WRK - Warwick Resources

[Atma]

i thought specific gravity SG was 2.8? You included 5 in your above post.

on my numbers i get the following

jim range ~25mT
jim cid ~4-5mT
caram. south - ~18mT
woggaggina(their part sampled) - 10mT
woggaggina total strike length - 30mT
10 mile CID - anywhere from 5-20mT
other CID's ???+ additional

total potential so far - 70-85mT. @ $5/T value you provided it should be $350-$400m. it is only $60m mkt cap or so. anyone else find it undervalued?

 

[happytown]

ann out earlier this morning reporting high grade drill results at 100%-owned woggaginna Fe project which surrounds bhp mines including railways

...

High grade iron intersections from RC drilling at Wishbone prospect, including:
28m @ 62.5% Fe from 28m within 50m @ 59.7% Fe from 18m depth (WRKRC364),
34m @ 62.1% Fe from 24m depth (WRKRC365),
22m @ 61.2% Fe from 36m depth, and
20m @ 59.2% Fe from 72m depth (WRKRC367)

Woggaginna has potential to become Warwick Resources’ largest DSO project

Intensive exploration programme underway, ahead of resource drilling planned for Q3 2009

...

previous drilling results from wishbone include

...

53m @ 60.5% Fe,
51m @ 60.8% Fe and
31m @ 62% Fe.

...

they also reported drill results from mccamey's south, adjoining a bhp mine,

...

12m @ 54.8% Fe from 12m depth (WRKRC341), and
8m @ 55.0% Fe from 4m depth (WRKRC343) at Sliver, and
10m @ 55.5% Fe from 22m depth (WRKRC346), and
14m @ 53.8% Fe from 6m depth (WRKRC349) at Watertank Hill

...

an initial resource estimate for woggaginna is expected later this year

a resource update for jimbelbar range is due this month (current inferred resource 11.7Mt @ 57.6% Fe, 2.2% Al2O3, 0.06% P, only 8kms to rail head)

$5.3M in bank, ago major s/holder approx 19%

sp currently up approx 16% on above average volume (not heavily traded tho)

cheers

 

[happytown]

the jimblebar range resource update released yesterday, inferred resource increased by a whopping 8% to 12.6Mt @ 57.5 % fe

sp currently up approx 23% @ .21, on large volume

cheers

 

[happytown]

ann out this morning re purchase of Fe rights to hnr's nearby tenement, approx doubling wrk's exploration target

sp currently .305, up approx 30%, on large volume

cheers

 

[adobee]

Article from Australian and
AGO Thread

FURTHER consolidation is expected in the Pilbara region, with Atlas Iron mobilising a plan to cement its place as the fourth-largest iron ore miner through a $500 million alliance to be announced today.

The Australian understands that Warwick Resources, which is 20.88 per cent-owned by Atlas, and Hannans Reward are set to announce a deal that consolidates their iron ore projects in the East Pilbara.
Speculation of a deal began to build earlier this week when Atlas, which started shipping to China last year, announced plans to raise up to $116.7m to fund the expansion of its Pilbara operations in Western Australia.

Both Hannans and Warwick were placed in trading halts yesterday pending an announcement regarding a "mineral rights transaction".

It is understood the strategy is to make Warwick a major iron ore player with the acquisition of Hannans' Jigalong Project iron ore rights. Hannans is expected to become a major shareholder of Warwick. WA explorer Hannans' primary projects are the Forrestania Nickel project east of Perth and the Jigalong iron ore project in the Pilbara.

Last month, Pilbara-based minerals developer Fox Resources launched an aggressive $5.9m takeover bid for Hannans, which rejected it; the offer lapsed last week.

Fox had argued that combining the two organisations would make sense in the current economic climate, and would provide long-term benefits for the shareholders of both companies.

One analyst said it was strange that Hannans had rejected the Fox bid, arguing the synergies were not there, but was prepared to talk to Warwick.

The combined Hannans and Warwick projects would have about 225 million tonnes of direct shipping ore and a ground position of about 5000sqkm. Hannans will retain all manganese, gold, base metals and uranium rights within the Jigalong project.

It is understood that Atlas sees its stake in Warwick as a strategic position to help it spread its influence through the Pilbara.

Warwick is an emerging iron ore explorer with projects in Newman, near BHP Billiton's Jimblebar mine, but it is at the mercy of the mining giant, which has refused to share its infrastructure.

Rio Tinto and BHP revealed a massive $US116 billion ($146bn) merger of their Pilbara iron ore operations earlier this month, stirring hope in the junior sector that the ore giants might ease up on sharing infrastructure.

Atlas already has a port access agreement with Fortescue Metals Group, which is open to sharing its infrastructure with rivals.


http://www.theaustralian.news.com.au...52-643,00.html

At current price of around 30c market cap is still at 22million.. Still looks to have alot of potential...

 

[happytown]

...

The combined Hannans and Warwick projects would have about 225 million tonnes of direct shipping ore and a ground position of about 5000sqkm.

...

At current price of around 30c market cap is still at 22million.. Still looks to have alot of potential...

should/when the deal proceed/s (shareholder approval required for issuance of shares more than 15% of current share total)

as it currently stands

wrk has jorc inferred resource of 26.4Mt combined, at 2 of its projects

and further exploration targets of 63Mt - 121Mt combined, at 2 of its other projects (it has other projects as well but without exp targets)

hnr has an exploration target of 50Mt - 100Mt

so combined these projects currently have

jorc inferred resource of 26.4Mt
exploration targets of 113Mt - 221Mt

if/when deal successful, @ share price of .30, market cap would be approx $48.8M (includes approx 38M options [which would provide approx $10M cash] and shares issued [escrow period] as part of the deal)

cheers

 

[Pallen]

Any news on when the next drilling update will be released to the market, and given the fact that WRK has land smack bang in the middle of AGO and BHP can anyone see a bidding war breaking out between the two big boys?

 

[Pallen]

WRK up 9% reaching an intra day high of 44% on the back of more positive drillling announcements, WRK believe the liklihood for a DSO resource has greatly improved and some of their drilling grades have been exceptional.

 

[LeeTV]

ATLAS IRON AND WARWICK RESOURCES AGREE TO MERGE
September 7, 2009
http://www.asx.com.au/asx/statistics...idsId=00986051

• Atlas will issue one Atlas share to Warwick shareholders for every three Warwick
shares
• Offer represents a 48% premium for Warwick shareholders based on the price of
Warwick shares over the past 30 days
• Combined Company will reap substantial benefits from higher tonnage
production including lower costs, increased buying power and greater marketing
strength
• Combined Company will have 154mt of DSO resources(1), plus exploration
targets of 165 to 338mt at 56% to 60% Fe(2) and a Pilbara landholding of more
than 15,000km²
• Warwick shareholders to participate in Atlas’ fast growing production profile,
project pipeline, mining and project execution expertise, substantial existing iron
ore resource inventory and the combined Company’s production target of
26mtpa by 2014(3)
• Atlas shareholders will benefit from access to Warwick’s significant landholding
in a major iron ore province with potential to host large-scale, long-life projects,
increasing Atlas’ production profile
• Warwick board recommends Warwick security holders vote in favour of the
merger