Rafaella Resources Limited (ASX:RFR) (‘Rafaella’ or the ‘Company’) is pleased to provide its Appendix 5B cash flow statement for the quarter ended 30 June 2022, along with the following operational summary.


Santa Comba tungsten and tin project

  • Advanced Pre-feasibility Study released for the open pit development, showing strong economics and scalability.
  • Proven and Probable Ore Reserves increased by 63% to 7.48 million tonnes at a grade of 0.15% WO3 (cut-off 0.05%) for 12,374t of contained WO3.

San Finx tin and tungsten project

  • Assays from 3 drill cores showed high grades of tin and wolframite,
  • Copper assays suggest that the mine could generate copper concentrate by-product credits.
  • Post quarter-end the Company received a proposal from the water utility to approve the water discharge permit, subject to certain conditions. Approval of the water discharge permit will be a key milestone in the project’s development.

Belleterre-Angliers Project, Canada

  • Alotta and Lorraine claims, adjacent to the Midrim and Laforce PGM-Ni-Cu Project acquired, providing a consolidated project in the Belleterre-Anglier Greenstone Belt, Quebec, a tier 1 mining jurisdiction.
  • Highly synergistic acquisition effectively doubles the claim size and the total shallow EM prospects to 70, including an additional 7 high priority targets.
  • Post quarter-end the Rafaella announced a further 137 anomalies with 20 high priority EM targets located at depths greater than 300m, in line with the Company’s geological targeting of deeper VMS feeder systems.


  • Rafaella’s cash position as at 30 June 2022 was $0.688m.
  • In late July, a private placement to raise $2.1m at $0.023/share was successfully completed

Rafaella’s Managing Director Steven Turner said:

“The quarter saw considerable advancement in both Spanish tin and tungsten projects. The Advanced PFS for the open pit at Santa Comba demonstrated the economic attractiveness of the open pit as a standalone development. What is important to note is that the open pit study only included a small proportion of the total potential resource and does not include the permitted underground high-grade mine. The study therefore strongly supports the development of Santa Comba as an integrated operation, offering considerable upside through organic expansion. The news in July of the proposal from Aguas de Galicia to approve the water discharge permit at the recently acquired San Finx project comes earlier than anticipated and unlocks the development of this near-term producing underground mine. Finally, the creation of the Belleterre-Angliers Project in Quebec provides the Company with a highly prospective exploration asset with exposure to key battery metals such as PGMs (necessary for the development of green hydrogen) as well as nickel and copper, mainstays of the move to renewables and the electrification of vehicles in a tier 1 mining jurisdiction. The recently completed private placement will allow the Company to move the Spanish assets towards debt financing and advance the exploration activities in Canada.”

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