fe from 9m depth. Resource estimation is in progress.
Western Creek contains a 3km long outcrop of Marra Mamba Formation with iron enrichment. RC drilling by BHP/Renison Ltd JV in the early 1990's obtained significant iron ore intersections from shallow depths, including 36m @ 59.2% Fe and 21m @ 59.2% Fe. The project also contains CID and enriched BIF targets.
McCamey's South adjoins BHP Billiton's McCamey's Monster mining lease and contains Marra Mamba iron ore targets.
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 Black Hills. Multiple targets for channel iron mineralisation have been identified on the Company's tenements.
Contact
Bruce McQuitty
Warwick Resources Limited
Tel: +61-8-9481-8181 / Mobile: +61-409-929-121
Email: bmcquitty@warwickresources.com.au
Website: www.warwickresources.com.au
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