- Rafaella Resources (RFR) has contracted a Spanish drilling contractor to undertake up to 4500 metres of drilling at the Santa Comba Project in Spain
- The diamond drilling program is initially aimed at converting the project’s inferred resources to the measured and indicated status
- Then, step-out drilling will be conducted to expand the resource and infill drilling may follow depending on results
- The updated mineral resources will be fed into updated mine schedules as part of Rafaella’s stage one mine plan
- Drilling has already commenced and is expected to wrap up by the end of April
- Rafaella is down 6.33 per cent and shares are trading at 7.4 cents
Rafaella Resources (RFR) has announced 4500 metres of diamond drilling has begun at its Santa Comba Project in Spain.
Through its Spanish subsidiary, Galicia Tin and Tungsten SL (GTT), Rafaella appointed a drilling contractor, known as SPI for short, to conduct the drilling program.
SPI was chosen as it previously conducted diamond drilling for the company in 2016 as well as reverse circulation (RC) drilling for the 2019-2020 drilling campaign.
Initially, up to 1500 metres, for seven holes, will be dedicated to converting Santa Comba’s inferred resources to the measured and indicated status. Four of these initial holes sit within the quarry and will fall within stage one of the mine plan.
Around 3000 metres of step-out drilling will then be undertaken to expand the resource. Depending on the results, this may be followed by infill drilling.
“This drilling campaign is intended to take a project that has already demonstrated exceptional economics and add scale in terms of resource, mine life and shareholder value,” Managing Director Steven Turner said.
“The purpose of the campaign is to deliver resources that will be fed directly into updated mine schedules and therefore should be immediately accretive to the project economics,” he added.
SPI has mobilised a rig to the site and drilling has commenced. A second rig will be mobilised on February 2.
Drilling is expected to be completed by the end of April and will be followed by an updated mineral resource estimate, revised mine schedules and project economics.
Rafaella is down 6.33 per cent and shares are trading at 7.4 cents at 10:07 am AEDT.