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Wood works in a similar way but there are lots more sites you can collect it from. The more experience you miner and woodcutter become the more of the resources they'll gather each time
https://steamcommunity.com/sharedfiles/filedetails/?id=2882315862
Haven't tried that particular banner feature, never really felt the need. I think it will just give you a chance of getting more resources at whatever spots you harvest from.
If you're still in the early stages of the game don't waste iron on making loads of lock picks and fishing hooks, there should be enough cash floating around to let you buy these as and when you need them. The first 8 iron I get my hands on always goes on a cooking pot, thereafter my priorities are armour and then weapons. If you're still in Tiltren it's worth making a run through all the mountain areas every so often as these will often have iron in them as well as other goodies and the forest areas obviously give you more chances of wood.
Sorry. I thought the sheet I saw was in Dorim's guide. Roughly 84 to 86 hours per iron node in the mines. 168 to 172 hours two iron nodes, and so on. :)
Edit: Found the guide from Romain :
https://steamcommunity.com/sharedfiles/filedetails/?id=2769151188&searchtext=income
Not sure how updated it Is, but since Dorim is taking care of it, its probably safe.