Warwick identifies iron ore targetadmin
Minerals explorer Warwick Resources Ltd has identified its largest direct shipping iron ore target to date at its Woggaginna project in Western Australia’s Pilbara region.
The project contains banded iron formations, with corresponding zones of iron enrichment typically grading between 57 per cent and 63 per cent iron.
The news sent Warwick’s shares 10 cents, or 21.98 per cent, higher to 55.5 cents at 1147 AEST Monday.
The project is 35 kilometres south of BHP Billiton’s Jimblebar iron ore mine and railway.
“The iron enrichment is similar to the mineralisation at Jimblebar Range where recent drilling confirmed high iron grades and demonstrated bedded iron enrichment at depths of over 70 metres,” Warwick managing director Bruce McQuitty said in a statement on Monday.