Gabon-focused IronRidge Resources (LON:IRR) has a strong cash position and has highlighted potential targets at both its Belinga Sud and Tchibanga properties, it revealed in a new corporate presentation.

The firm floated on AIM in February this year and is focused on discovering a new haematite iron province with competitive logistics and grade advantages.
It has cash of £8.2mln to fund further exploration at Belinga and Tchibanga, where, at the latter, gravity data has already identified around 21 targets.

This site has high grade DSO (direct shipping ore) potential and is close to infrastructure, lying less than 70km from a proposed deep water port.

At Belinga, preliminary field studies have confirmed the existence of a high-grade hematite cap with iron grades of up to 66.8% Fe and drilling of up to 5,000 metres in 2015/16 is planned, with additional sampling and mapping to prioritise drill targets.
The group earns no revenue at present other than a nominal amount of interest on its cash balance.

As reported at the end of March, the Aussie firm made a loss before tax of A$417,572 in the second half of 2014, versus a loss of A$940,025 the year before, largely as a result of a sharp reduction in administration and consulting expenses.