Portofino Executes Agreement to Acquire the Drill-Ready 2,932HA Yergo Lithium Project BY Way of Option Buyout
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 EXECUTES AGREEMENT TO ACQUIRE THE DRILL-READY
2,932HA YERGO LITHIUM PROJECT BY WAY OF OPTION BUYOUT
Vancouver, B.C., August 14, 2023. PORTOFINO RESOURCES INC. (TSX -V: POR) (OTCQB: PFFOF) (FSE:
POTA) (“Portofino” or the “Company”) announces that it has executed a Binding Letter of Intent ( the
“Binding LOI”) to buyout the original Option agreements (Yergo Binding Letter Agreement - February 15,
2019, and the Binding Letter Agreement Addendum May 12, 2021).
The Binding LOI ensures all rights and concession ownership for the 2,932 hectare Yergo Lithium Project
(the “Project”) (see Figure 1 and 2) are transferred directly to Portofino. This enables Portofino to
advance its previously submitted drill permit application and proceed thereafter with an initial, planned
4-hole drill program.
David Tafel, CEO of Portofino, commented: “This agreement is a very positive development for
Portofino as it overcomes a legal hurdle created by the previous concession owner, and secures 100%
direct concession ownership. Our previously planned exploration activity can now recommence after
an approximate one-year delay.”
Figure 1: Yergo Lithium Project Strategic Location
The formation of lithium-bearing brines for both the Yergo Lithium Project and Zijin’s 3Q Project , are likely due to the historic
volcanic activity located between the projects that occurred during the same time period.
Figure 2: Yergo Lithium Project, Controlling 100% of the Aparejos Salar
Yergo Lithium Project, Catamarca Argentina:
The Project is 2,932 hectares in size , controlling the entire Aparejos Salar, located approximately 9
kilometers from the Salar Tres Quebradas (the “3Q Project”), previously developed by NeoLithium Corp.,
and acquired by Zijin Mining for C$960 million in 2022 (see: Zijin – 3Q Project)
Portofino previously completed and reported results of a geophysical survey identifying 2 large, aquifers
within the project mea suring approximately 2.3km x 1km and 1.8km x 2.5km (POR News Release 06 -
APR-2021) (see Figure 3) as well as surface sampling programs return ing values up to 373 mg/l Lithium
and has advanced the project to a drill-ready stage.
Portofino’s technical team has identified 4 priority drill targets and a drilling contract has been finalized
for a minimum of 300 meters.
Figure 3: Zonation of the saline nucleus with lithium geochemical concentrations (orange-red)
Acquisition Terms
The Binding LOI terms include concurrent:
1) Removal of the legal injunction granted in the favour of Portofino;
2) Transfer of all rights and title to the Yergo concessions to Portofino; and
3) Payment of US$600,000 by Portofino to the concession owner.
NOTE: Terms of the original option agreement consisted of escalating payments totaling $500,000
Background
POR News Release 22 -SEPT-2022: Portofino Receives and Rejects Notice of Termination for Yergo
Property Agreement
POR News Release 20 -OCT-2022: Portofino Granted Injunction Against Yergo Property Owner by
Catamarca Mining Court
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo.,
who is a Qualified Person (“QP”) as defined by National Instrument 43 -101, Standards of Disclosure for
Mineral Projects. The QP has not completed sufficient work to verify the historic information on the
properties in Argentina and neighbouring companies.
About Portofino Resources Inc.
Portofino is a Vancouver -based Canadian company focused on exploring and d eveloping mineral
resource projects in the Americas. Portofino has an opportunity to earn a majority interest in several
lithium projects in Salta, Argentina and up to 100% of the Yergo Lithium property in Catamarca. The
properties are situated in the heart of the world -renowned Argentine Lithium Triangle and in close
proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest
in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and
McNamara Lake.
Portofino’s South of Otter and Bruce Lake projects are in the historic gold mining district of Red L ake,
Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned
by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the
Gold Creek property located immediately south of the historic Shebandowan mine, as well as the
Sapawe West and Melema West properties located in the rapidly developing Atikoka n gold mining
camp.
ON BEHALF OF THE BOARD
“David G. Tafel”
Chief Executive Officer
For Further Information Contact:
David Tafel CEO,
Director 604-683-1991
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looking statements contained herein include, but are not limited to, statements regarding the Company’s future
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statements involve known and unknown r isks, uncertainties and other factors, which may cause actual results,
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