Portofino Completes Successful Trenching Program; Commences Airborne Survey FOR South of Otter, Red Lake 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 COMPLETES SUCCESSFUL TRENCHING PROGRAM; COMMENCES
AIRBORNE SURVEY FOR SOUTH OF OTTER, RED LAKE PROPERTY
Vancouver, B.C., August 26, 2020. PORTOFINO RESOURCES INC. (POR: TSX -V) (POTA: FSE) (“Portofino”
or the “Company”) is pleased to report its exploration crew has completed a successful mechanical trenching
and soil anomaly testing program on its South of Otter, Red Lake property (the “Property”). As previously
reported, the Company had discovered 2 gold bearing quartz veins sampling 18.0 grams per tonne (“g/t”)
gold and 8.19 g/t gold. A re-assaying of the initial 12 samples resulted in the first 2 samples assaying 16.0
g/t gold and 12.0 g/t gold respectively. In addition, a 3rd sample was identified as returning 1.6 g/t gold
along an east-west trending low-magnetic geophysical anomaly 2 60 meters south of the original
discovery.
With the limited number of outcrops on the Property , the Company implemented an overburden
trenching program and was able to expand the surface trace of the new gold discovery zone. Multiple
channel samples were taken from 2 outcrop areas and in addition select chip samples and grab samples were
taken from 3 soil anomalies including both gold and silver targets identified by Goldcorp in 2001.
The exploration crew completed 5 separate trenches on prospective targets across a 650 meter transect aimed
at identifying geological contacts and anticipated gold and silver mineralization. The program successfully
intersected several geological contacts inferred by Goldcorp’s 2001 geophysical interpretation report. The
team noted several zones of alteration and sulphide mineralization. Samples were taken primarily from a >20-
meter wide alteration zone on the Yellow-Jacket trench (Figure 1 below) where secondary pyrite as well as
minor sphalerite and chalcopyrite mineralization was observed. The prospective mineralization was identified
in the contact zone between altered felsic to intermediate intrusive units and silicified volcanic rocks. Minor
phases of amphibolite were also intersected. Sulphide mineralization was noted in several quartz vein samples
and near chlorite- and sericite-rich volcanic rocks.
All samples have been submitted to Activation Laboratories (“Actlab”) in Thunder Bay for gold assay along with
trace element geochemistry. The Actlab results will complement the Company’s geological interpretation
based upon the trenching program and surface mapping and sampling, which will be completed after receipt
of the Airborne geophysical report currently underway (see below).
Airborne Magnetic Survey
Portofino reports that it has engaged Prospectair Geosurveys to complete a helicopter-borne geophysical
survey on Property. The support crew has been mobilized and as of August 24th, the survey is underway.
The program comprises approximately 1,600 line kilomete rs of airborne geophysical surveys with GPS
controlled, 50 meter line separations in order to achieve quality definition of geological units and their
structures. The Company anticipates it will identify drill targets based upon the determined magnetic,
radiometric and conductive anomalies when combined with the recent mapping and sampling work.
Portofino’s CEO, David Tafel comments; “Subject to reviewing results from the trenching and airborne
survey, we anticipate immediately commencing our next phase of exploration and implementing an
initial drilling program.”
Figure 1. Drone photograph of Portofino’s 2020 Overburden Trenching Program – Yellow Jacket Trench.
About the South of Otter Property
The Property is contained within the Birch -Uchi-Confederation Lakes greenstone belt which hosts the
world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great
Bear Resources Ltd. (“GBR”). GBR has recently reported exciting drill results with mineralized intersections
commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino’s
Property is located approximately 8 km east of GBR’s claims.
The Property contains excellent targets for both Red Lake-style gold mineralization as well as gold bearing
base metal prospects. Historical work on the claims included prospecting, sampling, limited drilling, and
airborne magnetic geophysical surveys.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P.Geo.,
who is a Qualified Person as defined by National Instrument 43 -101, Standards of Disclosure for Mineral
Projects.
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.
Initial Discovery
Altered granite and porphyry
+ Pyrite
Quartz vein
Felsic Volcanic
+ Pyrite
Yellow Jacket Trench
Goldcorp/Tri Origin
2001 Au Soil Anomaly
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 an d that
actual performance and exploration and financial results may differ materially from any estimates or projections.