iron ore player with huge potential

AS at end of December
Current Assets Cash and cash equivalents $6,867,908

Current Market Cap $11million

Iron Ore The Company has identified three substantial iron ore targets on its northern tenement block. These consist of a channel iron deposit (Jimblebar CID), a Marra Mamba iron ore target (Caramulla South) and an iron enrichment target developed over banded iron formation (Jimblebar Range). Caramulla South is located 19km to the east of BHP Billiton’s Jimblebar iron ore mine and railway, while the Jimblebar CID and Jimblebar Range projects are only 8km from the railway line. The Jimblebar CID outcrops as a 3km long NNE-striking mesa from 75m to 150m wide. Initial drilling of the CID was undertaken in October 2007. A single line of seven RC drill holes (WRKRC32-38) completed across the CID demonstrated that the channel has a gentle “U-shaped” profile, infilled by up to 7m of iron-rich pisolite grading to 57% Fe. Phosphorous levels are very low, ranging from 0.020% to 0.025%. At Caramulla South, the Company is targeting direct shipping ore (DSO) 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. A 2km strike length of iron-enriched Marra Mamba Formation has been mapped in outcrop, while a further 2km is concealed beneath shallow sand cover. First pass drilling (3 effective holes), undertaken from existing access track in October, intersected multiple zones of iron mineralisation, including: 21m @ 56.3% Fe from 15m depth and 11m @ 59.2% Fe
- 2 - from 9m depth. The phosphorous levels are low (average 0.041%) and the levels of other contaminants are low to moderate. The Company has recognised that portions of outcropping Marra Mamba Formation encroach onto its northernmost Copper Range project tenements and has applied for a 63 hectare tenement immediately to the south of BHP Billiton’s Jimblebar mining lease to cover extensions to the prospective unit. At Jimblebar Range, geological mapping has outlined 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. A total of 19 rock chip sample traverses were completed to provide an indication of the potential grade of the iron enrichment. Ten of the samples assayed greater than 60% Fe with a maximum value of 64% Fe. The levels of contaminants from rock chips are low to moderate, indicating potential for direct shipping ore. The Company plans to undertake further drilling at Caramulla South, Jimblebar CID and Jimblebar Range during the first half of 2008. The Company is actively pursuing other iron ore opportunities in the region and has over 950km2 of tenure under application for iron ore.




ASX and Media Release
4 March 2008
DRILLING COMMENCES ON JIMBLEBAR RANGE IRON ORE PROJECT
KEY POINTS
• Drilling commenced on substantial iron ore target at Jimblebar Range
• Potential for direct shipping iron ore indicated by surface samples to 64% Fe with low to
moderate levels of contaminants
Diversified Pilbara explorer Warwick Resources Limited (ASX:WRK) today announced that it had commenced
drilling at its 100% owned Jimblebar Range iron ore project near Newman in the Pilbara region of Western
Australia.
Jimblebar Range is located only 8km from BHP Billiton’s world class Jimblebar iron ore mine and railway and
1km from the Company’s Jimblebar Channel Iron Deposit (CID) (Figure 2).
Geological mapping of Jimblebar Range has outlined an area of iron enrichment in excess of 250,000m2,
developed over a steeply dipping sequence
of Banded Iron Formation (Figure 1).
The high grade of the iron enrichment has
been demonstrated by the results of 19 rock
chip sample traverses, with 10 samples
assaying greater than 60% Fe, including a
maximum value of 64% Fe. Levels of
contaminants are low to moderate, indicating
potential for direct shipping ore (for further
details refer to the Company’s ASX
announcement of 12 December 2007).
Results from the programme are expected in
mid-April. Subject to exploration success the
Company will quickly move into resource
drilling.
Jimblebar Range is one of three substantial
iron ore targets that Warwick Resources has
identified since listing. On 14 November
2007, the Company announced significant
first pass drilling results from its Caramulla
South Marra Mamba iron ore and Jimblebar
CID projects, including 21m @ 56.3% Fe and
11m @ 59.2% Fe (Caramulla South) and 7m
@ 55.5% Fe (CID).
Figure 1: Jimblebar Range iron enrichment target