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Rafaella Resources (ASX:RFR) - Managing Director, Steven Turner - The Market Herald
Managing Director, Steven Turner
Source: Rafaella Resources
  • Rafaella Resources (RFR) has posted a strong start to the 2021 financial year with significant progress at its Santa Comba tungsten and tin project in Spain
  • Santa Comba posted an increase in its total mineral resources and an "exceptional outcome" for its ore sorting and metallurgical test results
  • Additionally, the company is on track to complete the projects Santa Comba feasibility study by the end of the year
  • In August, the company signed agreements to purchase Canadian nickel-copper sulphide projects, Midrim and Laforce
  • It approached leading geophysicists Southern Geoscience Consultancy (SCG) to assist with the due diligence of the projects
  • SCG has now completed its initial review and found ten shallow level anomalies in addition to the known mineralisation
  • Heli-borne electromagnetic (HEM) surveys are planned for the end of the year to follow up
  • On the market this afternoon, Rafaella is down 4.17 per cent and is trading for 11.5 cents per share

Rafaella Resources (RFR) has posted its September quarter results with the completion of the initial review at its Canadian projects.

During the quarter, the company's main focus was advancing its Santa Comba tungsten and tin project in Spain as well as purchasing nickel and copper sulphide projects in Canada.

Rafaella spent $485,000 on exploration during the September quarter and has around $1.5 million in cash.

Managing Director, Steven Turner, says the company has had a strong start to the new financial year.

" [Rafaella] has seen significant progress at Santa Comba and an exciting new acquisition that will further diversify our portfolio of world-class assets," he said.

The Santa Comba

In July, Rafaella Resources posted the results of the updated Mineral Resource Estimate (MRE) for Santa Comba.

The total MRE for near-surface mineralisation at the project increased 103 per cent with the overall resource, now sitting at 10.6 million tonnes. Total tungsten trioxide contained at the resource increased to 18,530 tonnes.

The business is now on track to completing Santa Comba's feasibility study by the end of the year. Once this study is complete, the company intends to recommence drilling at several prospects to add both tonnage and grade to the project.

Results from ore sorting at Santa Comba showed a 50 per cent rejection of unmineralised rock and approximately doubling of feed grade.

The company says the Tungsten is classified as critical material by the European Commission.

"The two defining characteristics of a critical material are economic importance and supply risk. With over 69 per cent of tungsten supply coming from China, it remains a metal that presents significant supply risk," the company posted.

The company suggests these figures show how important it is to fast-tack Santa Comba to production as soon as possible.

The Canadian assets

In August, the company signed contacts to purchase Canadian nickel-copper sulphide projects; Midrim and Laforce.

Not long after, Rafaella approached Tony Donaghy of CSA Global and leading geophysicists Southern Geoscience Consultancy (SCG) to help with the due diligence of the projects.

Today, the company announced the SCG completed its initial review of the projects.

Ten shallow level anomalies have been found in addition to the known mineralisation at Midrim and Lac Croche deposits. These anomalies are associated with elevated magnetics, which enhances its prospectivity.

Heli-borne electromagnetic (HEM) surveys are planned for the end of the year to follow up on these prospects.

Managing Director, Steven Turner, says the review by SGC supports the initial findings by CSA Global.

"SGC has confirmed that prior work, although extensive, has not been effective given the relatively shallow penetration of previous airborne EM coverage and therefore significant potential may have been overlooked," he said.

"Rafaella intends to act upon the SGC recommendations following the acquisition of the Project, that remains subject to the shareholder meeting on October 29th," he added.

On the market this afternoon, Rafaella is down 4.17 per cent and is trading for 11.5 cents per share at 2:54 pm AEDT.


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