- Minerals explorer Rafaella Resources (RFR) has completed its purchase of the Midrim and Laforce nickel, copper and platinum group elements deposits
- The company has met all the requirements for the purchase, including issuing Meteoric over 13 million shares
- The projects are located in the Province of Quebec, Canada, and complement Rafaella’s existing focus on developing potential near-term mining operations
- On the market this afternoon, Rafaella is up 7.18 per cent and is trading for 9.7 cents per share
Rafaella Resources (RFR) has completed its purchase of the Midrim and Laforce nickel, copper and platinum group elements (PGE) deposits.
In August, the company announced it will purchase Midrim and Laforce from Meteoric Resources (MEI). All conditions of this agreement have been met, hence the completed purchase.
The projects are located in the highly prospective Belleterre- Angliers Greenstone Belt in the Province of Quebec, Canada and complement the company’s existing focus on developing potential near-term mining operations.
Just over 13 million of Rafaella shares have now been issued to Meteoric at a deemed price of 9 cents per share.
The Midrim deposit previous intersections include 4.3 metres at 6.57 per cent of nickel, 5.15 per cent copper and 7.15g/t PGEs from 57.15-metre depth in hole MR00-05. While hole MR00-37, has recorded 4.6 metres at 5.97 per cent nickel, 4.91 per cent copper and 3.38g/t PGEs from 48.00-metre depth.
Rafaella Resources is an explorer and developer of mineral deposits around the world. It owns the Santa Comba tungsten and tin development project in Spain and the McCleery cobalt and copper exploration project in Canada.
Managing Director Steven Turner is pleased the deal is completed and welcomed Meteoric Resources to the company’s shareholder register.
“Rafaella is pleased to confirm that we have now completed on the acquisition of these highly attractive Canadian nickel-copper sulphide deposits, adding significant upside to an already exciting Canadian exploration portfolio,” he said.
“With the ongoing work on the Santa Comba tungsten project, Rafaella is building a balanced portfolio of assets in critical commodities located in low-risk, mining-friendly jurisdictions,” he added.
On the market this afternoon, Rafaella is up 7.18 per cent and is trading for 9.7 cents per share per share at 12:58 pm AEDT.