PERTH (miningweekly.com) – ASX-listed Rafaella Resources has shifted its focus to battery minerals exploration in Canada, announcing the acquisition of a second battery metals project in the region, adjacent to its existing Midrim and Laforce platinum group metal (PGM)/nickel/copper sulphide assets.
The company has inked an agreement with Chase Mining Corporation to acquire the Alotta and Lorraine tenements for A$100 000 in cash and A$500 000 in Rafaella shares.
Rafaella told shareholders on Tuesday that the deal consolidated 157.4 km2 of the eastern portion of the Belleterre-Angliers Greenstone Belt (BABG), located in the Abitibi-Pontiac Greenstone Sub-Province, under Rafaella’s control and elevates the strategic importance of the Canadian operations.
“The acquisition of Alotta and Lorraine is extremely exciting for the company and significantly expands Rafaella’s battery metals position in the BABG, a productive yet under-explored geological region that is known to host high-grade sulphide mineralisation, rich in PGMs, nickel, copper and gold. Canada has demonstrated a commitment to supporting the critical battery metals mining sector and the Canadian government’s Budget for 2022 included a commitment to climate action and supply chain security through the provision of strategic funding to the mining sector,” said Rafaella MD Steven Turner.
“Rafaella Resources continues to believe in the significant value of our Spanish tin-tungsten development projects and in the importance of securing European domestic production of critical metals, so the company will continue to support San Finx and Santa Comba as they step through permitting. However, Rafaella has elected to withdraw from the Portuguese acquisitions to allow capital to be redeployed to the enhanced Canada portfolio.”