Location of Warwick’s iron ore projects near Newman at 31 March 2009
Adelaide, May 1, 2009 AEST (ABN Newswire) - Warwick Resources Limited (ASX:WRK) has a strong portfolio of 100% owned iron ore and other mineral projects, strategically located with respect to rail and existing iron ore mines near Newman in the Pilbara region of Western Australia.
The Company's near-term strategy is to build a substantial direct shipping iron ore (DSO) resource base in the Newman area.
Further important milestones were achieved during the quarter with the discovery of high grade DSO from RC drilling at Woggaginna, while four new Marra Mamba iron exploration targets were identified at McCamey's South. Subsequent to the end of the quarter, the Company completed an RC drilling programme at both projects, with results expected towards the end of May.
To the west of Newman, RC drilling of the Marra Mamba target at Western Creek has outlined an exploration target of 13-21Mt at 56-59% Fe. Two exploration licences covering prospective Hamersley Group rocks were granted at Ironstone Bore, near BHP Billiton's Prairie Downs iron ore project.
The Company sold its Waite Kauri North lateritic nickel-cobalt project to Proto Resources and Investments Limited (ASX:PRW) for 4 million ordinary PRW shares. The Company is also examining ways to realise value from its remaining non-iron assets.
No drilling was undertaken during the quarter, however a large volume of assay data was received from the extensive drilling campaign undertaken during the previous quarter and is subject to ongoing interpretation. Field activities undertaken during the quarter included mapping and sampling at the Woggaginna and McCamey's South projects and a gravity survey at the Ten Mile CID project.
Exploration expenditure during the quarter is estimated to be A$755,000.
CORPORATE
The Company is actively investigating other iron ore opportunities within Western Australia and continues to investigate means of extracting value from the Company's highly prospective non-iron assets (Copper Range VHMS Cu-Au, Coobina West chromite, Darjeeling molybdenum and Jimblebar gold projects).
For the complete Warwick Resources Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60572-ASX-WRK-445319.pdf
Contact
Bruce McQuitty
Warwick Resources Limited
Phone: +61-8-9227-6680
Mobile: +61-409-929-121
Email: bmcquitty@warwickresources.com.au
Website: www.warwickresources.com.au
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