Ann: Underground resource upgrade at Santa Comba, page-2

ORC compliant Underground MRE increases by 24% at Mina
Carmen, Santa Comba and substantial Exploration Target
determined.
Rafaella Resources Limited (ASX:RFR) (‘Rafaella’ or the ‘Company’ is
pleased to announce the results of the recently completed underground mineral
resource estimation as carried out by Rafaella’s Geology and Mineral Resources
Department, for the Santa Comba tungsten and tin project (‘Santa Comba’ or the
‘Project’ held by Rafaella’s wholly owned Spanish subsidiary, Galicia Tin and
Tungsten SL (‘GTT’.
Investment Highlights
 Total JORC compliant underground (UG) MRE at Mina Carmen of 291kt @ 0.95%
WO3 and 0.23% Sn (0.53% WO3 cut-off), an increase of 24%,
o Mina Carmen North (Quarry area) of 57kt @ 0.94% WO3 and 0.01% Sn
(0.53% WO3 cut-off) based on GTT’s drilling campaigns.
o Mina Carmen South remains unchanged from 2016 with 234kt @ 0.95%
WO3 and 0.28% Sn (0.53% WO3 cut-off), based on historical data.
 Deeper drill intersections of the main vein “Restrevas North” demonstrate that
WO3 grade increases at depth, thus providing an exciting Exploration Target.
 The MRE shows strong increase of Sn (cassiterite) within the vein system
towards Mina Carmen South, up to average grade of 0.42% Sn for Vein F5 in
Mina Carmen South.
 Substantial Exploration Targets calculated for both Mina Carmen North and
Mina Carmen South demonstrating further upside for underground operations.
Managing Director Steven Turner said: “The geology team at Santa Comba has spent
considerable time reviewing and updating the underground data, correlating historical
records, measuring the accessible underground veins and studying the results from
recent drill campaigns to greatly enhance the Company’s knowledge of the
underground resource. Santa Comba was a historical operation until 1985 producing
clean concentrate from high-grade veins. Work to reopen the permitted underground
operations continues in parallel to the open pit study work. This mineral resource
upgrade and importantly the exploration target is highly encouraging, as it
demonstrates substantial upside for the underground operation.”

ORC compliant Underground MRE increases by 24% at Mina
Carmen, Santa Comba and substantial Exploration Target
determined.