core sector communique

WARWICK IDENTIFIES LARGE NEW IRON TARGET

 

 

KEY POINTS

 

·                     DSO exploration target of 20 to 60 million tonnes at 58 to 64% Fe¹

 

·                     Project located only 3km from BHP Billiton’s Jimblebar mine and railway

 

·                     Target identified from reconnaissance mapping and rock chip sampling

 

 

Pilbara explorer, Warwick Resources Limited (ASX:WRK) today announced that it has outlined a significant new DSO target to be called McCamey’s North. The 100% owned project is located only 3km to the northeast of BHP Billiton’s Jimblebar iron ore mine and railway, near Newman (see Figure 1).

 

Reconnaissance mapping and sampling undertaken by Warwick’s consulting geologist on the recently granted tenement has outlined several areas of high grade bedded iron enrichment associated with the Boolgeeda Iron Formation (see Figure 2). The Boolgeeda Iron Formation is the uppermost unit of the Hamersley Group which includes the Brockman and Marra Mamba Iron Formations, the principal hosts to Bedded Iron Deposits (BIDs) in the Pilbara. In addition, detrital iron deposits and channel iron deposits have been identified at McCamey’s North.

 

A total of 27 rock chip samples returned an average grade of 62.7% Fe with values up to 65.4% Fe. Four sample traverses indicate mineralised widths up to 188m.

 

Based on the results of mapping and sampling to date the Company considers the McCamey’s North project to contain an exploration target of between 20 and 60 million tonnes at 58% to 64% Fe^[1]. This target is derived from the mapped area of enrichment (approximately 250,000m²), a mineralisation thickness of between 25m and 75m and typical bulk densities for high grade bedded iron deposits. Further BID mineralisation could exist beneath shallow transported cover which dominates the northern half of the project tenement.