I saw a search hit on my blog about elf wood tips, which in my understanding means how to obtain elf woods or how to obtain the most elf woods. Elf woods could be gathered from attacking Dragon Altars, but obtaining them from these altars is random, it is whether you get it or not.
The Elven Axe will give you more Elf Woods, if you get the woods from the attacks. Make sure you click Use after defining the number of soldiers sent and before actually sending them to attack. So the next picture shows example of report if you get to collect the Elf Woods. If normally you get 12, you would get times 2 until times 5 Elf woods than normal if you use the Elven Axe. But do not be sad if you use the axe and did not get to gather any wood chips at all but collect only Dragon rune fragments instead.
These are the materials needed to make Elven axes, obtained from events related to Dragon soldiers recruiting. When massive damage is dealt to Urgash the dragon on the Dragon island during the event, we can obtain these materials.
Besides obtaining them from attacking Dragon altars, Elf woods could also be bought from the store, as rewards from events, as gifts/ giveaways, or lucky draws from the wishing well. So make sure you do not miss all the giveaways and visit the well everyday.
Edited on 6th. Oct. 2015- the above image shows an example of the number of Elf woods obtained when an Elven axe is taken with the troops to battle the Dragon altar. I think it was 14 normal wood chips times 5. I think the most number of elf woods that I have gathered was 17 (normal count).