With an exploration potential target of 10 to 20 million tonnes at 58 to 62% iron by mid-2011, Radar Iron (ASX: RAD) has the cash in the bank for exploration after a successful IPO in December 2010, with the company being admitted to the ASX.
The company goal by the end of 2011 is to define an initial magnetite resource exploration potential of; 300 to 500 million tonnes at 25 to 35% iron.
Radar Iron has assay and Davis Tube results pending, which it expects to receive this month, from the late 2010 reverse circulation magnetite focused drilling campaign at the Johnson Range and Die Hardy Projects.
Radar Iron has now planned a two week reverse circulation drilling campaign at the Johnson Range hematite targets, which will commence in February.
The market has supported Radar Iron since listing at the awkward time in the week before Christmas 2010, with the shares last trading at $0.255, 28% higher than the $0.20 IPO price.