The Wood and Iron Ax is from the More Axes Expansion pack. It is made out of 1 Iron, In tile 1 of the crafting table, and 2 wood, in tiles 4 and 2. There are also 2 sticks on tiles 6 and 8. It does 6 damage and has 100543 Durabilty. It has a 10 % chance to drop Iron while chopping wood.
There is an achievement called "Pieces" that is when you get 3 Iron from the Axe.