Portofino Completes GOLD Creek Property Fall Fieldwork & Reports First Batch Sample Results
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 COMPLETES GOLD CREEK PROPERTY FALL
FIELDWORK & REPORTS FIRST BATCH SAMPLE RESULTS
• Reports the first 60 Gold content analyses
• Highest grade sample assayed over 45 g/t Gold
• Seven samples assayed greater than 5 g/t Gold
VANCOUVER, BC, November 17, 2020. PORTOFINO RESOURCES INC. (POR: TSX -V) (POT A: FSE)
(“Portofino” or the “Company”) is pleased to announce the first batch of analytical results for its fall 2020
field work on its Gold Creek Property in northwestern Ontario. The fall program was intended to test both
known showings and those new gold targets defined by the Company’s recently completed airborne
geophysical survey. The geological team examined at least 6 target areas of magnetic anomalies located
throughout the Gold Creek property. A pproximately 160 grab samples were taken , representing
mineralized showings, altered host rocks and various lithologies found in the target areas to supplement
the earlier findings of the summer 2020 prospecting and mapping program.
The preliminary results for the first 60 gold content analyses have been received with the highest grade
being 45.6 grams per tonne (“g/t”). For the samples that returned greater than 5,000 ppb gold, the
samples were retested by fire assay. All of the significant results that are greater than 50 ppb gold are
listed in Table 1 below.
These reported gold showings are within the eastern Gold Creek property claims and comprise a strategic
land package that contains several notable historical high-grade gold occurrences including historical drill
intercepts of 4.32 g/t g old over 41 metres(“m”) and 4.36 g/t gold over 20.42m completed by Landore
Resources Inc. in 1995 within an area called the “I-Zone”. In 2008, Mengold Resources Inc. completed a
1 tonne bulk sample within the “I-Zone” which returned an average grade of 9.9 g/t gold.
The I-Zone Gold occurrences consist of a series of felsic dikes that intruded into the hosting banded iron
formation. The dikes commonly have widths of 4.5m within which are relatively densely spaced gold -
bearing quartz -tension/ladder veins containing 3% - 5% pyrite and occasionally coarse visible gold.
Through the course of the Company’s fall program, the I -Zone was found to consist of two subparallel
occurrences “I -Zone North” and “I -Zone South”, striking approximately east west over a dis tance
exceeding 100m and paralleling the Crayfish Creek fault zone.
“Portofino’s exploration team has been very successful as indicated by this initial batch of high -grade
gold results.” states David Tafel, CEO of Portofino Resources. “We can confidently begin the process of
designing our next stage of exploration and diamond drilling.”
Figure 1. The Gold Creek Property, Portofino Resources – locations of known significant gold occurrences.
Next Steps-Gold Creek
Portofino is anticipating results from a further 90 plus sample analyses as well as the multi -element
analytical results of the 60 samples reported in today’s release. The current analytical results will be
integrated into an ongoing property -wide compilation study consisting of all the h istorical geological,
geophysical and geochemical data and will result in an advanced property interpretation report expected
to be completed before year-end. The report will include structural analysis and modeling that will aid in
designing a drilling p rogram expected to commence in 2021. Portofino has commenced an application
for the required advanced exploration and drilling permit.
Other Property Results Anticipated
The Company has been highly active through the past few months with exploration being undertaken at
each of its four gold properties in northwestern Ontario. In addition to the Gold Creek property work,
our geological team has completed preliminary explo ration on the Sapawe West and Melema West
projects, including prospecting, geochemical rock, soil and lake sediment sampling and sampling of all
noted mineral occurrences – some of which may constitute new discovery showings. Our team has also
wrapped up most recent work on the South of Otter , Red lake project where they were undertaking
additional rock sampling and conducting a soil sampling program on a targeted grid. Results from work on
these properties will be reported as sample assays are returned from the labs.
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.
Table 1. The analytical results for the grab samples grading greater than 50 ppb Au taken during Portofino’s fall
2020 program and fire assay results for all samples reporting 5,000 ppb Gold.
Gold Gold
Sample Number ppb g/tonne Gold Zone
A685563 153 P - Zone
A685564 50 P - Zone
A685565 > 5000 45.60 I - Zone North
A685566 355 I - Zone North
A685567 142 I - Zone North
A685568 > 5000 6.83 I - Zone North
A685569 619 I - Zone North
A685570 > 5000 12.30 I - Zone North
A685581 137 I-Zone South
A685583 2,770 I-Zone South
A685584 1,190 I-Zone South
A685585 481 I-Zone South
A685586 859 I-Zone South
A685587 1,440 I-Zone South
A685588 274 I-Zone South
A685589 127 I-Zone South
A685590 509 I-Zone South
A685599 1,310 I - Zone North
A685600 975 I - Zone North
A685601 > 5000 33.20 I - Zone North
A685602 > 5000 5.42 I - Zone North
A685603 > 5000 10.90 I - Zone North
A685604 3,240 3.08 I - Zone North
A685605 > 5000 14.80 I - Zone North
A685606 641 I - Zone North
Analysis Method FA-AA FA-GRA
Detection Limit 5 ppb 0.02 g/tonne
Note: Grab samples are selective in nature and are not necessarily indicative of the
mineralization on the property.
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 pro spective 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