PFFOF - Gold Play Next To Major Recent Discovery In Canada

Symbol: POR.V in Canada & PFFOF in the USA

Price: $0.065 CAD & $0.017 USD
Common Shares: 24.5 million (Does not include recent financing which has a 4 month hold)
Funds raised $850,000 between two placements

POR has two great projects, one is next to Great Bear Resources (GBR) which is the most successful gold discovery project in Canada at the moment, along with a large lithium project in South America.

Recent Fact Sheet: https://www.portofinoresources.com/...ortofino_-_fact_sheet_02-25-2020_jw_final.pdf

Recent Company Presentation: https://www.portofinoresources.com/...tofino_-_presentation_02-25-2020_jw_final.pdf

GBR went from $0.50 to $9 because of a large amount of high grade gold that was discovered near Kirkland Lake, which is beside many active mines. BTU.V is also an area play which has had success and a tremendous jump in share price.

Most recent news:

Portofino arranges $300,000 private placement

2020-04-27 13:05 MT - News Release


Mr. David Tafel reports

PORTOFINO ANNOUNCES $300,000 FINANCING

Portofino Resources Inc., due to overwhelming interest in its previously announced, oversubscribed $550,000 private placement, the company has arranged a $300,000 placement consisting of up to six million units priced at five cents per unit. Portofino insiders intend to subscribe for a minimum 2 million units.

Each Unit consists of one common share and one 2-year common share purchase warrant. Each whole warrant is exercisable for one Common Share of the Company for a period of 24 months from closing at an exercise price of $0.05.

David Tafel, Portofino's CEO comments: "We appreciate the strong support from our current shareholders and new investors during a tumultuous and uncertain economic time and we are determined to work hard to increase our Company's value. Due to Exchange restrictions on the amount of funds the Company could accept into the previous ($0.035) financing and the market value at time of closing (April 24), insiders decided not to invest to ensure maximum availability for non-insider investors. Insiders will instead invest in the current, higher priced ($0.05) placement."

Proceeds from this financing shall be used by the Company for project exploration activities, currently focused on its South of Otter (Red Lake) gold project and general corporate purposes which includes pursuing other potential precious metal project opportunities. The South of Otter property hosts targets for both Red Lake-style gold mineralization, as well as gold bearing base metal prospects. Historical work on the property includes prospecting, sampling, airborne magnetic geophysical surveys as well as limited drilling.

Closing of this financing will be subject to TSX Venture Exchange approval and any shares issued will be subject to a four-month hold period.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold property owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.


Portofino closes oversubscribed financing for $550,000

2020-04-24 16:17 MT - News Release


Mr. David Tafel reports

PORTOFINO CLOSES OVERSUBSCRIBED FINANCING

Portofino Resources Inc. has been oversubscribed on its previously announced $500,000 non-brokered private placement and has closed on $550,000 priced at 3.5 cents per unit. Each unit consists of one common share and one two-year common share purchase warrant. Each whole warrant is exercisable for one common share of the company for a period of 24 months from closing at an exercise price of five cents.

Proceeds from this financing shall be used by the company for project exploration activities, currently focused on its Red Lake gold project, and for general corporate purposes as previously detailed.

Portofino is issuing 15,714,285 share units and paying finders' fees of $21,512 and 597,509 broker warrants, which are exercisable on the same terms as the subscribing investors. The shares issued are subject to a four-month hold period, which will expire in August, 2020.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historical gold mining district of Red Lake, Ont., proximal to the high-grade Dixie gold property owned by Great Bear Resources Ltd. The company also maintains an interest in prospective lithium salar properties, located within the world-renowned Lithium Triangle in Argentina.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

 

February 2020 Streetwise Report On Portofino Resources Inc.

https://www.streetwisereports.com/a...s-exploring-the-red-lake-mining-district.html

Last September Portofino Resources Inc. (POR:TSX.V; POT:FSE) announced a binding agreement for the right to acquire a 100% interest in mining claims in the famous Red Lake mining district of Ontario. Portofino joins both majors and juniors including Australia-listed Evolution Mining and Canada-listed Yamana, Great Bear Resources, Premier Gold Mines, Pure Gold, Rubicon Minerals, Pacton Gold, BTU Metals and GoldOn Resources.

Portofino's block comprises 14 mining claims covering ~5,120 hectares. The claims are near investment crowd favorite Dixie project, being drilled out by Great Bear Resources (GBR). GBR's latest results from a fully financed 200,000-meter drill program were impressive. One of several intervals was 48.7 grams per tonne (g/t) gold (Au) over 8.7 meters (m), including 1.2m @ 281.9 g/t Au.

Gold price had its best year (2019) in a decade….

So, ultra, high-grade Au mineralization, found at shallow depth (under 300m), across multiple drill programs in 2017–2019. GBR has a market cap of $440 million. Portofino's 5,120- hectare "South of Otter" property is less than 10 km east of GBR's 9,140-hectare flagship project.

If South of Otter hosts anything good, which remains to be seen, it might be high-grade Au, like Dixie, or high-grade copper (Cu) and zinc (Zn) mineralization, like that found on other nearby properties.

I'm shamelessly playing the close-olgy card here, but only because GBR is one of the best gold junior stories of the past decade, up ~5,600% from $0.165 in 4Q 2016 to $9.40 today. In fact, several juniors have done quite well. Pure Gold Mining is up ~1,020% since 4Q 2015. BTU Metals is up nearly 500% since 3Q 2018. One more, GoldON Resources, is up ~700% since 1Q 2019.



That's four Red Lake juniors with spectacular share price success. Four out of roughly 16 (25%) publicly traded companies with all, or substantially all, of their gold and/or base metals assets in and around Red Lake, Ontario. Portofino, with a market cap of just $1 million is perhaps the smallest player in the entire district. Yet, its under-explored property is both sizable and meaningfully prospective.

South of Otter is located within a geological setting that hosts the past-producing South Bay Mine (1.6 Mt @ 11.1% Zn, 1.8% Cu and 2.1 oz./t silver (Ag). GBR's Dixie project is also on this trend. In addition to being on trend, Portofino's property lies in a similar geological and structural setting.

Two historical operators, Goldcorp (recently acquired by Newmont) and Tri Origins, compiled a vast amount of geophysical data that mapped structures within the South of Otter claims. Portofino has commenced geophysical and geochemical surveys to further understand the geology and mineralization associated with past discoveries, which lie just north of the property but strike onto Portofino's claims.

Red Lake exploration program started last week

These surveys will provide Portofino with the data required to effectively target both gold and base metal mineralization and identify similar structures for exploration that are being explored along trend by companies including Great Bear Resources and BTU Metals. BTU recently reported an intercept of 44.3m of 1.14% Cu Eq, with intervals of up to 5.56% Cu, 99.6 g/t Ag plus 2 g/t Au.



Portofino's CEO David Tafel stated,

"We have been able to acquire a very prospective land package in a known gold mining camp proximal to the Dixie project which has recently produced multiple high-grade gold discoveries by Great Bear Resources. This acquisition allows us to diversify our project portfolio while we continue to advance our lithium projects."

The South of Otter property is ~40 km southeast of the town of Red Lake, Ontario, and less than 10 km east of GBR's Dixie Lake. Historical work on the claims included prospecting, sampling and limited diamond drilling.

With the gold price up US$300/oz (+24%) from the low of 2019, management is wisely seizing an opportunity to conduct meaningful programs that may, in part, be guided by ongoing successes at neighboring projects. Active drill programs are underway on properties in virtually every direction from Portofino's South of Otter property. In fact, one of the most aggressive drill campaigns in Canada (200,000 meters) is being done by Great Bear.

Portofino Resources' South of Otter Property

To earn 100% interest in South of Otter, Portofino has agreed to issue 500k shares and make payments over a four-year period totaling $70,000. The property vendor will retain a 1.5% Net Smelter Return (NSR), of which one half, (0.75%), can be purchased for $400,000.



Management has completed a review of all available historical assessment work on the South of Otter property and has announced an initial exploration plan starting this week. According to the press release,

"The first phase of Portofino's 2020 exploration program consists of ~25-line km of ground VLF/EM geophysics and soil geochemistry surveys. The objective is to delineate mineralized structures related to past gold and base metal discoveries in the region and outline targets for follow-up trenching and drilling. Multiple gold, copper and zinc deposits / prospects have been discovered both immediately to the north and south of the claim boundaries."

Utilizing historical geological and airborne magnetic surveys has enabled the company to advance its exploration program rapidly and cost effectively. Combined with the new data to be collected from the upcoming program, the company expects to delineate mineralized structures related to past gold and base metal discoveries and outline targets for follow-up trenching and drilling.

Portofino's property contains excellent targets for both Red Lake-style Au mineralization as well as gold-bearing base metal prospects. Historical work includes prospecting, sampling, plus limited drilling, as well as airborne magnetic geophysical surveys commissioned by a previous operator.

Portofino's brine lithium prospects in Argentina are highly prospective

Readers may recall that Portofino Resources is also known as a lithium play. It has locked up (through favorable option structures) three projects in the heart of the Lithium Triangle.


In the first half of 2019, Portofino continued to move the ball forward on two of its three projects. Although it's too early to know if the company has good lithium assets, one of its projects, Hombre Muerto West (HMW), is in the single best salar in Argentina—salar del Hombre Muerto.

Neighbors in and around Hombre Muerto include Livent Corp. (formerly FMC), Korean giant POSCO and Australia-listed Galaxy Resources. Last year, POSCO famously paid ~$364 million to Galaxy for 17,500 hectares, that's ~$20,800/ha. That land package reportedly had a 2.54 million tonne LCE Indicated + Inferred resource.

Over the past few months, a number of lithium juniors and producers have seen significant rebounds in their share prices. Eight well-known names—Neo Lithium, Advantage Lithium, Lithium Americas, Ganfeng, Livent, Wealth Minerals, Standard Lithium and Bacanora—are up an average of 125% from 52-week lows.

Gold sentiment is high and lithium sentiment might be turning. Portofino now has two segments (lithium and gold), each of which could be worth considerably more than the company's entire market cap of just $1 million.

It's early days, but a raging bull market in precious metals (underway?) and/or a bounce in lithium prices could draw attention to Portofino Resources (TSX-V: POR) this year and next.

 

February 18th 2020 Interview:

March 18th 2020 Interview:

 

Portofino Closes Oversubscribed Financing

2020-05-05 09:10 MT - News Release


Vancouver, British Columbia--(Newsfile Corp. - May 5, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") reports that it has been oversubscribed on its previously announced $300,000 non-brokered private placement and closed on $332,500 priced at $0.05/Unit. Portofino insiders subscribed for 2 million units.

Each Unit consists of one common share and one 2-year common share purchase warrant. Each whole warrant is exercisable for one Common Share of the Company for a period of 24 months from closing at an exercise price of $0.05. Portofino is issuing 6,650,000 Share Units and paying finders fees of $9,040 and 688,000 broker warrants which are exercisable on the same terms as the subscribing investors. The shares issued are subject to a four-month hold period which will expire in September 2020.

Proceeds from this financing shall be used by the Company for mineral exploration activities, currently focused on its South of Otter (Red Lake) project and general corporate purposes which includespursuing other potential precious metal project opportunities. The South of Otter property hosts targets for both Red Lake-style gold mineralization, as well as gold bearing base metal prospects. Historical work on the property includes prospecting, sampling, airborne magnetic geophysical surveys as well as limited drilling.

The Company anticipates deploying its exploration team to the project within the month and will provide activity details and objectives shortly.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

On Behalf of the Board,

"David G. Tafel"Chief Executive Officer

For Further Information Contactavid Tafel
CEO, Director
604-683-1991

 

Portofino 6.65-million-share private placement

Portofino Resources Inc (2) (COR)
Shares Issued 40,215,969
Last Close 5/5/2020 $0.055
Tuesday May 5 2020 - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced April 27, 2020.

Number of shares:6.65 million shares Purchase price:five cents per share Warrants:6.65 million share purchase warrants to purchase 6.65 million shares Warrant initial exercise price:five cents Warrant term to expiry:two years Number of placees:18 placeesInsidersavid Tafel, one million; Seatrend Strategy Group (Jeremy Wright), one million Total pro group involvement:468,000 (two placees) Finders' fees:Leede Jones Gable Inc., $400 cash and 8,000 warrants; PI Financial Corp., $8,640 cash and 180,000 warrants; Intrynsyc Capital Corp., 500,000 warrants Finder's warrant initial exercise price:five cents Finder's warrant term to expiry:two years exercisable at five cents

Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

© 2020 Canjex Publishing Ltd.

 

POR Insider Buying:

Filed 2020-05-08 09:39

Tx date 2020-05-08 $POR
Portofino Resources Inc. Wright, Jeremy Christopher
5 - Senior Officer of Issuer
Holder: Seatrend Strategy Group (Indirect Ownership)
Warrants
11 - Acquisition or disposition carried out privately $50,000
+1,000,000 vol
$0.05 each 1,416,761
Filed 2020-05-08 09:36

Tx date 2020-05-08 $POR
Portofino Resources Inc. Wright, Jeremy Christopher
5 - Senior Officer of Issuer
Holder: Seatrend Strategy Group (Indirect Ownership)
Common Shares
11 - Acquisition or disposition carried out privately $50,000
+1,000,000 vol
$0.05 each 1,594,886
Filed 2020-05-08 09:32

Tx date 2020-05-08 $POR
Portofino Resources Inc. Tafel, David Geophry
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Warrants
11 - Acquisition or disposition carried out privately $50,000
+1,000,000 vol
$0.05 each 1,600,000
Filed 2020-05-08 09:30

Tx date 2020-05-08 $POR
Portofino Resources Inc. Tafel, David Geophry
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
11 - Acquisition or disposition carried out privately $50,000
+1,000,000 vol
$0.05 each 1,854,562
Older filings
Filed 2020-04-03 15:23

Tx date 2020-03-13 $POR
Portofino Resources Inc. Wright, Jeremy Christopher
5 - Senior Officer of Issuer
Holder: Seatrend Strategy Group (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $3,000
+100,000 vol
$0.03 each 594,886
Filed 2019-12-30 13:30

Tx date 2019-12-27 $POR
Portofino Resources Inc. Tafel, David Geophry
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $1,250
+50,000 vol
$0.025 each 854,562
Filed 2019-12-20 15:05

Tx date 2019-12-19 $POR
Portofino Resources Inc. Tafel, David Geophry
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $1,000
+50,000 vol
$0.02 each 804,562

 

Portofino Resources: Searching for Gold in the Red Hot, Red Lake District

https://www.linkedin.com/pulse/portofino-resources-searching-gold-red-hot-lake-district-ali-sinawi/

Published on May 12, 2020

Ali Sinawi
Capital Markets | Marketing | Financing | Connector of People, Capital & Ideas

As capital market professionals and speculative investors, we are all looking for opportunities during this exciting gold market, and the Red Lake Mining District of Ontario has been making big headlines.

As recently as today, Great Bear Resources (GBR) announced they upsized their previously announced C$20.0 Million Bought Deal Private Placement to C$33 Million at a price of $17 per flow-through share and 725,000 common shares at a price of $11.04 per common share.
This was announced a day after GBR intersected the widest high-grade gold interval in the Dixie Limb zone to-date, assaying 10.19 g/t gold over 19.00 metres, which included 68.59 g/t gold over 2.65 metres, which in turn included 133.50 g/t gold over 1.00 metre.

GBR has been one of the best gold stories of the past decade, up ~6,600% from $0.165 in 4Q 2016 to over $11.00 today, with a market cap of $500+M.

Additionally in the area, Pure Gold announced that it is on track to open Red Lake mine this year which produced 2.5 million ounces of gold between 1938 and 1976. The asset was briefly put back into production in the late 1990s before the collapse in the gold price.

It’s clear the Red Lake District still has a lot of gold to be found and investors continue to place their bets there.

So when the opportunity to make an early investment in this great gold district arises, investors tend to not shy away leaving junior exploration companies with oversubscribed private placements.

Portofino Resources (TSX-V: POR) is one of those oversubscribed junior exploration companies. In fact, they ran two separate private placements to meet the demand.

On May 5, 2020, TSX-V: POR announced the close of back-to-back oversubscribed financings for a total proceeds of $882,500, with insiders subscribing for 2 million units on the second round.

With approx. 40 million shares outstanding and with a market cap of approx. $2.4 million, the company plans to advance its Red Lake gold project as well as aggressively pursue additional potential “company maker” acquisitions.

Last September, Portofino Resources (TSX-V: POR) announced a binding agreement for the right to acquire a 100% interest in mining claims in the famous Red Lake mining district of Ontario, Canada.

Portofino joins both majors & juniors including Australian-listed; Evolution Mining and Canadian-listed; Yamana, Great Bear Resources, Premier Gold Mines, Pure Gold, Rubicon Minerals, Pacton Gold, BTU Metals and GoldOn Resources.

Portofino’s block comprises 14 mining claims covering ~5,120 hectares. The claims are near the investment crowd favorite Dixie project, being drilled out by Great Bear Resources (GBR).

No alt text provided for this image
The South of Otter project is situated north of a major regional fault, wherein numerous gold prospects including the Dixie Project (less than 10 km east of South of Otter) have been discovered.

The project is also located along trend of historically development mineral deposits such as Inmet’s South Bay Mine (1.6Mt @ 2.3% Cu, 14.7% Zn, 3.5 opt Ag.), WMC International‘s CopperLode (425,000t @ 1.56% Cu, 0.98 opt Ag), and Noranda‘s Copperlode East (160,000t @ 1.02 % Cu, 8.28% Zn, 0.39 opt Ag)

With Portofino commencing its exploration program on the property, a strong gold market, and continued activity in the Red Lake district, I believe this is a story you should watch unfold over the coming months.

If you have any questions about Portofino Resources (TSX-V: POR), please don't hesitate to leave a comment or send me a Direct Message. I look forward to hearing from you.

Regards,

Ali

 

News Release: Portofino Identifies 3 Significant Conductors in Geophysical Program

2020-05-14 06:00 MT - News Release

Vancouver, British Columbia--(Newsfile Corp. - May 14, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") is pleased to report that it has received results from its 19-line kilometer ("km") winter geophysical program. The program consisted of a Very-Low Frequency (VLF) Electromagnetic (EM) survey. This survey method is widely used in gold exploration and has been proven effective in delineating geological contacts and mineralized shear zones in the Red Lake Mining Camp and along the Confederation Lake greenstone belt.

The property has been subject to large-scale geophysical surveys by past operators specifically designed to target base metals. In 2001, Goldcorp Inc. completed a property wide compilation and interpretation of the historic ground and airborne magnetic data to investigate economic mineralization on the property and assess the potential for gold mineralization. Goldcorp outlined a significant target area for gold mineralization encompassed by the South of Otter Project, but due to a lack of outcrop rocks, a limited amount of follow-up work was completed.

Portofino designed the winter VLF-EM survey to refine the gold mineralization target area and identify specific target areas for prospecting, trenching, and drilling. The survey successfully delineated 3 significant conductors over a 1.6-kilometer strike length. These conductors are interpreted to be shear zones along the contact of intermixed volcanic units and a large granitoid intrusion and correspond with magnetic breaks defined by Goldcorp's 2001 interpretation. This suggests the structures are deep seated and continue along strike and beyond Portofino's 19-line km VLF survey grid.

The prospective targets delineated in the VLF survey occur along splays of the Pakwash-Longlegged Fault system within the Portofino claim boundary. This fault system is a major regional structure along the Confederation Lake assemblage and continues into the LP Fault Zone, hosting Great Bear Resources Ltd.'s ("GBR") Dixie Project.

It is noteworthy that pyrite, sphalerite, and chalcopyrite mineralization was observed in outcrops by the Company's field crew. Mineralization occurs within a strongly sheared felsic volcanic rock unit near the contact of a large felsic intrusive unit and the sulphide mineralization occurs along a significant conductor. A total of 6 samples were collected from surface near one of the conductors and have been submitted to Activation Laboratories for gold analysis.

David Tafel, Portofino's CEO comments: "We are very encouraged by the extensive evidence of deposit-scale structures identified in the survey area and the correlation to the (Longlegged) fault zone running through our property and in close proximity to GBR's Dixie project that is associated with the same regional structure. In addition, and due to recent logging in the area, our survey crew discovered previously undetected outcropping rock types that are typically associated with gold mineralization."

An exploration permit application has been submitted to the Ministry of Northern Mines and Development which outlines a significant trenching and drilling program to further delineate the gold bearing targets defined through the recent VLF survey.

The 5,120 hectares (South of Otter) property is contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by GBR. GBR continues to report exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino's property is located approximately 8 km east of GBR's claims.

The Portofino property contains excellent targets for both Red Lake-style gold mineralization as well as gold bearing base metal prospects. Historical work on the claims included prospecting, sampling, limited drilling, and airborne magnetic geophysical surveys.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and 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 acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

On Behalf of the Board,

"David G. Tafel"Chief Executive Officer

For Further Information Contactavid Tafel
CEO, Director
604-683-1991

 

A very interesting thing to note is that the mineralization found during Portofino’s exploration matches up with what GBR and BTU have also found. Now there’s a KEY NOTE from Great Bear that helps associate it with higher gold bearing anomalies:

September 19th 2019: https://greatbearresources.ca/news/...-drilling-at-new-auro-zone-a-2.6-km-step-out/

Great Bear Drills Multiple Gold Discoveries Along 3.2 km of the LP Fault at Dixie: Drilling at New “Auro” Zone, a 2.6 km Step-Out from Bear-Rimini, Intersects 101.71 g/t Gold Over 1.50 m Within 42.00 m of 5.28 g/t Gold at 80 m Depth; Yuma Zone Intercepts

Gold mineralization associated with the LP Fault is not typical of the Red Lake district. Early observations suggest that gold is associated with a large-scale deformation zone near the contact between sediments and felsic volcanics. Accessory minerals include pyrite, sphalerite, and galena with minor chalcopyrite and arsenopyrite. Elevated lead, silver and zinc values are observed within higher grade gold intercepts.

March 18th 2020: https://www.btumetals.com/?news=74

BTU REPORTS ASSAYS OF 2.27% COPPER EQUIVALENT* OVER 7.8 METRES AT TNT TARGET

March 18th, 2020, Vancouver, BC, Canada – BTU METALS CORP. ("BTU" or the "Company") (BTU-TSX:V provides the following update on the Dixie Halo exploration work programs. Assay results from drill holes BTU-19-21 to 25, confirm the presence of a large alteration system at the TNT target. This alteration and associated mineralization which consists of varying amounts of pyrite and chalcopyrite, as well as minor amounts of sphalerite, galena and molybdenite is traceable using the induced polarization (“IP”) geophysical technique as well as electromagnetic methods. Hole 13 intercepted 44 m of 1.14% CuEq* including highlights of 5.56% Cu, 2 g/t Au and 99.6 g/t Ag. Hole 25, collared approximately 500 m to the east of 13 included assay highlights of 0.92 g/t Au, 5.86% Cu and 116 g/t Ag.

May 14th 2020: https://www.portofinoresources.com/...physical-program-south-of-otter-red-lake-ont/

The property has been subject to large-scale geophysical surveys by past operators specifically designed to target base metals. In 2001, Goldcorp Inc. completed a property wide compilation and interpretation of the historic ground and airborne magnetic data to investigate economic mineralization on the property and assess the potential for gold mineralization. Goldcorp outlined a significant target area for gold mineralization encompassed by the South of Otter Project, but due to a lack of outcrop rocks, a limited amount of follow-up work was completed

It is noteworthy that pyrite, sphalerite, and chalcopyrite mineralization was observed in outcrops by the Company’s field crew. Mineralization occurs within a strongly sheared felsic volcanic rock unit near the contact of a large felsic intrusive unit and the sulphide mineralization occurs along a significant conductor. A total of 6 samples were collected from surface near one of the conductors and have been submitted to Activation Laboratories for gold analysis.


David Tafel, Portofino’s CEO comments: “We are very encouraged by the extensive evidence of deposit-scale structures identified in the survey area and the correlation to the (Longlegged) fault zone running through our property and in close proximity to GBR’s Dixie project that is associated with the same regional structure. In addition, and due to recent logging in the area, our survey crew discovered previously undetected outcropping rock types that are typically associated with gold mineralization.”

 

New video on Portofino Resoures Inc

Starts at 15 min mark - https://www.youtube.com/watch?time_continue=5&v=EKAjdho813M&feature=emb_logo

 

Portofino executes option agreement for Gold Creek

2020-05-20 06:53 MT - News Release


Mr. David Tafel reports

PORTOFINO EXECUTES OPTION TO ACQUIRE GOLD CREEK, ONTARIO PROPERTY

Portofino Resources Inc. has executed a binding option agreement for the right to acquire a 100-per-cent interest in the Gold Creek property, a mining claim block located in Duckworth township, Northwestern Ontario. The claim block comprises 3 mining claims containing 50 contiguous cell units, is easily accessible by road and covers approximately 2,500 acres.

HIGHLIGHTS:Located 60 kilometers west of Thunder Bay, Ontario;Historic drill holes including 2.3 g/t gold over 8 meters with visible gold in core;Historic multi-ounce gold grab samples; andClose to excellent infrastructure including CN railway, hydro lines, and paved highway.

The Ontario Geological Survey, ("OGS") (Open File Report 5896) reported that historical work dates to the first discovery of gold in Duckworth Township in 1896. More recent activity includes:

A prospector, M. Penziwol, (from 1967 to 1973) carried out a program of prospecting, mechanical stripping and trenching and rock sampling of quartz vein occurrences in the area. In 1983, geological mapping, magnetic and VLF-EM surveys were conducted to further assess the area.

In 1985 and 1987 to 1989, Noranda Exploration Company explored the area with an airborne magnetic and electromagnetic survey, ground magnetic and electromagnetic surveys, selective radiometric and gravity surveys, geochemical sampling, geological mapping and overburden stripping and rock sampling.

Inco Gold Limited conducted an exploration program in 1989 and 1990 which consisted of grid line cutting, magnetic, VLF-EM and geological mapping surveys, trenching, rock sampling and two diamond drill holes. Several auriferous quartz vein occurrences were examined. Two of the showings assayed up to 13.2 g/t gold and 64.2 g/t gold from grab samples. The drill holes which examined these occurrences encountered subeconomic mineralization over narrow widths. Further work was recommended but there is no public record that further exploration was done.

Significant gold mineralization has been traced along a 1.5-kilometre strike length with grab samples returning values up to 759 g/t (OGS property visit) and diamond drill intersections by Golden Share Mining in 2008 of up to 2.3 g/t over 8.3 metres.

A Gold Creek project highlights map is provided as well as a map showing regional deposits relative to the Gold Creek project location.

David Tafel, Portofino's CEO stated: "This transaction allows us to continue to build our gold project portfolio within an easily accessible, active and historic gold mining area of northwestern Ontario. The multiple visible gold occurrences reported by previous operators is very encouraging and gives our technical crew a head start in planning initial exploration activities."

The Property is located within the Wawa Subprovince of the Superior Structural Province of the Archean Canadian Shield. On a local scale, the Property is situated centrally within the Shebandowan Greenstone Belt which some consider to be the western extension of the Abitibi Subprovince. The Property is characterized by geology similar to that documented in the Kirkland Lake area, where numerous gold showings occur in a broad range of lithologies. Some of the original gold showings within the boundary of the Property include occurrences of gold-bearing quartz veins in alkalic intrusive rocks of the Peewatai Lake Pluton. The auriferous quartz veins generally contain iron carbonate, abundant (5 to 15%) pyrite and minor (< 1%) galena. Visible gold also occurs within the mineralized veins. Alteration of the host rocks includes silicification, albitization and chloritization with local sericitization, carbonatization and hematization.

Next Steps

The Company has initiated the compilation and re-interpretation of all available historic geochemical and geophysical data on the project to develop exploration targets for summer field work.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Acquisition Terms

To earn a 100% interest in the Gold Creek Property, Portofino has agreed to issue 800,000 common shares and make payments over a 3-year period to the vendor totaling $70,600 for the property. Subsequent to Portofino acquiring its 100% interest, the vendor will retain a 1.5% Net Smelter Return ("NSR"). Portofino will have the right to purchase one half of the NSR (.75%) at any time up to commencement of production for a payment of $500,000. The transaction is subject to TSXV exchange approval.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

 

New Maps For POR's Gold Creek Property - Upto 759g/t Au

https://portofinoresources.com/site/assets/files/1781/gold-creek-property-location-1.jpg

https://www.portofinoresources.com/site/assets/files/1781/gold-creek-historic-highlights-results.jpg

 

Portofino Acquires Sapawe West, Atikokan Ontario Property

Vancouver, British Columbia--(Newsfile Corp. - May 27, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company")is pleased to announce it has executed a binding agreement to acquire 3 claims (54 cells) totaling 1,147 hectares in the Steep Rock Greenstone Belt of northwestern Ontario. The Sapawe West Property (the "Property") is located in McCaul Township 9 kilometers ("km") northeast of Atikokan, Ontario.

The Property lies within the Steep Rock Greenstone Belt just north of the Quetico Fault (Figure 1) and 2.5 km west and along strike of the past producing Sapawe Gold Mine which produced 4,457 ounces ("oz") of gold and 1,315 oz of Silver between 1964-1966. Falcon Gold has recently completed three diamond drill holes with visually favourable results 6.75km to the east (See Falcon Gold New Release, April 28th, 2020). In addition, Agnico Eagle's Hammond Reef gold deposit is approximately 13 km north of the Property. The Hammond Reef deposit reportedly hosts a large, near surface deposit categorized as a measured and indicated resource containing 4.5 million oz. of gold in 208 million tonnes grading 0.67 grams per tonne ("g/t").



Figure 1. General location and geology of the Sapawe West Property, Portofino Resources.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3751/56604_585cff76741688e2_001full.jpg

The Property is strategically located in a structurally active portion of the Steep Rock Greenstone Belt and hosts the Jack Lake Shear Zone, a possible northeast trending splay from the Quetico Fault similar to the structure associated with the Hammond Reef deposit. In addition, the Lindsay Lake Shear zone extends east from the Property towards the historic Sapawe Gold Mine.

The Property hosts a suite of mafic volcanics, gabbro, diorite and feldspar porphyry. Prospecting and mapping by Noranda in 1990 reported gold values up to 2.4 g/t in sheared, sericitic and silicified quartz diorite, sheared silicified quartz feldspar porphyry and sheared gabbro.

"We are excited to acquire this strategically located property" states David Tafel, CEO of Portofino Resources. "The nearby historic Sapawe Gold Mine, the visual results from Falcon Gold's drill program along the same geological corridor and the lack of drilling on the Property makes for a compelling exploration project with merit. We look forward to commencing our initial field work."

Next Steps

Portofino has initiated the compilation and reinterpretation of all available historic data on the project and is proceeding to develop exploration targets for a summer field program.

Acquisition Terms

Portofino has acquired the exclusive right and option to acquire 100% of the Property by issuing 700,000 common shares and making payments totaling $62,000 over a 4-year option period. The Property is subject to a 1.5% NSR and Portofino has the right to purchase one half of the NSR (.75%) at any time up to commencement of production for a payment of $500,000.

The transaction is subject to TSXV exchange approval.

Qualified Person

Mr. 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 acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino recently acquired the Gold Creek property located near Thunder Bay, Ontario. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

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



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56604

 

new company presentation regarding the recent acqusition: https://www.portofinoresources.com/site/assets/files/1790/sapawe-west-property-cp.pdf

 

Portofino to begin mapping, sampling South of Otter

2020-06-02 07:44 MT - News Release


Mr. David Tafel reports

PORTOFINO MOBILIZES CREW TO FOLLOW UP ON SULPHIDES DISCOVERIES SOUTH OF OTTER PROJECT, RED LAKE, ONTARIO

Portofino Resources Inc. has mobilized its exploration team to its South of Otter project. The team is at site now and is focusing on the recently discovered geophysical anomalies and outcrops of sulphide mineralization. The work program includes additional prospecting, detailed structural mapping, and outcrop channel sampling based on conductors identified in the Company's Geophysical ("VLF") survey (NR- May 14, 2020). The prospective targets delineated in the geophysical survey program occur along splays of the Pakwash-Longlegged Fault system within the Portofino claim boundary. This fault system is a major regional structure along the Confederation Lake assemblage and continues into the LP Fault Zone, hosting Great Bear Resources Ltd.'s ("GBR") Dixie Project.

An exploration plan and permit application has been submitted to the Ministry of Energy, Northern Development and Mines ("ENDM") regarding a significant trenching and drilling program to further delineate the gold bearing targets defined through the recent VLF survey and field work. The Company is currently conducting consultations with the local First Nations communities and government officials.

Portofino's CEO, David Tafel comments: "Due to the COVID-19 pandemic, and resulting restrictions on face-to-face meetings, ENDM permit applications have experienced issuance delays. We expect to receive a status update in the 2nd half of June. The Company, however, is able to continue low-impact exploration on our project to follow up on our encouraging geophysical survey results."

The 5,120 hectares (South of Otter) property is situated within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources Ltd. GBR continues to report exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino's property is located approximately 8 km east of GBR's claims.

The Portofino property contains excellent targets for both Red Lake-style gold mineralization as well as gold-bearing base metal prospects. Historical work on the claims included prospecting, sampling, limited drilling, and airborne magnetic geophysical surveys.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and 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 acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino recently acquired two northwestern Ontario gold projects; the Gold Creek property located near Thunder Bay, and the Sapawe West property located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

 

Portofino to acquire Melema West for shares, cash

2020-06-11 08:19 MT - News Release


Mr. David Tafel reports

PORTOFINO ACQUIRES MELEMA WEST GOLD PROPERTY, ATIKOKAN, ONTARIO

Portofino Resources Inc. has executed a binding agreement to acquire six claims (41 cells) totalling 869 hectares in the Atikokan area of Northwestern Ontario. The Melema West Property (the "Property") is located 28 kilometers ("km") northeast of the town of Atikokan, Ontario, 5km north of the Quetico Fault (Figure 1) and has excellent road access.

The Property is within the Wabigoon Subprovince and is entirely underlain by the Archean-aged Marmion Pluton which is recognized to host several gold deposits and occurrences. The gold zones are related to northeast trending shear zones which are recognized as splays off the east-west trending Quetico Fault. Agnico Eagle Mines Limited's (Hammond Reef) gold deposit, approximately 19 km northwest of the Property, is also hosted within the Marmion Pluton on a similar northeast trending structure. The Hammond Reef deposit reportedly hosts a large, near surface deposit categorized as a measured and indicated resource containing 4.5 million ounces ("oz.") of gold in 208 million tonnes grading 0.67 grams per tonne ("g/t").

The Property covers the Minto Shear Zone, one of the above-mentioned northeast trending splays that is associated with the historic past producing Minto Gold Mine.

The Thunder Bay South District Resident Geologist's Office recently discovered archived records of drilling completed in 1962 by D.R. Young and E. Corrigan. The records report "100's of feet (downhole) of strongly sheared and altered porphyry containing quartz stringers and disseminated pyrite, pyrrhotite, chalcopyrite, galena and green mica." Drilling occurred approximately 400m southwest of the Property boundary, however no assays were recorded with the drill logs.

Grab samples of the Young-Corrigan Showing taken by Resident Geologists in 2019 and accompanying staff from Traxxin Resources assayed as high as 10 g/t gold. The Young-Corrigan vein-system ranges in width from 1 to 15 meters ("m") wide and was mapped over a strike of at least 170m. The positive gold values demonstrate that an additional undocumented gold-bearing northeast trending structure named the Young-Corrigan Shear Zone potentially exists on the Melema West Property.

David Tafel, CEO of Portofino states: "The gold-bearing northeast trending structures in this area are extensive, well documented and traceable for over 30km. The recent land acquisitions by Agnico Eagle in the area and contiguous to the Melema West Property adds support that Portofino is strategically placed (Figure 2). The undocumented and unexplored Young-Corrigan Shear Zone is a compelling exploration target with strong merit. We are very excited to commence our initial field work on this well-situated project."

Next Steps

Portofino has initiated the compilation and reinterpretation of all available historic data on the project and is proceeding to develop exploration targets for this summer's field program.

Acquisition Terms

Portofino has acquired the exclusive right and option to acquire 100% of the Property by issuing 700,000 common shares and making payments totaling $62,000 over a 4-year option period. The Property is subject to a 1.5% NSR and Portofino has the right to purchase one half of the NSR (0.75%) at any time up to commencement of production for a payment of $500,000. The transaction is subject to TSXV exchange approval.

Qualified Person

Mr. 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 acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds 100% interest in two northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Ni-Cu mine, and the Sapawe West property located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

 

Portofino Resources Inc. Gold Property Map: https://www.portofinoresources.com/site/assets/files/1815/nw-ont-property-locations.jpg

 

Portofino Discovers New Sulphide Mineralization Zone, South of Otter Project, Red Lake, Ontario

2020-06-23 07:00 MT - News Release


Vancouver, British Columbia--(Newsfile Corp. - June 23, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") is pleased to announce the successful completion of its recent field program on the South of Otter project near Red Lake, Ontario. The Company conducted prospecting and geological mapping along strong conductors identified in both the Company's winter electromagnetic ("EM") ground survey, and by Gold Corp's interpretation of 2001 airborne magnetic data. A total of 32 samples were collected to test various styles of mineralization, lithologies, and alteration.

The geological crew discovered significant semi-massive to massive sulphide mineralization along a newly identified, 1.6-kilometer-long fault zone, which exists along the contact of felsic volcanic and mafic intrusive rock units. This newly defined zone is located ~500 meters south of previously identified gold soil sample anomalies and EM conductors. A total of 12 samples were collected along this (deformation) zone to test the presence of Au, Ag, Cu, and Zn mineralization. Typical precious mineral host rocks containing massive sphalerite, chalcopyrite, and arsenopyrite were identified along this fault zone.

Further prospecting and geological mapping on the margins of this fault zone identified quartz-sericite alteration in the volcanic wallrock. This alteration is highly significant, as many gold deposits in Ontario are either directly hosted in this mineralization or exist in close relationship to this type of alteration and a fault zone. Other projects containing this type of mineralization along similar deformation zones include the Great Bear Resources ("GBR") Dixie project and the Uchi Lake gold mine.

The 5,120 hectare (South of Otter) property is contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources Ltd. GBR continues to report exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino's property is located approximately 9 km east of GBR's claims.

The Portofino property contains excellent targets for both Red Lake-style gold mineralization as well as gold bearing base metal prospects. Historical work on the claims included prospecting, sampling, limited drilling, and airborne magnetic geophysical surveys.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and 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 acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Ni-Cu mine, as well as the Sapawe West and Melema West properties located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

On Behalf of the Board,

"David G. Tafel"
Chief Executive Officer

For Further Information Contact:
David Tafel
CEO, Director
604-683-1991

 

Epstein Research - Portofino Resources; gold in Ontario, Canada + lithium brines in Argentina

http://epsteinresearch.com/2020/06/...n-ontario-canada-lithium-brines-in-argentina/

Portofino Resources; gold in Ontario, Canada + lithium brines in Argentina

by Peter Epstein, MBA | posted in: Argentina, Gold, Lithium Brine, Portofino Resources, Red Lake mining district | 0

“Au” = Gold, “Cu” = Copper, “Zn” = Zinc [“Cu Eq.” = Copper Equiv. @ spot prices]
It has been a busy six weeks for Portofino Resources (TSX-V: POR), six press releases have been issued. I will reiterate the key takeaways, but first an update on Portofino’s South of Otter (“SOT“) property in the Red Lake mining district. Although SOT is a priority, all four properties in northwestern Ontario will likely see exploration this year.
South of Otter, ~9 km from Great Bear’s Dixie project
The 5,207-hectare SOT project is 40 km southeast of Red Lake, Ontario and about nine km east of Great Bear Resources’ (“GBR“) very high-grade Dixie project. In the past, SOT was the subject of large-scale geophysical surveys designed to target base metals. However, in 2001 Goldcorp completed a property-wide compilation & interpretation of prior ground & airborne magnetic data to assess the potential for gold. Due to a lack of outcrop rocks, minimal follow-up work was done.

Management just completed a field program of prospecting & geological mapping along strong conductors identified in the Company’s winter electromagnetic (“EM”) ground survey. A total of 32 samples were collected to test various styles of mineralization, lithologies & alteration.
The work program included prospecting, detailed structural mapping & outcrop channel sampling based on conductors found in the geophysical survey announced on May 14th. A lack of detailed historical work enables Portofino to undertake meaningful programs, guided in part by successes of neighboring exploration companies.
In addition to the collection of 32 samples, significant semi-massive to massive sulphide mineralization was discovered along a newly identified, 1.6-km long fault zone. This zone is located ~500 m south of previously identified gold soil sample anomalies & EM conductors. A total of 12 samples were collected along this (deformation) zone to test for the presence of Au, Ag, Cu & Zn.
Notice in the image below drill holes (“DH“) / historical resources including; DH: 1.5% Cu + 6.3% Zn (3.7% Cu Eq.) over 3.4 m; 110,000 tonnes @ 0.5% Cu + 12.5% Zn (4.9% Cu Eq.); DH: 1.4% Cu + 7.3% Zn (4.0% Cu Eq.) over 9.5 m; 100,000 tonnes @ 1.0% Cu + 10% Zn (4.5% Cu Eq.).

Further prospecting & geological mapping on the margins of this fault zone identified alteration in the volcanic wall rock. Many gold deposits in Ontario are either directly hosted in this mineralization or exist in close relationship to it and a fault zone. Other projects containing this type of mineralization along similar deformation zones include GBR’s Dixie and the Uchi Lake gold mine. Once additional permits are received, Portofino will proceed to trenching / drilling.
Three new gold properties secured in past month
These are exciting times for Portofino. Management had an opportunity to pick up additional low-cost properties with gold showings, so they did. All three properties are located in historical & current mining districts with ample infrastructure & easy access. In addition to Red Lake, management expects the Atikokan area to heat up this summer. A number of companies are increasing their exploration activities there.
Portofino began negotiating & planning to lock up gold properties in Ontario when gold was around US$1,400/oz. Today, [June 24th], August gold futures are at US$1,786/oz., a gain of ~28%. Therefore, without a single new drill hole on any of its four controlled properties, the value the Company’s assets has meaningfully increased.

On June 11th, Portofino announced the execution of a binding agreement to acquire six claims (869 hectares) in the Atikokan area of northwestern Ontario. The Melema West property is located 28 km northeast of the town of Atikokan, and 5 km north of the Quetico Fault. Agnico Eagle Mines’s Hammond Reef gold deposit is ~19 km northwest of Melma West. Hammond Reef hosts a large, near-surface Measured & Indicated resource of 4.5 million ounces gold.
Grab samples taken in 2019 assayed as high as 10 g/t gold. The Young-Corrigan vein-system ranges in width from 1 to 15 m and was mapped over a strike of at least 170 m. Positive gold values demonstrate that an additional undocumented gold-bearing structure potentially exists on the Melema West property.
CEO David Tafel of Portofino commented on the Melema West property,
“The gold-bearing structures in this area are extensive, well documented and traceable for > 30 km. Recent land acquisitions by Agnico Eagle contiguous to Melema West supports the idea that Portofino is well strategically placed. The undocumented & unexplored Young-Corrigan Shear Zone is a compelling exploration target.”
On May 27th, Portofino executed a binding agreement to acquire three claims totaling 1,147 hectares in the northwestern Ontario. The Sapawe West property is nine km northeast of Atikokan, just north of the Quetico Fault, and 2.5 km west along strike of the past producing Sapawe Gold mine. Portofino has initiated the compilation & reinterpretation of all available historic data on the property and is proceeding to develop exploration targets for a summer field program.
Hammond Reef, located ~13 km north of the Sapawe West property, is in a structurally active portion of the Steep Rock Greenstone Belt. Similar to the structure associated with Hammond Reef, Sapawe West hosts a possible northeast trending splay from the Quetico Fault.

CEO Tafel commented on the Sapawe West property,
“We are excited to acquire this strategically located property. The nearby past-producing Sapawe Gold mine, the visual results from Falcon Gold’s drill program along the same geological corridor, and the lack of drilling on the Property, makes for a compelling exploration target. We look forward to commencing initial field work.”
This news came just a week after executing a binding option agreement for the right to acquire a 100% interest in the Gold Creek property, also in northwestern Ontario. The block comprises three mining claims, is easily accessible by road, and covers ~1,010 hectares.
Historical activity at Gold Creek included:
From 1967 to 1973, prospecting, mechanical stripping / trenching & rock sampling of quartz vein occurrences in the district. In 1983, geological mapping, magnetic & VLF-EM surveys further assessed the area.
In 1985 & 1987 to 1989, Noranda Exploration conducted extensive work, they explored the area with an airborne magnetic & electromagnetic survey, ground magnetic & electromagnetic surveys, selective radiometric & gravity surveys, geochemical sampling, geological mapping / overburden stripping, & rock sampling.

Inco Gold conducted an exploration program in 1989-90 which consisted of grid line cutting, magnetic, VLF-EM & geological mapping surveys, trenching, rock sampling & two diamond drill holes. Two grab samples assayed 13.2 g/t & 64.2 g/t gold.
Significant gold mineralization has been traced along a 1.5-km strike length with grab samples returning values up to [759 g/t = 24.4 ounces / tonne] (from an OGS property visit) and diamond drill intersections in 2008 of up to 2.3 g/t over 8.3 m.
CEO Tafel commented on the Gold Creek property,
“This transaction allows us to continue to build our gold portfolio within the easily accessible, active & historic gold mining area of northwestern Ontario. Multiple visible gold occurrences reported by previous operators is very encouraging, and gives our technical crew a head start in planning initial exploration activities.”
Gold Creek is characterized by geology similar to that documented in the Kirkland Lake area, where numerous gold showings occur in a broad range of lithologies. Visible gold sometimes occurs within the mineralized veins. Management has initiated the compilation & re-interpretation of all available historic geochemical & geophysical data at Gold Creek to develop exploration targets for summer field work.

Portofino Resources (TSX-V: POR) is up 225% from its 3-yr. low, but its market cap is only C$3.2M. In addition to the four properties described above, the Company has lithium brine assets in Argentina that could be worth C$ millions once energy metals regain popularity. If management could farm out one or more gold / lithium properties, it could reduce already low cash burn to virtually zero. Shareholders would have a free option on the remaining controlled properties.
In looking at peer Red Lake properties (and companies with nearby Atikokan area properties), the average gain from 3-yr. lows is 1,640%. Even excluding GBR’s staggering performance, the average gain is 2.5 times that of Portofino. Perhaps not Great Bear, but others on the above chart could be interested in acquiring companies like Portofino to gain additional regional gold exposure.
Disclosures / Disclaimers: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about Portofino Resources, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of Portofino Resources are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.
At the time this article was posted, Portofino Resources was an advertiser on [ER] and Peter Epstein owned shares and warrants in the Company.
Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events & news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

 

Portofino signs option deal to acquire Bruce Lake

2020-06-29 07:12 MT - News Release


Mr. David Tafel reports

PORTOFINO INCREASES RED LAKE, ONTARIO PROPERTY INTERESTS; ACQUIRES BRUCE LAKE PROPERTY

Portofino Resources Inc. has entered into an option assignment agreement with Falcon Gold Corp. to acquire a 100-per-cent interest in the 1,428-hectare Bruce Lake property in the Red Lake, Ont., gold district. The property is located only 1.5 kilometres northeast of Great Bear Resources Pakwash property and about 11 km southeast of Great Bear's famous Dixie project boundary.

David Tafel, CEO of Portofino Resources, states: "The success of Great Bear (Dixie project) and BTU Metals Corp. (Dixie Halo project) drilling northwest of Bruce lake, combined with our current South of Otter property to the northeast, gives Portofino a well placed land package in a very active and expanding exploration area of Red Lake. Additionally, we believe the Bruce Lake property compliments our regionally focused gold strategy and largely completes our property portfolio."

Like the Dixie Project, the Bruce lake claims are entirely underlain by the Archean-age metamorphosed sedimentary and volcanic rocks of the Uchi-Confederation Lake greenstone belt. The Red Lake gold district is hosted within this same belt and is recognized as one of the world's highest-grade mining camps having produced approximately 30 million ounces of gold from 29 gold mines. Within the mining district, the Red Lake gold mine, that was recently purchased by Evolution Mining Ltd., is an underground gold mining complex, which is reported to have been in production since 1949, producing 25 million ounces of gold at an average grade of 20 grams per tonne.

In addition to the well-known gold deposits, the greenstone belt hosts several ferrous and non-ferrous mineral occurrences and mines. The historic Griffith iron mine property is located immediately north-west of Portofino's Property. The Griffith Mine reportedly operated from 1968 to 1986 and produced 22.85 million tons of iron ore pellets with average grading of 66.7 per cent Fe from 78.8 million tons of crude ore with average grading of 23.9 per cent magnetic iron.

The Bruce Lake Property contains gold-in-soil anomalies discovered as part of a reconnaissance soil sampling program completed by Laurentian Goldfields Ltd in 2010. Portofino has recognized the existence of regional magnetic high anomalies coincident with the gold-in-soils anomalies that it believes are significant. Gold associated with banded iron formations are excellent exploration targets especially when the property has gold in soils associated with a magnetic anomaly. Portofino intends to follow-up on these exploration targets.

Next Steps

Portofino has initiated the compilation and reinterpretation of all available historic data on the project and is proceeding to define exploration targets for an initial field program.

Acquisition Terms

Portofino will issue 650,000 shares to Falcon for the right to acquire a 100 per cent in the Bruce lake claims. In addition, Portofino will assume the underlying claim holder payments which total $52,000 over a 4-year option period. The Claims are the subject to a 1.5 per cent Net Smelter Return ("NSR") royalty pursuant to the Underlying Agreement. In addition, Portofino has agreed to grant Falcon a 0.5 per cent NSR. The transaction is subject to TSXV exchange approval.

Qualified Person

Mr. 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 acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Ni-Cu mine, as well as the Sapawe West and Melema West properties located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

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