Portofino Reports on Corporate Activities
Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) has provided an update on its priority projects and corporate activities. The company is re-activating a drill permit for its South of Otter Gold Project in Red Lake, Ontario, following Kinross Gold Corp.'s positive PEA announcement for the nearby Great Bear project. Portofino is also preparing a new work program and budget for South of Otter.
For the Gold Creek Property in Thunder Bay, Ontario, Delta Resources has applied for an exploration and drilling permit. Portofino continues discussions with potential partners to advance its Yergo Lithium Project in Argentina to the drilling stage. The company also announced the resignation of director Kenneth Cawkell and the termination of the Greenheart Lake, Ontario lithium property agreement.
Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) ha fornito un aggiornamento sui suoi progetti prioritari e sulle attività aziendali. L'azienda sta riattivando un permesso di perforazione per il suo South of Otter Gold Project a Red Lake, Ontario, dopo l'annuncio positivo di PEA da parte di Kinross Gold Corp. per il vicino progetto Great Bear. Portofino sta anche preparando un nuovo programma di lavoro e un budget per South of Otter.
Per il Gold Creek Property a Thunder Bay, Ontario, Delta Resources ha richiesto un permesso di esplorazione e perforazione. Portofino continua le trattative con potenziali partner per portare il suo Yergo Lithium Project in Argentina alla fase di perforazione. L'azienda ha anche annunciato le dimissioni del direttore Kenneth Cawkell e la risoluzione dell'accordo sulla proprietà di litio di Greenheart Lake, Ontario.
Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) ha proporcionado una actualización sobre sus proyectos prioritarios y actividades corporativas. La compañía está reactivando un permiso de perforación para su South of Otter Gold Project en Red Lake, Ontario, tras el anuncio positivo de PEA por parte de Kinross Gold Corp. para el cercano proyecto Great Bear. Portofino también está preparando un nuevo programa de trabajo y presupuesto para South of Otter.
Para la Gold Creek Property en Thunder Bay, Ontario, Delta Resources ha solicitado un permiso de exploración y perforación. Portofino continúa las conversaciones con posibles socios para avanzar su Yergo Lithium Project en Argentina a la fase de perforación. La compañía también anunció la renuncia del director Kenneth Cawkell y la terminación del acuerdo sobre la propiedad de litio de Greenheart Lake, Ontario.
Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF)는 우선 프로젝트 및 기업 활동에 대한 업데이트를 제공했습니다. 회사는 Kinross Gold Corp.가 인근 Great Bear 프로젝트에 대한 긍정적인 PEA를 발표한 후, 온타리오주 Red Lake에 위치한 South of Otter Gold Project의 드릴 허가를 재활성화하고 있습니다. Portofino는 South of Otter를 위한 새로운 작업 프로그램과 예산도 준비하고 있습니다.
온타리오주 Thunder Bay의 Gold Creek Property에 대해 Delta Resources는 탐사 및 드릴링 허가를 신청했습니다. Portofino는 아르헨티나의 Yergo Lithium Project를 드릴링 단계로 발전시키기 위한 잠재적인 파트너와 논의를 계속하고 있습니다. 이 회사는 또한 이사 Kenneth Cawkell의 사임과 온타리오주 Greenheart Lake 리튬 자산 계약의 해지를 발표했습니다.
Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) a fourni une mise à jour concernant ses projets prioritaires et ses activités d'entreprise. La société réactive un permis de forage pour son South of Otter Gold Project à Red Lake, Ontario, suite à l'annonce positive de PEA de Kinross Gold Corp. pour le projet voisin Great Bear. Portofino prépare également un nouveau programme de travail et un budget pour South of Otter.
Pour la Gold Creek Property à Thunder Bay, Ontario, Delta Resources a demandé un permis d'exploration et de forage. Portofino continue les discussions avec des partenaires potentiels pour faire avancer son Yergo Lithium Project en Argentine vers la phase de forage. La société a également annoncé la démission du directeur Kenneth Cawkell et la résiliation du contrat concernant la propriété lithium de Greenheart Lake, Ontario.
Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) hat ein Update zu seinen priorisierten Projekten und Unternehmensaktivitäten gegeben. Das Unternehmen aktiviert erneut eine Bohrerlaubnis für sein South of Otter Gold Project in Red Lake, Ontario, nach der positiven PEA-Ankündigung von Kinross Gold Corp. für das nahegelegene Great Bear-Projekt. Portofino bereitet auch ein neues Arbeitsprogramm und Budget für South of Otter vor.
Für das Gold Creek Property in Thunder Bay, Ontario, hat Delta Resources einen Antrag auf Erkundungs- und Bohrerlaubnis gestellt. Portofino führt weiterhin Gespräche mit potenziellen Partnern, um sein Yergo Lithium Project in Argentinien in die Bohrphase zu bringen. Das Unternehmen gab außerdem die Amtsniederlegung des Direktors Kenneth Cawkell und die Beendigung des Vertrags über das Lithium-Grundstück in Greenheart Lake, Ontario, bekannt.
- Re-activation of drill permit for South of Otter Gold Project
- Potential drilling campaign at Gold Creek Property by Delta Resources
- Ongoing discussions with potential partners for Yergo Lithium Project
- Previous exploration at South of Otter returned a sample assaying 16 g/t gold
- Yergo Project's surface sampling returned values up to 373 mg/L Lithium
- Resignation of director Kenneth Cawkell
- Termination of Greenheart Lake lithium property agreement
- Lack of interest in public markets for critical material exploration projects
Vancouver, British Columbia--(Newsfile Corp. - October 8, 2024) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTC Pink: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to provide an update on current activities and status of priority projects.
South of Otter Gold Project, Red Lake, Ontario:
Portofino's South of Otter project (the "SOO") is located eight kilometers east of the Great Bear gold project owned by Kinross Gold Corp. It is believed that the SOO shares many geological characteristics with the Great Bear. In addition, Portofino has advanced the SOO with its previous rounds of exploration which demonstrated the presence of gold mineralization, and outlined several priority targets. In particular, the Cliffs zone, returned a sample assaying 16 grams per tonne gold from a trenching program completed by Portofino in 2021.
Additionally, Kinross recently announced a positive PEA and upgrade of estimated resources regarding the Great Bear gold project (see Kinross' news release of September 10, 2024). The updated resources comprise an impressive Measured & Indicated resource estimate of 2.738 million ounces of gold ("Moz") and an inferred resource estimate 3.884 Moz. The PEA indicated strong potential economics with an All-In-Sustaining-Cost of approximately
The release of Kinross' above news has coincided with a recent positive change in sentiment for gold projects driven by the outstanding spot gold price performance. Portofino recognizes this opportunity and is re-activating a recently expired drill permit for a planned initial drill program on the SOO. In addition, the Company is preparing a new work program and budget for the SOO to drill test its well-defined targets.
Gold Creek Property, Thunder Bay, Ontario:
Further to its June 27, 2024, news release announcing the closing of an option agreement with Delta Resources Ltd. ("Delta") regarding the funding of the Company's Gold Creek property in NW Ontario, Delta has applied for an exploration and drilling permit and upon receipt the Company anticipates Delta will commence a drilling campaign within the Gold Creek property.
Yergo, Catamarca Lithium Project
The Company continues its discussions with potential international industry and non-industry strategic financing partner(s) to advance its
- TIER 1 LOCATION:
100% controlled salar and strategically located near the regional centre of Fiambala, having main road access to the property. - HIGH QUALITY LITHIUM BRINE: Surface (and close to surface) sampling by Portofino returned values of up to 373 mg/L Lithium and up to 8,001 mg/L Potassium and included low Magnesium to Lithium ratios.
- SHARED GEOLOGY WITH 3Q: Due to the Yergo Project's proximity to the Zijin's 3Q Project, both likely possess similar evaporitic climates and geologies, including exposure to lithium source rocks.
The Company notes that there is no certainty that any discussions will advance to any material transaction(s).
Director Resignation
The Company announces that Mr. Kenneth Cawkell has submitted his resignation as a director to pursue unrelated business opportunities. The Directors and Management of the Company would like to thank Mr. Cawkell for his many years of service and dedication to Portofino. Mr. Cawkell will remain a strategic advisor to Portofino.
Non-Core Property Termination
The Company has mutually agreed with its Option partner to terminate the Greenheart Lake, Ontario lithium property agreement, releasing the Company from any further financial obligations.
Qualified Person
Mr. Jamie Lavigne, 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, Canada-based company focused on exploring and developing mineral resource projects in the Americas. Portofino has executed an agreement with Lithium Chile Inc. to explore and develop the Arizaro Lithium Project located in Salta, Argentina and additionally maintains a
The Company also has the right to earn
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 contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Company's future business plans. Forward-looking information in this news release is based on certain assumptions and expected future events, namely the growth and development of the Company's business as currently anticipated. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225926
FAQ
What is Portofino Resources' stock symbol?
Where is Portofino's South of Otter Gold Project located?
What were the results of previous exploration at the South of Otter project?
What is the status of Portofino's Yergo Lithium Project?
