PORTOFINO ACQUIRES ADDITIONAL CLAIM BLOCK CONTIGUOUS TO GOLD CREEK PROPERTY; ANNOUNCES AIRBORNE GEOPHYSICAL SURVEY UNDERWAY ON EXPANDED GOLD CREEK PROPERTY New claims include historical drill intercept of 4.32 g/t gold over 41 metres and a 1-tonne bulk
Suite 520 – 470 Granville Street
Vancouver, BC, CANADA V6C 1V5
Telephone: 604-683-1991
Fax: 604-683-8544
www.portofinoresources.com
PORTOFINO
RESOURCES INC.
NEWS RELEASE
PORTOFINO ACQUIRES ADDITIONAL CLAIM BLOCK CONTIGUOUS TO GOLD
CREEK PROPERTY; ANNOUNCES AIRBORNE GEOPHYSICAL SURVEY
UNDERWAY ON EXPANDED GOLD CREEK PROPERTY
New claims include historical drill intercept of 4.32 g/t gold over 41 metres and a 1-tonne bulk
sample returned an average grade of 9.9 g/t gold
VANCOUVER, BC, September 1, 2020 . PORTOFINO RESOURCES INC. (POR: TSX -V) (POT A: FSE)
(“Portofino” or the “Company”) is pleased to announce the acquisition of a block of 5 mining claims
totalling 105 hectares (“ha”) contiguous to its current eastern Gold Creek Property boundary (the “New
Claims”). The acquisition expands its Gold Creek Property to 4,023 ha.
The New Claims cover several gold showings with historical drill intercepts of 4.32 grams/tonne (“g/t”)
gold over 41 metres (“m”) and 4.36 g/t gold over 20.42m completed by Landore Resources Inc. in 1995
on an occurrence called the “I -Zone”. Additionally, Mengold Resources Inc. completed a 1 ton ne bulk
sample on the I-Zone in 2008 returning an average grade of 9.9 g/t gold.
The I‐zone and adjacent areas occur within a series of argillaceous banded iron formations (“BIF”). The
BIF are fine grained, rhythmically layered and banded by magnetite-rich, chert, jasper and lean magnetite
argillaceous bands. There are some occurrences of fine clastic sediment interlayers within the BIF.
Thicknesses of the BIF sequence are up to 100’s of metres and may be also interfingered with the mafic
volcanics and tuffs. The strike of the sequence is to the east -south-east, paralleling the Crayfish Creek
fault zone.
The I-Zone Gold Occurrence consists of a series of felsic dikes that intruded into the BIF . The dikes
commonly have widths of 4.5m and host to a series of relatively densely spaced gold -bearing quartz-
tension/ladder veins containing 3% - 5% pyrite and occasionally coarse visible gold. Sampling of the veins
by Mengold Resources returned assays ranging from 0.07 g/t gold to 6.46 g/ t gold. Structural features
and controls on gold mineralization at this prospect (i.e. northerly trending extensional vein systems)
appear to be very similar to the AF Trench zone (see map above) and other occurrences in the area.
Portofino recently reported results from its initial exploration program that included 17.3 grams/tonne
(“g/t”) gold and 10.3 g/t gold samples taken from the AF Trench zone.
Within the Gold Creek Property, significant gold mineralization has been traced along a 1.5 -kilometre
strike length with grab samples returning values up to 759 g/t gold (Ontario Geological Survey property
visit) and diamond drill intersections by Golden Share Mining in 2008 of up to 2.3 g/t gold over 8.3 m (see
news release July 24, 2020).
Airborne Geophysical Survey and Next Steps
Portofino is compiling the current and historical data on the consolidated Gold Creek property claims
which includes all geological, geophysical, geochemical, and drilling completed to date. Newly interpreted
geology and structural information will aid in prioritizing further exploration.
Complimenting the ongoing work and compilation above , Portofino engaged Prospectair Geosurveys to
fly a helicopter-borne geophysical survey to cover the entirety of its Gold Creek Property. The survey crew
has mobilized and is expected to complete the survey during this week. The program comprises
approximately 1,000-line kilometres of airborne geophysical survey with GPS controlled, 50m line
separations in order to achieve quality definition of geological units and their structures. The Company
plans to identify areas for surface follow -up and potential diamond drilling targets based upon the
magnetic, radiometric and conductive anomalies . The extensive areas of magnetic BIF and gold
occurrences hosted in altered porphyritic dikes are expected to return good responses for the modern
systems employed by Prospectair.
“This newly acquired claim block contains a significant historical drill intercept (4.32 g/t gold over 41m)
combined with the Airborne survey will aid in accelerating our near -term exploration plans.” states
David Tafel, CEO of Portofino.”
Acquisition Terms
Portofino has executed an Agreement to acquire 100% of the Property by issuing 125,000 common shares
and making a $10,000 payment to the claim owners. The Property is subject to a 1.5% NSR and Portofino
has the right to purchase 0.5% of the NSR at any time up to commencement of production for a payment
of $300,000. 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 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 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
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 ma nagement’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 an d that
actual performance and exploration and financial results may differ materially from any estimates or projections