Portofino Identifies 3 Significant Conductors IN Geophysical Program - South of Otter, Red Lake, Ont
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 IDENTIFIES 3 SIGNIFICANT CONDUCTORS IN GEOPHYSICAL
PROGRAM - SOUTH OF OTTER, RED LAKE, ONT
Vancouver, B.C., May 14, 2020. PORTOFINO RESOURCES INC. (POR: TSX-V) (POTA: FSE) (“Portofino” or
the “Company”) is pleased to report that it has received results from its 19-line kilometer (“km”) winter
geophysical program. The program consisted of a Very-Low Frequency (VLF) Electromagnetic (EM) survey.
This survey method is widely used in gold exploration and has been proven effective in delineat ing
geological contacts and mineralized shear zones in the Red Lake Mining Camp and along the
Confederation Lake greenstone belt.
The property has been subject to large -scale geophysical surveys by past operators specifically designed
to target base metals. In 2001, Goldcorp Inc. completed a property wide compilation and interpretation
of the historic ground and airborne magnetic data to investigate economic mineralization on the property
and assess the potential for gold mineralization. Gold corp outlined a significant target area for gold
mineralization encompassed by the South of Otter Project , but due to a lack of outcrop rocks, a limited
amount of follow-up work was completed.
Portofino designed the winter VLF -EM survey to refine the gold mineralization target area and identify
specific target areas for prospecting, trenching, and drilling. The survey successfully delineated 3
significant conductors over a 1.6 -kilometer strike length. These conductors are interpreted to be shear
zones along the contact of intermixed volcanic units and a large granitoid intrusion and correspond with
magnetic breaks defined by Goldcorp’s 2001 interpretation. This suggests the structures are deep seated
and continue along strike and beyond Portofino’s 19-line km VLF survey grid.
The prospective targets delineated in the VLF survey occur along splays of the Pakwash-Longlegged Fault
system within the Portofino claim boundary . This fault system is a major regional structure along the
Confederation Lake assemblage and continues into the LP Fault Zone, hosting Great Bear Resources Ltd.’s
(“GBR”) Dixie Project.
It is noteworthy that pyrite, sphalerite, and chalcopyrite mineralization was observed in outcrops by the
Company’s field crew. Mineralization occurs within a strongly sheared felsic volcanic rock unit near the
contact of a large felsic intrusive unit and the sulphide mineralization occurs along a significant conductor.
A total of 6 samples were collected from surface near one of the conductors and have been submitted to
Activation Laboratories for gold analysis.
David Tafel, Portofino’s CEO comments: “We are very encouraged by the extensive evidence of deposit-
scale structures identified in the survey area and the correlation to the (Longlegged) fault zone running
through our property and in close proximity to GBR’s Dixie project that is associated with the same
regional structure. In addition, and due to recent logging in the area, our survey crew discovered
previously undetected outcropping rock types that are typically associated with gold mineralization.”
An exploration permit application has been submitted to the Ministry of Northern Mines and
Development which outlines a significant trenching and drilling program to further delineate the gold
bearing targets defined through the recent VLF survey.
The 5,120 hectares (South of O tter) 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 GBR. GBR continues to report 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 Portofino 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 member of the Association of Professional Geoscientists of Ontario and 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 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 proxim al to the high-grade Dixie gold project owned by
Great Bear Resources Ltd. 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 th e 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 a nd exploration and financial results may differ
materially from any estimates or projections.