mgland
2 years ago
PFFOF news
Portofino Reports Geological Team Mobilized To Allison Lake North Lithium Project
Vancouver, B.C., October 03, 2022. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Company”) is pleased to announce that its geological team has mobilized to the Allison Lake North property to follow-up on the Company’s 2021 channel and grab sampling programs that reported encouraging values of up to 412 ppm lithium and 1040 ppm rubidium.
Recently completed high-resolution magnetic heli-borne survey results (NR-Sept 15, 2022) combined with Portofino’s previous sampling and mapping efforts will be instrumental in guiding this phase of ground prospecting, sampling and identification of mineralization typically associated with lithium-bearing pegmatites. Exploration efforts will focus on the outer edges of the Allison Lake Batholith where it comes in contact with the Jubilee Lake metasediments. Metasediments make excellent hosts for rare-element pegmatites containing Lithium, Cesium and Tantalum minerals (“LCT”).
The Company’s geological crew led by Emerald Geological Services (EGS) is encouraged by what has been encountered in the field thus far this month. Grey pegmatites in contact with metasediments have been discovered containing key indicator minerals of garnet and tourmaline typical of LCT-pegmatites (Figure 1).
Portofino’s previous sampling programs in 2021 returned anomalous rare-element results within the LCT Goldilocks Zone, a fractionation corridor outlined by Green Technology Metals (Figure 2) believed to be a zone ideal for the location of Li-mineralization such as the SJ Pegmatite. The SJ Pegmatite discovered in 1964 by Stan Johnson lies only 1.5 kilometres east of Portofino’s southern claim group. This occurrence represents the largest known pegmatite outcrop in the Jubilee Lake metasediments and within the LCT Goldilocks Zone covering an exposed area of 30 x 35 metres. Sampling of the SJ Pegmatite by the Ontario Geological Survey (“OGS”) in 2003 returned highly anomalous Li (140 ppm), Cs (47 ppm), Ta (173 ppm), Nb (462 ppm) and Rb (1227 ppm).
Portofino’s CEO, David Tafel comments; “The high-resolution magnetic survey completed this summer outlined priority prospecting and sampling areas to focus on this fall. Over the past week our team has uncovered and sampled additional pegmatite outcrops and we are looking forward to seeing the lab assay results from this sampling. New claims that we added following last year’s field season are also being explored by Portofino for the first time and we are excited about the newly discovered prospects of this ground.”
Figure 1. Field mapping photo’s taken by EGS. A) Bands of red garnets in pegmatite. B) Grey pegmatite in contact with Jubilee metasediments. C) Grey pegmatite dyke. D) Tourmaline crystals within a white pegmatite.
Figure 2. Fractionation trends and sampling within the Allison Lake Batholith from Green Technology Metals. (Modified to include Portofino’s claims and 2021 sampling results).
About The Allison Lake North Property
The Allison Lake North Property comprises 7 claims totaling 2,286 hectares and is located 100 kilometres east of the town of Red Lake in northwestern Ontario. Numerous lithium deposits have been delineated in northwestern Ontario and host significant reserves of lithium oxide- Li2O. The Property is accessible by well-established logging roads and a hydro-electric power line transects the claim group. The Property contains significant attributes that are key to the formation of lithium-bearing pegmatite dykes. It is positioned along the contact between the Allison Lake pegmatite granite batholith and the Jubilee Lake metasedimentary rocks of the Uchi Subprovince in northwestern Ontario. This important contact is now fully staked and subject to active exploration by multiple companies.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company has not completed sufficient work to verify the information on the properties of neighbouring companies.
References
Breaks, F.W., Selway, J.B. and Tindle, A.G., 2003. Fertile peraluminous granites and related rare-element mineralization in pegmatites, Superior Province, North and Northwest Ontario: Operation Treasure Hunt, Ontario Geological Survey, Open File Report 6099, 212p.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium projects in Salta, Argentina and up to 100% of the Yergo Lithium property in Catamarca. The properties are situated in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.
Portofino’s South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
“David G. Tafel”
Chief Executive Officer
For Further Information Contact:
David Tafel CEO, Director 604-683-1991
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
mgland
2 years ago
PFFOF news
Portofino Receives and Rejects Notice of Termination for Yergo Property Agreement
7:01 am ET September 22, 2022 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2022) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that it has received a Notice of Termination (the "Notice") from Mr. Fabian Bertetto, the claim owner and Optionor of the Yergo Project in Catamarca, Argentina, regarding the April 2019 Binding Letter Option Agreement and the May 2021 Binding Letter Agreement Addendum (collectively the "Agreements").
The Notice purports to terminate the Agreements. The Company has immediately and forcefully responded to Mr. Fabian Bertetto that claims made in the Notice are completely unsubstantiated, inaccurate, false, and malicious, and the Company rejects the purported termination as baseless and having no merit whatsoever.
Portofino has not breached the Agreements and will defend its legal rights vigorously. As previously disclosed, the Company has spent over 15 months working closely with the Catamarca Ministry of Environment and Mining related to the development of an environmentally and socially responsible exploration plan for inclusion in the drill permit application. Portofino has not breached the Agreements with respect to payments required to keep the Agreements in good standing and has further completed all required work on the property to advance the Yergo property from a completely greenfield project to one that has the potential to deliver significant value to the Province of Catamarca, Mr. Bertetto and Portofino.
Among other things, the Agreements provide that Mr. Bertetto shall not initiate or solicit or entertain any expressions of interest or proposals from any person or take any action to facilitate the purchase or sale or option of all or any interest in the Yergo Project. In the event that such provision has been breached, the Company reserves the right to additionally pursue Mr. Bertetto and the counterparty, or counterparties, causing the contractual breach. Portofino will seek cost recovery and damages from Mr. Bertetto and all parties that induced, or attempted to induce, Mr. Bertetto to breach the Agreements.
Prior to receipt of the Notice, Mr. Bertetto made no complaint against Portofino. Portofino has kept Mr. Bertetto updated on all property related activities. Mr. Bertetto's regular involvement has included submission of all filings with the provincial mining ministry and detailed participation and support in the furtherance of a drilling permit application for the project. Additionally, the Company met with Mr. Bertetto in Catamarca 3 days prior to receipt of the Notice to discuss further revisions to the drilling permit application, and at no time during this meeting did Mr. Bertetto provide any indication verbally or in writing of any concerns related to Portofino or the Agreements.
A property payment due to be paid to Mr. Bertetto by October 13, 2022 (which includes a 60 day curative period from the original payment date of August 14, 2022), will be set in reserve until all legal issues have been settled to Portofino's satisfaction.
In defence of its rights, Portofino has engaged legal counsel in both Buenos Aires and Catamarca, filed an objection to the Notice with the Ministry of Mining in the Province of Catamarca and is currently pursuing formal avenues of dispute resolution in the Province of Catamarca.
Yergo Project Activity to Continue
Irrespective of the Notice, and pursuant to the rights conferred to the Company under the Agreements, Portofino is proceeding with revisions to the drill permit application as requested recently by the Catamarca Ministry of Mining. Assuming these revisions meet the requirements of the Ministry, and a drill permit is issued, the Company will proceed with site preparation and the planned drill program immediately thereafter.
David Tafel, CEO of Portofino, commented:
"This is a very surprising and unfortunate development, and seemingly timed to coincide with the near-term commencement of our next phase of exploration. Based on the facts and discussions with our legal consultants, we believe we have an extremely strong position, and we will aggressively work towards a quick resolution.
"Our team of geologists, biologists, drilling services and site logistics consultants have spent an inordinate amount of time preparing and filing required and requested documents and dialoguing with the various Catamarca ministries to advance exploration efforts in an environmentally sensitive and conscientious manner.
"We intend to proceed with filing final amendments to the drill permit application and will continue to advance our other projects in Salta Province (Argentina) and Northern Ontario (Canada)."
mgland
2 years ago
PFFOF news.......
Portofino Commences Exploration and Sampling on Greenheart/McNamara, Ontario Lithium Projects
9:01 am ET September 12, 2022 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2022) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") reports that its geological team has been mobilized to the Greenheart Lake ("GL") and McNamara Lake ("ML") lithium properties and has commenced a mapping, sampling, and reconnaissance exploration program.
The GL Property comprises approximately 1,200 hectares and the ML Property approximately 1,120 hectares. Both properties are strategically located in the Balmoral and McNamara Lake areas of northwestern Ontario within 15 kilometres ("km") of the town of Ignace and are accessible by well-established logging roads branching from the Trans Canada highway.
Each property occurs proximal to a triple boundary junction of three Archean-age terranes: the Wabigoon, East Wabigoon and Winnipeg River (Figure 2). Terrane boundaries are recognized as important geological settings for lithium ("Li") and rare metal pegmatites (Breaks et al., 2003).
The GL Property lies 10km southeast of International Lithium's Raleigh Lake lithium project and 15km northwest of Grid Metals Campus Creek lithium project (Figure 1). Grid Metals recently announced a new Li-bearing pegmatite discovery at Campus Creek where initial grab sample results assayed between 0.22 and 4.35% Li2O (Grid NR - Oct 5, 2021).
The ML Property is contiguous with the southern claim boundary of Grid's Campus Creek property. The Company has the right to earn a 100% interest in each of the GL and ML claim groups. (NR -Dec. 14, 2021).
Portofino's CEO, David Tafel, comments: "As the pace and breadth of lithium exploration by multiple companies in the region has expanded, it's clear that the GL and ML Properties are very well situated in terms of ideal geological setting. The Raleigh Lake pegmatite field and recent discovery by Grid Metals in the area bodes well for our potential exploration success."
Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/136651_1affe2a8b4968b15_001.jpg
Figure 1. Portofino's Greenheart Lake (GL) and McNamara (ML) properties claim locations
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3751/136651_1affe2a8b4968b15_001full.jpg
Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/136651_1affe2a8b4968b15_002.jpg
Figure 2. Portofino's lithium properties of northwestern Ontario.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/3751/136651_1affe2a8b4968b15_002full.jpg
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium projects in Salta, Argentina and up to 100% of the Yergo Lithium property in Catamarca. The properties are situated in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.
Portofino's South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel CEO,
Director 604-683-1991
mgland
2 years ago
News
Portofino Reports Issuance of Environmental Resolution Enabling Drilling and Exploration - Yergo Lithium Project, Argentina
Vancouver, B.C., August 23, 2022. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Company”) is pleased to announce that an official Resolution (the “Resolution”) from the Minister of Water, Energy and Environment of Catamarca province has been issued. The Resolution includes reference to an underlying report that details commercial activity guidelines within the southern part of the province and authorizes exploration and drilling at the Yergo Lithium Project (the “Project”). The Resolution issuance has been deemed to be the Mining Ministry’s last requirement pursuant to approval of Portofino’s planned exploration and drilling programs.
David Tafel, CEO of Portofino, commented: “Portofino has established rigid procedures within its planned exploration program to achieve the highest standards of environmental sustainability. In addition, and as previously confirmed by the Mining Ministry, the issuance of the Resolution was the final requirement needed for the Ministry to grant a drilling permit for the Project. We can now expect the Mining Minister’s office to advance our permit application without further delay.”
The drilling permit application proposes to implement an inaugural 4-hole drill program. A previously completed geophysical survey and surface geochemical sampling program identified two large, lithium-bearing sub-basins within the Yergo Project (April 06-2021). The survey and sampling results confirm the presence of lithium-rich brines and the potential volume of the brines within the Project.
The 2,932 hectares Yergo Project encapsulates the Aparejos Salar and is located in the southern part of Argentina’s world-renowned “Lithium Triangle”. The project is situated 15 kilometers southeast of Neo Lithium Corp’s 3Q Project. (In January 2022, Zijin Mining Group Co. completed a $960 million takeover of Neo Lithium Corp.)
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP has not completed sufficient work to verify the historic information on the property in Catamarca, Argentina, particularly regarding historical exploration, neighbouring companies, and government geological work.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium projects in Salta, Argentina and controls 100% of the Yergo Lithium property which encompasses the Aparejos Salar in Catamarca. The properties are situated in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.
Portofino’s South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
“David G. Tafel”
Chief Executive Officer
For Further Information Contact:
David Tafel CEO,
Director 604-683-1991
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements concerning future operations of Portofino Resources Inc. (the “Company”). All forward- looking statements concerning the Company’s future plans and operations, including management’s assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
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Portofino Resources Inc.
Suite 520 - 470 Granville St
Vancouver, BC
Canada, V6C 1V5
T: +1 604.683.1991
F: +1 604.683.8544
mgland
2 years ago
Portofino Executes Collaboration Agreement
Arizaro Lithium Project - Salta, Argentina
Vancouver, B.C., July 05, 2022. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Company”) is pleased to announce the execution of a definitive collaboration agreement with Recursos Energeticos y Mineros De Salta S.A. (“REMSA”), the state-owned mining company of the Province of Salta, Argentina.
The agreement provides Portofino with the opportunity to earn a majority interest in an 8,445-hectare concession within the Arizaro lithium salar which is located in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects.
The Company’s Argentine geological team has completed initial reconnaissance mapping and sampling. A targeted systematic, trenching, sampling and shallow augur drilling program is anticipated to commence shortly.
Pursuant to previous disclosure, a number of other mineral properties, targeted for lithium brine potential, have been identified by Portofino and REMSA and the Company will continue to negotiate with REMSA to execute additional collaboration agreements in the near term. The prospection and initial exploration campaigns will be performed by REMSA with technical input provided by Portofino.
David Tafel, CEO of Portofino, commented: “This unique agreement provides Portofino with a significant opportunity to be positioned in the largest lithium brine salar in Salta, located within one of the best lithium exploration and development jurisdictions in the world. We are very pleased to be able to execute this initial collaboration agreement and anticipate working closely with REMSA to finalize additional agreements regarding specifically identified lithium-bearing salar properties.”
Mr. Alberto Castillo, CEO of REMSA commented: “Portofino’s team has demonstrated a high level of professional and technical ability and REMSA looks forward to advancing this relationship. Salta province has established consistent, transparent, and responsible mineral policies which are leading to substantial, sustained foreign investment that is providing immense local economic benefits while simultaneously prioritizing protection of our environment.”
Subject to results of surface sampling and geophysical exploration activity, Portofino, together with its Argentine partner RONIALEM S.R.L., may propose an initiative to form a joint venture with REMSA. The proposal would be subject to certain payment terms and conditions.
The Arizaro Lithium Salar
The Arizaro salar is located in western Salta Province at a surface elevation of 3,460 meters (“m”). The salar covers an area of approximately 1,600 square kilometers reportedly making it one of the largest salt flats in the world and second largest in Argentina. The trans-Andean Salta–Antofagasta railway and the well-serviced road, Provincial Route 27 crosses through the middle of the salar.
The salar occupies an irregular northeast-southwest basin that measures approximately 80 kilometers (“km”) long and up to 30 km wide. The basin is thought to be fault-bounded and filled mainly with semi-consolidated sands and cobbles.
Brines occur within the basin and are reported to be zoned with lithium and potassium-rich brines historically sampled to depths below surface and reaching several hundred meters. Several international companies are conducting sampling and drilling projects on the Arizaro salar with drill holes being planned to depths of up to 500 m.
About REMSA
REMSA is a corporation formed in 1985, that oversees the administration of the energy and mineral resources of the Province of Salta. It contributes to the productive and social development of the province by managing and promoting the exploration and development of projects within the mining and energy sectors.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP has not completed sufficient work to verify the historic information on the properties in the province of Salta, Argentina, particularly regarding historical exploration, neighbouring companies, and government geological work.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium projects in Salta, Argentina and controls 100% of the Yergo Lithium property which encompasses the Aparejos Salar in Catamarca. The properties are situated in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.
Portofino’s South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
“David G. Tafel”
Chief Executive Officer
For Further Information Contact:
David Tafel CEO,
Director 604-683-1991
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements concerning future operations of Portofino Resources Inc. (the “Company”). All forward- looking statements concerning the Company’s future plans and operations, including management’s assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
View in PDF Format
Copyright 2022 Portofino Resources Inc. All rights reserved
You are receiving this email because you have subscribed to receive email updates via our website
Portofino Resources Inc.
Suite 520 - 470 Granville St
Vancouver, BC
Canada, V6C 1V5
T: +1 604.683.1991
F: +1 604.683.8544
mgland
2 years ago
Portofino Summarizes Argentina Lithium Projects - Progress and Actions
11:59 am ET June 9, 2022 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2022) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to report on its Argentina lithium projects' status and provide the following progress and actions updates:
Yergo Lithium Project, Catamarca
The Company reports that following initial filing of an Environmental Impact Assessment associated with a drilling permit application (regarding the implementation of an inaugural 4-hole drill program), extensive consultation and dialogue with the Catamarcan provincial Ministries of Environment and Mining have ensued.
Portofino has demonstrated a strong commitment to an environmentally and socially responsible exploration and potential development project. Subject to successful drilling and further exploration the Company is of the opinion that, when advanced responsibly, the Yergo project could encompass additional attributes that contribute positive economic and social benefits to all stakeholders while protecting the salar's sensitive ecosystem.
Portofino's actions to date include:
Proposing to set aside a portion of its mining concessions as a protected nature reserve.
Undertaking due diligence and dialogue with multiple Direct Lithium Extraction ("DLE") technology companies. DLE operations have proven effective in extracting lithium from salt brines, having the following benefits:
eliminating the requirement for evaporation ponds and their massive environmental and visual footprint;
returning the brine solution to underground aquifers maintaining aquifer levels for local communities and protecting vital wetland ecosystems; and
Dramatically improving the project's environmental and social impact, while demonstrating innovation leadership, and implementation of emerging best practices for Argentina and the Province of Catamarca.
Initiating a geothermal study assessing the potential of Yergo's renewable geothermal capacity that could potentially meet 100% of future DLE power requirements, additionally providing the potential for a sustainable and stable base-load energy solution to local communities displacing traditional fossil fuels with a carbon neutral future.
Based on positive feedback received in recent meetings held in Catamarca with government officials, management is confident a drill permit will be granted shortly.
About the Yergo lithium Project
The 2,932 hectares, Yergo Project is located in the southern part of Argentina's world-renowned "Lithium Triangle" approximately 15 kilometers southeast of Neo Lithium Corp's 3Q Project. (In January 2022, Neo Lithium was acquired by Zijin Mining Group for $960 million.)
A 2021 geophysical survey and surface geochemical sampling program identified two large, anomalous sub-basins within the Aparejos Salar (see news release dated April 6, 2021). The survey and sampling results confirmed the presence of lithium-rich brines and the potential volume of the brines within the sub-basins. The initial drill program will focus on the eastern sub-basin which has an irregular surface expression measuring between 1.8km to 2.5km in length by approximately 700 meters ("m") in width with modeled depths up to 65m. Portofino reported surface samples with values of up to 373 mg/l Lithium that were accompanied by low impurities (news releases dated May 27, 2019, and April 6, 2021).
Salta lithium projects
Pursuant to previous disclosure, the Company's management and Recursos Energeticos y Mineros De Salta S.A. ("REMSA"), the state-owned mining company of the Province of Salta, are working toward completing definitive collaboration agreements regarding multiple lithium brine mineral properties in the Province of Salta. The agreements would provide Portofino and local partners with the opportunity to earn a majority interest in the properties.
It is expected that the initial agreement will be concerning the Arizaro salar property which is located approximately 170 kilometers west of the city of Salta. The Arizaro property comprises approximately 8400 hectares and is in close proximity to multiple world-class lithium projects including near term production projects operated by Ganfeng Lithium, Rio Tinto and French mining conglomerate, Eramet. In addition, explorer Lithium Chile Inc. has recently reported a high-grade resource on its adjacent Arizaro project.
The initial exploration campaigns will be performed by REMSA in collaboration with the Company and financed by Portofino. Portofino's geological team has completed initial reconnaissance mapping and surface sampling as part of its ongoing due diligence.
About REMSA
REMSA is a corporation formed in 1985, that oversees the administration of the energy and mineral resources of the Province of Salta. It contributes to the productive and social development of the province by managing and promoting the exploration and development of projects within the mining and energy sectors.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP has not completed sufficient work to verify the historic information on the properties in the province of Salta, Argentina, particularly regarding historical exploration, neighbouring companies, and government geological work.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium projects in Salta, Argentina and controls 100% of the Yergo Lithium property which encompasses the Aparejos Salar in Catamarca. The properties are situated in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.
Portofino's South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
mgland
2 years ago
PFFOF news...
Portofino Reports Airborne Survey Underway; Additional Claims Acquired - Allison Lake North Lithium Project
8:01 am ET May 10, 2022 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2022) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to announce that it has engaged Prospectair Geosurveys to complete a high-resolution helicopter-borne magnetometer geophysical survey on the Allison Lake North property (the "Property"). The support crew has been mobilized and the survey is underway. The program comprises approximately 406 line-kilometers of airborne geophysical surveys with GPS controlled, 50-meter line separations in order to achieve quality definition of geological units and their structures. The objective of the survey is to identify structural weaknesses in the Allison Batholith that could potentially contain lithium bearing pegmatites. The resultant magnetic features will aid in the next phase of vectoring on the ground prospecting and mapping of those targets of high merit when combined with Portofino's recent mapping and sampling programs.
Portofino's CEO, David Tafel, comments; "The Allison Lake area is attracting significant exploration groups and expenditures and we are fortunate to be positioned in the middle of this fully staked, multi-company, battery mineral exploration region. We anticipate results of the airborne survey to be instrumental in guiding a 2nd stage follow on to our 2021 channel and grab sampling program which returned values that included up to 412 ppm Lithium and 1040 ppm Rubidium."
Mr. Tafel comments further; "The 2nd half of 2022 is ramping up to become a very exciting and active lithium exploration period for Portofino in northern Ontario, as well as in northern Argentina. We expect drilling to commence on our 100% controlled, Yergo project in Catamarca and field work will be initiated in neighbouring Salta province upon execution of a definitive agreement with the provincial resource entity (REMSA) enabling the Company to earn a majority interest in multiple lithium brine projects situated within the heart of the world-renown Lithium Triangle."
Acquisition of additional claims
The Company also announces it has added to its Allison Lake North land package by acquiring 3 additional claims (33 cells). (Allison Lake North Location). The new claims are located contiguous to and west of the Property and are underlain by the Jubilee Lake sediment group that are known to host rare element pegmatites.
The Allison Lake Batholith reportedly represents an important new exploration target for lithium and rare-element mineralization and is the largest such granite documented in Ontario (Ontario Geological Survey Open File Report 6099 "the OGS report"). A large area that follows the western to southwestern contact of the Batholith was identified in the OGS report as having high potential for discoveries of pegmatitic mineralization hosting lithium, beryl, tantalum, and other rare elements. The Allison Lake targets have been found to occur within the Batholith proper and also as "exocontact" metasedimentary-hosted pegmatites.
To acquire the claims, Portofino has agreed to pay $2,000, issue 200,000 shares and to grant an 1.5% Net Smelter Returns royalty (the "Royalty") to the claim holder. One-half (0.75%) of the Royalty may be repurchased at any time by Portofino for $400,000.
About The Allison Lake North Property
The Allison Lake North Property now comprises 7 claims (113 cells) totaling 2,286 hectares (ha) and is located 100 kilometers ("km") east of the town of Red Lake in northwestern Ontario. Numerous lithium deposits have been delineated in northwestern Ontario and host significant reserves of lithium oxide- Li2O. The Property is accessible by well-established logging roads and a hydro-electric power line transects the claim group. The Property contains significant attributes that are key to the formation of lithium-bearing pegmatite dykes. It is positioned along the contact between the Allison Lake pegmatite granite batholith and the Jubilee Lake metasedimentary rocks of the Uchi Subprovince in northwestern Ontario. This important contact is now fully staked and subject to active exploration by multiple companies.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in multiple lithium projects in Salta, Argentina and controls 100% of the Yergo Lithium property which encompasses the Aparejos Salar in Catamarca. The properties are situated in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.
Portofino's South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel CEO, Director 604-683-1991
mgland
2 years ago
News from 3/2
Portofino Executes Agreement Regarding Multiple Lithium Projects, Covering More than 27,000ha in Salta, Argentina
1:37 pm ET March 2, 2022 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - March 2, 2022) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to announce the execution of a Memorandum of Understanding ("MOU") with Recursos Energeticos Y Mineros De Salta S.A. ("REMSA"), the state-owned mining company of the Province of Salta, Argentina.
The MOU provides Portofino with an option to earn a majority interest in multiple mining concessions that REMSA maintains. The initial mining properties with geological potential have been identified by Portofino and REMSA and are focused on lithium brine targets and total more than 27,000 hectares ("ha"). The property concessions are located in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The concession size and locations are indicated below and in Figure 1:
Hombre Muerto Norte (3,028ha)
- Concessions are located in close proximity to Galaxy/Posco (Sal de Vida) project which is at Feasibility study stage. The Hombre Muerto salar also hosts multiple developing lithium projects and includes Livent Corp's producing Fenix project.
Pastos Grandes (3,489ha)
- Concessions are located in close proximity to the Millennial Lithium project which was recently sold to Lithium Americas for $400 million.
Arizaro (19,111ha)
- Concessions located south of the advanced Rincon project which was recently sold to Rio Tinto for $825 million.
Incahuasi (722ha)
- Concessions located on the Chile border and just west of the Rio Tinto Rincon project.
Rio Grande and Salinas Grandes (1060ha).
- Concessions located east of Orocobre's producing Olaroz project.
Subject to results of initial surface exploration activities on each project, Portofino may exercise its "Option" to form a joint venture company ("JV") to advance to the next stages of exploration and development. The Option shall remain in effect for up to two years from initial (non-invasive) exploration work in each mining concession.
Notwithstanding this initial list, Portofino will have a preferential right to option (under the same terms) any new areas obtained by REMSA. The prospection and initial exploration campaigns will be financed by Portofino.
Portofino has executed a separate agreement with Ronialem S.R.L. ("Ronialem") pursuant to the introduction to REMSA. In addition, Ronialem has provided local advice in structuring the REMSA agreement and will support ongoing efforts in Salta. In exchange, Ronialem would hold a 15% interest in any JV formed with REMSA.
Upon giving notice of intent to exercise its Option, certain of the projects may be subject to public tender. The Option, however, provides Portofino with a right of first refusal to match any competing offer. Portofino and Ronialem ("the Partners") have agreed to reserve up to 15% of the JV for REMSA in any successful bid. Portofino would thus hold a minimum 70% interest in any resulting JV.
If the Partners are unsuccessful in a public tender process, the MOU includes a provision whereby the Partners are entitled to receive payment of the greater of 4 times exploration and evaluation expenditures on the concessions or 50% of gross proceeds from the winning bidder.
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Figure 1. Portofino-REMSA Concessions
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Mr. Alberto Castillo, CEO of REMSA commented, "We deeply appreciate the confidence that Portofino has shown in REMSA, and the government of the Province of Salta. This is another example of the positive investment conditions created through the leadership of Governor Gustavo Saenz and implemented in Salta in recent years. Salta has established consistent and transparent policies toward responsible mineral exploration and development, while offering clear protection for the environment and our people."
David Tafel, CEO of Portofino, additionally commented, "This unique agreement provides Portofino with multi-lithium project diversification and exposure to world class lithium brine salars within the Province of Salta. We are very pleased and honoured that REMSA has shown such confidence in working together with our Argentine geological team in advancing these projects and look forward to the immediate commencement of exploration activities in Salta."
About REMSA
REMSA is a corporation formed in 1985, that oversees the administration of the energy and mineral resources of the Province of Salta. It contributes to the productive and social development of the province by managing and promoting the exploration and development of projects within the mining and energy sectors.
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Portofino, Ronialem and REMSA executing Mineral Concession Option Agreement
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Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP has not completed sufficient work to verify the historic information on the properties in the province of Salta, Argentina, particularly regarding historical exploration, neighbouring companies, and government geological work.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. It's battery minerals projects include the (drill-ready) Yergo Lithium property which encompasses the entire Aparejos Salar, located within the world-renowned "Lithium Triangle" in Argentina, as well as three Ontario, Canada lithium projects- Allison Lake North (Red Lake), Greenheart Lake and McNamara Lake (Ignace).
Portofino's South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel CEO, Director 604-683-1991
mgland
2 years ago
News from 2/28
Portofino Updates Status of Yergo, Catamarca Drilling Permit
10:36 am ET February 28, 2022 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2022) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that pursuant to meetings held in Argentina between the Company's senior management, the National Mining Secretary and the Minister of Water, Energy and Environment for the Province of Catamarca during the week of February 21st, 2022, the Company has gained significant clarity regarding the Yergo project drill permit. The permit has been pending for an extended period, and the Company has received assurances of timing related to its issuance.
The provincial Minister communicated to Portofino that the appointed council responsible for reviewing certain southern areas of Catamarca, which includes the Yergo claims as well as multiple additional mining concessions, is due to present its final report to the government by Friday March 11, 2022. This report is to provide the Minister as well as mining and exploration companies, with a transparent framework for industrial activity within the region. Upon receipt of this report, the Ministry of Mines for Catamarca will be in a position to issue outstanding exploration and development permits.
Portofino looks forward to receipt of its long-anticipated drilling permit which will allow the implementation of an inaugural 4-hole drill program within the 100% controlled Yergo Lithium Project in Catamarca, Argentina. A drilling contractor has been engaged and is prepared to mobilize in short order upon receipt of the permit.
The 2,932 hectares, Yergo Project encompasses the entire Aparejos Salar, and is located in the southern part of Argentina's world-renowned "Lithium Triangle". Yergo is situated 15 kilometers ("km") southeast of Neo Lithium Corp's 3Q Project. (In October 2021, Neo Lithium Corp. announced it had received a takeover offer for $960 million which has subsequently been completed.)
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. It's battery minerals projects include the (drill-ready) Yergo Lithium property which encompasses the entire Aparejos Salar, located within the world-renowned "Lithium Triangle" in Argentina, as well as three Ontario, Canada lithium projects- Allison Lake North (Red Lake), Greenheart Lake and McNamara Lake (Ignace).
Portofino's South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel CEO, Director
604-683-1991
mgland
2 years ago
Portofino Retains IR Consultant
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2021) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that it has retained 1712060 Alberta Co. ("Ward Kondas") to provide strategic investor relations and financial communications services for a period of up to 12 months. The Company will pay a monthly retainer fee of $12,500 for select strategic communications services. Mr. Kondas has been active in Corporate Finance/Venture Capital and Communications for over 20 years. His corporate communications services are focused on developing and maintaining Canadian investor interest in client companies across a range of industries including the resource sector. The agreement is subject to final approval of the TSX-V Exchange.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino's electric energy projects include the Yergo Lithium property which encompasses the entire Aparejos Salar, located within the world-renowned "Lithium Triangle" in Argentina and the Allison Lake North (Red Lake, Ontario) lithium/rare elements project.
Its South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. Portofino also holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
“David G. Tafel”
Chief Executive Officer
For Further Information Contact:
David Tafel
CEO, Director
604-683-1991
mgland
3 years ago
Portofino Sending Team to Yergo Lithium Project, Argentina
10:43 am ET October 12, 2021 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to report that its Argentine field crew is traveling to the Yergo, Argentina lithium project this week to evaluate current conditions and prepare site logistics for an upcoming drilling program.
Portofino's technical team has identified an initial 4 priority drill targets and a drilling contract has been executed. Drill testing of the Project will enable initial evaluation of the volume and the lithium content of the brines and sediments within the sub-basin of previously identified zones.
The Yergo Lithium Project
Portofino has the right to earn a 100% interest in the 2,932 hectares Yergo Project which encompasses the entire Aparejos Salar located in the southern part of Argentina's world-renowned "Lithium Triangle". The Project is situated 15 kilometers southeast of Neo Lithium Corp's advanced 3Q Project.
A 2021 geophysical survey and surface geochemical sampling program identified two large, anomalous sub-basins within the Aparejos Salar (NR-April 6, 2021). The survey and sampling results confirmed the presence of lithium-rich brines and the potential volume of the brines within the Project. The initial drill program will focus on the eastern sub-basin which has an irregular surface expression measuring between 1,800 meters ("m") to 2,500m in length by approximately 700m in width with modeled depths of between 44m and 65m. Surface sample results previously reported values of up to 373 mg/l Lithium and included low impurities.
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Yergo Lithium Project, 2021
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David Tafel, Portofino's President and CEO commented; "Given the proximity of Neo Lithium Corp's 3Q Project, it is likely that the Aparejos salar has experienced a similar geological history, including Lithium and Potassium enrichment, due to their common evaporitic climate and local geology. Each of the 3Q Project and the Yergo Project are located within the same volcanic package likely with exposure of the same potential lithium source rocks and mineralizing processes. Note that, on October 08, 2021, Neo Lithium announced it had received an all cash, takeover offer of $960 million for all its outstanding equity."
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Andrew J. Turner, B.Sc., P.Geo. of APEX Geoscience Ltd., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino's green energy projects include the Yergo Lithium property which encompasses the entire Aparejos Salar, located within the world-renowned "Lithium Triangle" in Argentina and the Allison Lake North (Red Lake, Ontario) Lithium project.
Its South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. Portofino also holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel CEO, Director
604-683-1991
mgland
3 years ago
Portofino Increases Oversubscribed Private Placement
3:22 pm ET October 13, 2021 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - October 13, 2021) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to announce that due to strong interest, its previously announced non-brokered private placement ($.08/Unit) of $500,000 has been oversubscribed and increased to $650,000.
Each Unit will consist of one common share and one share purchase warrant. Each Warrant shall have a term of 36 months commencing on the Closing Date and shall entitle the holder to purchase one common share at a price of $0.12 during the term. Closing will be subject to TSXV Exchange approval, and any shares issued will be subject to a four-month hold period.
Proceeds from the financing shall be used for exploration activities, including a first phase drill program on the Yergo, Argentina lithium project, working capital and general corporate activities.
The Yergo Lithium Project
Portofino has the right to earn a 100% interest in the 2,932 hectares Yergo Project which encompasses the entire Aparejos Salar located in the southern part of Argentina's world-renowned "Lithium Triangle". The Project is situated 15 kilometers southeast of Neo Lithium Corp's 3Q Project.
(On October 08, 2021, Neo Lithium Corp. announced it had received a takeover offer of $960 million for all its outstanding equity.)
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino's electric energy projects include the Yergo Lithium property which encompasses the entire Aparejos Salar, located within the world-renowned "Lithium Triangle" in Argentina and the Allison Lake North (Red Lake, Ontario) Lithium project.
Its South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. Portofino also holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel CEO, Director
604-683-1991
mgland
3 years ago
Portofino Receives Drill Permit, Engages Drill Contractor- Gold Creek Project
8:31 am ET March 16, 2021 (Newsfile) Print
Vancouver, British Columbia--(Newsfile Corp. - March 16, 2021) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to announce the Company has been issued an Exploration Permit (the "Permit") for its Gold Creek Project from the Ontario Ministry of Energy, Northern Development, and Mines. The Gold Creek claims are situated within First Nation traditional lands and as part of the Permit process, Portofino consulted with, and has received support for its exploration plans from local First Nations groups. The Permit is valid for 3 years and allows mechanical trenching and diamond drilling to be completed within the Project claim area.
Portofino also reports it has executed a drilling contract for a minimum of 750 metres of diamond drilling and the Company anticipates the drilling crew to mobilize to site within the next 7-10 days. The program has been planned to drill at least 6 holes within the eastern portion of the Gold Creek claim area. The drilling program will test 2 historically identified zones (S1 and I-Zone) and 1 new zone (New Road Zone) discovered by Portofino's geological team during its 2020 ground exploration program. (see Figure 1)
Historical property work includes multi-ounce gold grab samples, as well as historical drill intercepts of 4.32 g/t gold over 41 metres and 4.36 g/t gold over 20.42 metres completed in 1995 and a 1 tonne bulk sample in 2008 returning an average grade of 9.9 g/t gold from the I-Zone. During 2020, the Company completed two prospecting programs on the property. Historical zones were located and sampled, including the AF-U Zones, the S1 Zone and the I Zone. Sampling confirmed anomalous to high-grade gold at each of these zones.
Prospecting by Portofino's crew in 2020 lead to the discovery of the 'New Road Zone'. Grab samples returned up to 4.07g/t gold as well as 720ppm copper. This newly discovered zone may be mineralized for at least 300 meters and is proximal to the Crayfish Creek Fault. This Fault is a major crustal scale feature extending for 80 kilometres and hosts the Matawin Gold belt, home to numerous precious metal occurrences and base metal deposits.
Portofino's CEO, David Tafel comments; "We are excited to be commencing this fully funded drill program on our Gold Creek property. The initial priority drill targets are the result of a comprehensive review of historical property data and incorporation of our 2020 exploration results by our very thorough and experienced geological team."
$571,000 raised through exercise of warrants
Portofino also reports it has received proceeds exceeding $571,000 during the latest quarter ended February 28 through the exercise of approximately 8.7 million warrants priced between $0.05- $0.08 per share.
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Figure 1: Gold Creek 2021 drilling area
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Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Its South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp. The Company also holds the right to a 100% interest in the Yergo lithium salar property located within the world-renowned "Lithium Triangle" in Argentina.
For further information on the Company, its projects and its management please visit our website:
https://www.portofinoresources.com/.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel CEO,
Director 604-683-1991
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