Rafaella Resources has announced it has acquired the Galicia Tin and Tungsten SL, the owner of the Santa Comba tungsten project in Galicia, northwest Spain.
A feasibility study at the project has already commenced, with a drilling program scheduled to commence over the next four weeks. The company has also successfully completed a placement to raise approximately $2.8 million to support the acquisition and forward development plan.
Test work will be conducted alongside the drilling programme to fast-track the feasibility study, a condition precedent to unlocking pre-approved development funding via the German government’s United Loan Guarantee Scheme.
Rafaella has appointed highly-experienced Feasibility Manager, John Webster, to ensure smooth delivery of the study and optimisation of the mine plan and processes flow sheet.
It has also engaged leading ore sorting company, Tomra Sorting GmbH, to conduct ore sorting test-work at the mine site. The organisation will review both open pit and underground ore sorting methods, helping cut mining costs on the project.
Rafaella has also partnered with engineering consultancy, Griding Solutions Limited, to advance its feasibility study, with multiple forms of testing to help determine the most effective crushing and grinding equipment.
With the German government development funding already secured, subject to a positive feasibility study, and minimal approvals in place, Rafaella intends to fast-track the Santa Comba Project into production and early cash flows.
“We are very pleased to have completed this transformational acquisition for the Company,” says Incoming Managing Director, Steven Turner.
“The Board has worked diligently to ensure that the transaction has closed quickly and with the recent capital raise, the Company is now well-positioned to focus on the delivery of the Santa Comba tungsten project as well as to continue to review the best way to maximise shareholder returns at our McCleery and Sandstone exploration projects.”