Rafaella Resources Limited (Rafaella or Company) was admitted to the Official List of the ASX ('ASX') on the 24th July 2018.
Rafaella is a junior exploration company with a conditional right to aquire one mineral exploration project located in Yukon Territory, Canada (McCleery Project) and a 100% interest in one mineral exploration project located in Western Australia (Sandstone Project). Rafaella was established with the purpose of exploring and developing gold, cobalt, copper and other mineral opportunities.
The McCleery project consists of 42 granted mineral claims covering ~9km2 in the Yukon Territory, Canada, prospective for cobalt and copper. The granted mineral claims are currently held by Overland Resources (BC) Limited (an entity incorporated in British Columbia, Canada) (Overland BC), wholly owned subsidiary of ASX listed Overland Resources Limited (ACN 114 187 978) (Overland). The company has entered into an agreement with Overland to acquire 100% of the issued share capital of Overland BC.
Copper mineralisation was discovered and staked early in 1974. Initial exploration focused on copper mineralisation with rock samples assaying up to 15.6% Cu and 461g/t Ag. Historic reports record multiple occurrences of cobalt bloom (secondary cobalt) and cobaltite (cobalt sulphide) however only one sample from the Project has been assayed for cobalt, returning 0.76% Co and 14g/t Ag.
The Sandstone Project consists of one granted exploration licence and one tenement application with respect to land near Meekathara in Western Australia, prospective for gold. These tenements are currently held by Topdril Pty Ltd (Topdrill). The Company has entered into an agreement with Topdrill to aquire 100% interest in these tenements.
The Sandstone Project comprises extensions to structures which host mineralisation at the Gum Creek Project with their prospectivity demonstrated by the presence of hoistorical workings and gold-in-soil anomalies. The mining and production history of the Gum Creek Project has shown widespread gold occurrence and significant potential for further discoveries.