Rafaella Resources Boosts Santa Comba Tungsten Resource

Rafaella Resources, European-focused tungsten (W) producer, has significantly increased its underground resources in Spain, in addition to two new exploration targets. The company announced a 24% increase in the Mina Carmen underground resource at its flagship Santa Comba project to 291,000 tonnes at 0.95% W and 0.23% tin (Sn).

The miner has announced exploration targets for Mina Carmen South of 460,000-766,000 tonnes grading 0.81-0.96% W and 0.27% Sn. The data also shows that tin grades are increasing towards the Mina Carmen South vein system, with an average grade of 0.42% at the F5 vein, which has a 2016 historical resource of 234,000 tonnes grading 0.95% W and 0.28% Sn.

Mina Carmen North also has an exploration target of 351,000-585,000 tonnes grading 0.66-0.87% W and 0.2% tin. The current resource at the Mina Carmen North quarry is 57,000 tonnes at 0.94% W and 0.01% tin.

This resource study reviews historical underground data and recent drilling at Santa Comba prior to its closure in 1985 and also highlights that the main veins north of Restrevas appear to be improving at depth.

Managing Director Steven Turner said Rafaella continues to work on reopening underground and open-pit areas. Rafaella entered the Iberian Peninsula in 2019 and began small-scale production last November with the goal of becoming a significant global supplier of tungsten, a key part of which is to consolidate its position in Spain and Portugal and develop the future of its underground mining operations.

Rafaella Resources is producing small amounts of pre-concentrate from stockpiled underground ore through a pilot plant. The company is seeking to consolidate its position in the Iberian Peninsula with the acquisition of the San Finx tin and tungsten mines and negotiations for the Borralha and Vila Verde mines, which have been extended until February 11.

Rafaella started the year with A$990,000 in cash. The company's shares last traded at 7.1c and were valued at $13.5 million. In the past year, the stock has traded between 5.8c and 13c.

Rafaella Resources is a global developer and explorer of world class mineral deposits considered critical to an ever increasing technologically driven world economy.

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