- Rafaella Resources (RFR) increases Santa Comba Tungsten and Tin Project’s measured and indicated mineral resource estimate (MRE) by 42 per cent
- The Spanish project now has a total open pit MRE of 9.97 million tonnes at 0.16 per cent tungsten and 100 parts per million (ppm) tin
- The updated MRE is the result of drilling earlier this year which aimed to convert inferred resources and extend the project’s mine life
- This further de-risks the project’s resource model and supports an ongoing feasibility study by providing more resources to feed into the mine schedules
- Company shares are down 8.51 per cent to trade at 8.6 cents at 1:34 pm AEST
Rafaella Resources (RFR) has increased the measured and indicated resource estimate for its Santa Comba Tungsten and Tin Project in Spain.
The measured and indicated component includes 8.68 million tonnes at 0.15 per cent tungsten and 99ppm tin for 13,052 tonnes of tungsten and 861 tonnes of tin. This marks a 42 per cent increase from the July 2020 measured and indicated resource estimate of 6.13 million tonnes at 0.16 per cent tungsten, and 96ppm tin for 9563 tonnes of tungsten and 588 tonnes of tin.
The total open pit mineral resource estimate (MRE) now sits at 9.97 million tonnes at 0.16 per cent tungsten and 100 parts per million (ppm) tin for 16,063 tonnes of contained tungsten and 994 tonnes of tin.
In addition, the project has an unchanged underground inferred resource of 0.23 million tonnes at 0.95 per cent tungsten and 2797ppm tin for 2221 tonnes of tungsten and 655 tonnes of tin.
Rafaella completed a drilling program in June which was used to convert inferred resources to the measured and indicated categories and extend the mine life.
The updated MRE will further de-risk the Santa Comba project’s resource model and support an ongoing feasibility study by providing more resources to feed into the mine schedules.
Managing Director Steven Turner commented on the updated MRE.
“The company set out a clear objective to extend the mine life through the conversion of open pit inferred resources to measured and indicated resources. This was an important precursor to increase debt capacity, enhance the economics and secure offtake,” he said.
Rafaella also expects the rising tungsten prices will have a positive impact on the feasibility study. In recognition of this, the company plans to conduct further studies and drilling to take the underground development through to a full-scale commercial operations.
Company shares were down 8.51 per cent to trade at 8.6 cents at 1:34 pm AEST.