PORTOFINO ACQUIRES MELEMA WEST GOLD PROPERTY, ATIKOKAN, ONTARIO Claims cover newly recognized gold-bearing structure and are contiguous to recently staked Agnico Eagle Mines property
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 MELEMA WEST GOLD PROPERTY, ATIKOKAN, ONTARIO
Claims cover newly recognized gold-bearing structure and are contiguous to recently staked
Agnico Eagle Mines property
VANCOUVER, BC, June 11, 2020. PORTOFINO RESOURCES INC. (POR: TSX-V) (POTA: FSE) (“Portofino” or
the “Company”) is pleased to announce it has executed a binding agreement to acquire 6 claims (41 cells)
totaling 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 1 9 km north west 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 de posit 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”).
Figure 1. General location and geology of the Melema West Property, Portofino Resources
The Property covers the Minto Shear Zone, one of the abovementioned 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 qu artz 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 strat egically
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.”
Figure 2. Claim fabric and recent staking near Portofino’s properties
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 a s 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.
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.