PORTOFINO ACQUIRES SAPAWE WEST, ATIKOKAN ONTARIO PROPERTY Claims along strike of the historic Sapawe Gold mine
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 SAPAWE WEST, ATIKOKAN ONTARIO PROPERTY
Claims along strike of the historic Sapawe Gold mine
VANCOUVER, BC, May 27, 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 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 k ilometers (“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 (TSX-V: FG) 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 contain ing 4.5 million oz. of gold in 208 million tonnes gradin g 0.67
grams per tonne (“g/t”).
Figure 1. General location and geology of the Sapawe West Property, Portofino Resources.
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