Rafaella Resources Limited announced the results of its first field mapping program recently completed by Orix Geoscience, in conjunction with a desk-top review of existing data by SRK Exploration Services on its Canadian projects. This follows the acquisition of the Alotta and Lorraine PGM-Ni-Cu tenement packages located adjacent to Rafaella's existing Midrim and Laforce PGM-Ni-Cu projects in Quebec, Canada. These programs will focus on high priority magmatic PGM-Ni-Cu mineralisation targets.

Early indications suggest these targets lie deeper than those identified through historic exploration. Field site visit by Orix Geoscience has validated certain high priority targets and other geophysical anomalies in the Alotta and Midrim areas. Preliminary geophysical work has reprioritised the exploration targets, focusing on those previously overlooked for lying greater than 300m in depth.

137 new and reclassified EM anomalies have been identified with 20 of these being classified as Priority 1 for further investigation. The acquisition of the Alotta and Lorraine licences has delivered more underexplored targets to the existing asset portfolio. Lorraine, in particular, provides many targets which have been modelled and drill tested.

Down hole geophysics has already identified off-hole conductors for priority follow-up work. Confirmation of high-grade mineralisation within the magmatic system demonstrates a highly prospective geological environment with the potential to produce larger and deeper sulphide accumulations within the tenement portfolio. Reprocessing and remodelling of available geophysics by SRK Exploration Services (SRK ES) has commenced.

The Company is operating under a geological targeting model that prospective gabbroic intrusions may be mineralised at various positions within and adjacent to the intrusive chonolithic conduit, with relatively small gabbroic intrusions hosting substantial massive and semi-massive sulphide accumulations. The consolidated Rafaella portfolio consisting of the Midrim, Laforce, Alotta and Lorraine licences covers 157.4 km2 of the eastern part of the Belleterre-Angliers Greenstone Belt, located in the Abitibi-Pontiac Greenstone Sub-Province. A field site visit was undertaken by Orix Geoscience in July 2022 to validate a number of targets defined by VTEM and IP geophysical anomalies in the Midrim and Alotta licence areas.

Included in these were two priority 1 targets identified in a recent review undertaken by SRK Exploration in January 2022. The MRB-01 target lies in the south-eastern portion of the Midrim licence which was defined around a moderate- strength near surface conductor identified in Rafaella's 2021 VTEM survey. A Maxwell Plate model was generated for this target and a phased drill test program has been planned for the target in the next phase of drilling.

No outcrop was observed at the locality, but it was confirmed that there were no obvious cultural sources for the EM anomaly and the target remains a priority. Target MRC-04 is located approximately 4km to the northwest of the Midrim deposit. The target is located in a basal marginal position to the gabbro.

An EM anomaly has been repeatedly identified in multiple surveys, including the 2001 MegaTEM survey, and the 2021 VTEM and Ground-floor EM surveys. A follow-up ground EM survey will be required to target the deeper conductor which has been overlooked or de-prioritised by previous workers. Field validation of the site revealed a number of gabbro outcrop bosses.

Samples were taken to analyse for geochemical indicators of PGM-Ni-Cu-Co fertility of the host-rock gabbro.