Maiden JORC Compliant Mineral Resource Estimate At San Finx Of 1.2Mt At 0.80% Combined WO3 + Sn Grade

Rafaella Resources Limited (ASX:RFR) (‘Rafaella’ or the ‘Company’) is pleased to announce that a maiden JORC compliant Mineral Resource Estimate (‘MRE’) has been completed at its 100% owned San Finx tin and tungsten mine (“San Finx”).

Investment Highlights

• Detailed 3D modelling of the vein system has successfully been completed for San Finx, including the less developed NE area of the deposit. Mined zones have been fully depleted for MRE purposes.
• Inferred Resources* of 1.2Mt with a combined grade of 0.80% (0.30% WO3 + 0.50% Sn) with total contained metal being 3,581t WO3 and 5,786t Sn split between:
  • the Pozo Nuevo zone, with 0.62 Mt at 1.00% combined (0.35% WO3 + 0.65% Sn); and
  • the Buenaventura zone with 0.56Mt at 0.56% combined (0.25% WO3 and 0.31% Sn).
• An Exploration Target** of 3.6Mt to 10.9Mt with a combined grade ranging between 0.70% to 1.17% (WO3+Sn) for total contained metal of between 25,463t and 127,485t (WO3+Sn) has been calculated demonstrating enormous upside potential in a mineralised zone that has historically produced clean, high- grade tin and tungsten concentrates, as recently as 2017.
• For exploration purposes, the surface mining trenches of the NE half of the San Finx deposit outlined the strike extension of the 3D vein model which have been extended down-dip to reasonable depths supported by exploration drilling and by reviewing the old workings.

Maiden Underground JORC (2012) Mineral Resource Estimate

Asturmine S.L. (Asturmine) has successfully completed a JORC (2012) compliant underground (“UG”) MRE for San Finx mine as of September 2022. Table 1 shows the details of the UG MRE.

A breakdown of the inferred mineral resources indicates that at Buenaventura they come from 5 primary veins and for the Pozo Nuevo zone they come from 7 veins.

Maiden Underground Exploration Target

Asturmine has delineated substantial Exploration Targets for the San Finx Mine, mostly located in the underexplored and less developed north-eastern half of the San Finx deposit. The exploration targets have been modelled in 3D, based on surface trenches from historic workings, on drill intersections of the 3 exploration drillholes available, and on CAD plan views from underground old workings. Up to 63 veins have been modelled in the northeast part of the San Finx deposit known as Castiñeiros Zone.

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