It has announced a 24% increase in underground resources at Mina Carmen, within its flagship Santa Comba project to 291,000 tonnes at 0.95% tungsten and 0.23% tin.
The miner has announced an exploration target for Mina Carmen South of 460,000-766,000t grading 0.81-0.96% tungsten and 0.27% tin.
The data also shows that tin grades are increasing within the vein system towards Mina Carmen South, up to average grade of 0.42% for the F5 vein, where there is a historical 2016 resource of 234,000t at 0.95% tungsten and 0.28% tin.
There is also an exploration target for Mina Carmen North of 351,000-585,000t grading between 0.66-0.87% tungsten and 0.2% tin.
Current resources for Mina Carmen North's quarry area are 57,000t at 0.94% tungsten and 0.01% tin.
The resource study, which involved reviewing historical underground data from before Santa Comba's 1985 closure and recent drilling also highlighted that the main Restrevas North vein appears to be improving at depth.
Managing director Steven Turner said Rafaella continues working to reopen the underground and open pit areas.
Rafaella, which moved onto the Iberian Peninsula in 2019, and commenced small-scale production last November, has the ambition of becoming a globally significant supplier tungsten, of which key parts are consolidating its positions in Spain and Portugal, and developing future underground operations.
The company is producing small amounts of pre-concentrate from stockpiled underground ore, via a pilot plant.
It is seeking to consolidate ground on the Iberian Peninsula, with the acquisition of San Finx tin and tungsten mine, and a deal on the table to secure the Borralha and Vila Verde mines that has been extended until February 11.
Rafaella started the year with A$990,000 cash.
Shares in the company were last traded at 7.1c, valuing it at $13.5 million.
The stock has traded between 5.8c and 13c over the past year.