Rafaella Resources Limited’s (ASX:RFR) drilling programme is delivering excitement in Spain, with assay results just received from the Santa Comba tungsten project supporting the Company’s plan to pursue an open pit operation chasing low-cost near-surface mineralisation.
The miner’s Managing Director, Steven Turner, has described the results as encouraging and believes it will turbo charge the company’s plans into the year ahead:
“The drilling programme is over three quarters complete and feasibility work is now well underway as Rafaella remains on-track for fast-tracking development of its highly attractive Santa Comba tungsten project.”
Rafaella Resources currently have three drill rigs in operation at the Project with 49 drill holes completed for 6,427m. The company reported excellent assay results from an additional 26 diamond and reverse circulation drill holes. This in turn confirms the outstanding potential of the Project to be potentially amenable to low cost, open pit mining.
The results come just one day after Rafaella Resources released its quarterly report detailing the plans of its current drill programme, targeting the expansion of the pre-existing JORC (2012) MRE and upgrading the resource category. The Company said the objective is to provide the detailed information required for proposed mining optimisation and project feasibility studies.
Over the last quarter Steven Turner says Rafaella Resources has made a lot of progress at the Santa Comba tin and tungsten project:
Since acquiring the project in Q3 2019, we have moved quickly to execute our strategy to fast track the development of the Project with the aim of delivering early cash flows.”
Mr Turner also revealed the project continues to receive significant support, with committed offtake and pre-approved development funding, subject to a positive feasibility study.
“We remain on schedule to complete our initial drill programme and deliver an updated JORC Resource during Q2 2020 and look forward to continue updating shareholders on our progress.”