Warwick identifies new iron ore target

  Diversified Pilbara explorer Warwick Resources has identified a substantial new iron ore target at Jimblebar Range, within the company’s 100% owned Jimblebar project tenements near Newman.Jimblebar Range is located 1km to the southwest of Warwick’s Jimblebar channel iron deposit and only 8km from BHP Billiton’s large Jimblebar iron ore mine and railway. The discovery is the third high-quality iron ore target Warwick has identified since listing and continues the success from its aggressive early exploration programs. Warwick Resources Managing Director, Bruce McQuitty said recent mapping and rock chip sampling undertaken by a consultant geologist had outlined strong iron enrichment over an area in excess of 250,000sqm. “The results include grades to 64% Fe and low to moderate levels of contaminants, which indicates potential for direct shipping ore,” Mr McQuitty said. “Our continued success has prompted us to engage an experienced consultant to expedite the generation of further iron ore targets. “We are reviewing all of our projects for their iron ore potential, given their proximity to existing iron ore mines and infrastructure,” he said. Geological mapping of Jimblebar Range has identified an area of iron enrichment approximately 1.8km by 50m to 200m wide, developed over a steeply dipping sequence of banded iron formation; however, the depth extent of the surface enrichment cannot be determined from mapping and will need to be evaluated by drilling. Warwick has completed 19 rock chip sample traverses to provide an indication of the potential grade of the surficial iron enrichment. Ten of the samples assayed greater than 60% Fe and the length weighted average grade of the rock chip traverses is 58.4% Fe. He direct shipping ore target at Jimblebar Range is a significant new zone of surface iron enrichment requiring further evaluation. Warwick has scheduled an initial phase of drilling, subject to regulatory approvals, for early in 2008.