PORTOFINO EXPANDS GOLD CREEK PROPERTY AND COMMENCES FIELDWORK New claims cover trends of gold-bearing horizons
Suite 520 – 470 Granville Street
Vancouver, BC, CANADA V6C 1V5
Telephone: 604-683-1991
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www.portofinoresources.com
PORTOFINO
RESOURCES INC.
NEWS RELEASE
PORTOFINO EXPANDS GOLD CREEK PROPERTY AND COMMENCES FIELDWORK
New claims cover trends of gold-bearing horizons
VANCOUVER, BC, July 24, 2020. PORTOFINO RESOURCES INC. (POR: TSX-V) (POTA: FSE) (“Portofino” or
the “Company”) is pleased to announce it has acquired by staking , an additional seven claims or 142
mining cells that increase the size of its Gold Creek Property from 1,024 hectares (“ha”) to 3,918 ha. The
new claims were acquired to cover northeast trending structural features that are apparent extensions of
known gold-bearing horizons and to cover the Tinto Lake Fault. (see Figure 1).
Figure 1. General location and geology of the Gold Creek Property, Portofino Resources.
The regional geology is comparable in many respects to the setting of other world class gold districts such
as found in the Timmins and Kirkland Lake Camps in northeastern Ontario. The Gold Creek Property is
underlain by the Archean-age Shebandowan greenstone belt. The Shebandowan greenstones extend for
approximately 350 kilometres (“km”) west from Lake Superior and form an arcuate-shaped complex of
metamorphosed felsic to mafic volcanics, which have been intruded by felsic and intermediate stocks and
sills. Ultra-mafic intrusive bodies and volcanic units are important components within the Shebandowan
belt and host nickel – copper – platinum group metal deposits like the past producing Shebandowan mine.
The Matawin Gold belt is de fined by n umerous gold occurrences within the Shebandowan greenstone
belt, spatially related to felsic intrusions, large zones of a lteration and sulfide mineralization also
associated with the Crayfish Creek fault . The presence of small and large scale faulting can indicate
characteristics favourable for both bulk tonnage, disseminated and high-grade vein style gold. The Tower
Mountain gold deposit approximately 30km to the east occurs within the Matawin gold belt and like the
Gold Creek claims, its gold mineralization is associated with the Crayfish Creek fault and a felsic intrusive
complex. The Tower Mountain gold zones reportedly contain both high-grade style gold mineralization
and lower grade disseminated gold mineralization. In 2005, ValGold Resources Ltd . reported drill
intersections for the Tower Mountain project within its high-grade zone of 160.0 grams per tonne (“g/t”)
gold (“ Au”) over a core length of 1 .5 metres (“m”) in hole DDH04-6 and within a broad low grade
intersection of the U-V gold zone returning 0.94 g/t Au over a core length of 106.5m in hole DDH04-31.
The original Gold Creek claim group comprised 3 mining claims containing 50 contiguous cell units as
announced by the Company on May 20 th, 2020, focused on the Crayfish Lake Fault which hosts the
Matawin Gold Belt where several high -grade gold occurrences have been discovered. Within the
Property, significant gold mineralization has been traced along a 1.5 -km strike length with grab samples
returning values up to 759 g/t Au (Ontario Geological Survey property visit) and diamond drill
intersections by Golden Share Mining in 2008 of up t o 2.3 g/t Au over 8.3 m . In addition, gold-bearing
quartz veins have been reported associated with granodioritic to syenite dikes cross -cutting the
greenstone rocks in a northeast-southwest direction and in quartz stock-works and sulfide-enriched zones
within silicified and carbonate-altered metasedimentary rocks. Drilling by Inco in 1990 on a northeast
trending granodiorite intrusive intersected 0.466 g/t Au over 15.15m from 12.8 -27.95m downhole,
including 0.888 g/t Au over 5m. This hole remains to be followed up on.
2020 Initial Fieldwork Commenced
Portofino commenced its initial program of ground prospecting, mapping and sampling on the Gold Creek
Property on July 13th. Several occurrences, both historical and possibly new zones of mineralization were
examined and sampled by our geological team. The field crew also confirmed the condition of logging
roads that provide good access to much of the claim area. Samples have been submitted to Activation
Laboratories Ltd. in Thunder Bay and a nalytical results from the field work will be released as soon as
received.
“We are very pleased to have been able to expand our Gold Creek land package .” states David Tafel,
CEO of Portofino Resources. “The historical high-grade gold values, geological analogy to some of the
more prominent gold camps in Northeastern Ontario and limited prior exploration equate to a high
potential, value creating project. We look forward to receiving and reporting the sample results from
our initial exploration program.”
Proceeds Received from Warrants
Portofino is also pleased to report that 3 ,736,765 warrants (related to its January 23, 2019 private
placement financing and priced at $0.08) have been exercised by investors, resulting in $298,941 received
by the Company to date.
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 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