Portofino Identifies Additional GOLD Mineralization at South of Otter Project, 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 IDENTIFIES ADDITIONAL GOLD MINERALIZATION AT SOUTH OF OTTER
PROJECT, RED LAKE PROPERTY
Vancouver, B.C., September 15, 2020. PORTOFINO RESOURCES INC. (POR: TSX -V) (POTA: FSE)
(“Portofino” or the “Company”) is pleased to report it has received assay results from the recent overburden
trenching campaign on the Company’s South of Otter property (the “Property”). The trenching was completed
on three prospective sites; the Cliff Zone, the Yellow Jacket Trench and the Silver Lining Trench. A total of 22
samples were submitted for fire assay to Activation Laboratories and 5 selective chip and channel samples
returned anomalous values for gold (base metal analyses are still pending).
Trenching was conducted at the Cliff Zone, the site of the Company’s initial gold discovery of high-grade gold
mineralization of 16 grams per tonne gold (“g/t Au”) (Portofino news - August 26th 2020) in a quartz vein
located 200 meters (“m”) southeast of Goldcorp’s 2002 drill hole (SF02-08). Bedrock exposed by trenching of
the Cliff Zone contained 2 (+25cm wide) quartz veins and a broader carbonate plus pyrite alteration zone
along the diorite and porphyry contact. Gold-bearing channel samples ranged from 137 ppb Au to 1,090
ppb Au. ( 0.137 to 1.09 g/t Au ). The 1 .09 g/t Au grade was returned from a 0.58m channel sample of
mineralized vein.
The Yellow Jacket trench was intended to expose mineralized bedrock associated with the 2001 Goldcorp
gold soil anomaly, located 650m to the south along a geophysically -interpreted structural break. Chip
samples across a width of 0.35m of a rusty intermediate volcanic unit returned a highly anomalous grade
of 372 ppb Au (0.373 g/t Au). A second , highly anomalous chip sample of a quartz feldspar porphyry
showed 220 ppb Au (0.220 g/t Au) over a sample width of 0.50m. A full list of the sample and assay results
is shown in Table 1.
Table 1. Portofino’s 2020 Trenching Fire Assay Gold Results (Channel, Select Chip, and Grab Samples)
Sample ID Type Name Interval (m) Au (ppb) Rock Type
166301 Channel CH20-01 0.69 210 Diorite and Quartz Vein
166302 Channel 0.68 137 Diorite and Quartz Vein
166303 Channel CH20-02 0.66 77 Diorite
166304 Channel 0.58 1090 Quartz Vein
166305 Select Cut CH20-03 0.65 78 Diorite
166306 Select Cut CH20-04 0.40 46 Porphyry with Quartz+Tourmaline Vein
166307 Select Chip North Pit 0.25 17 Diorite
166308 Grab North Pit 25 Quartz Vein and Schist
166309 Grab North Pit 23 Granite
166310 Grab North Pit 45 Granite
166311 Grab Mid Pit 22 Quartz Vein
166312 Grab Mid Pit 21 Biotite Schist
166313 Grab Mid Pit 29 Gabbro
166314 Select Chip North Pit 0.50 220 Quartz Feldspar Porphyry
166315 Select Chip South Pit 0.30 18 Felsic Metavolcanic
166316 Select Chip South Pit 0.35 372 Intermediate Metavolcanic
166319 Grab Mid Pit 31 Intermediate Metavolcanic
166320 Grab Mid Pit 10 Mafic Metavolcanic
166321 Grab Mid Pit 13 Mafic Metavolcanic
166322 Grab South Pit 15 Felsic Metavolcanic
166317 Grab 95 Biotite Schist
166318 Grab 41 Diorite
Cliff Zone
Yellow Jacket Trench
Silver Lining Trench
Portofino’s CEO, David Tafel comments; “The gold values found in the Cliff Zone and new gold
mineralized showing in the Yellow Jacket trench continue to indicate the existence of wide-spread gold
mineralization within the South of Otter property. Our project has a limited amount of surface exposure
but with results to date and pending int erpretation of our recent airborne magnetic survey, we are
confident our technical team can continue to develop additional gold targets to be pursued by drilling
in the very near term.”
About the South of Otter Property
The 5,363 hectares Property is contained within the Birch -Uchi-Confederation Lakes greenstone belt
which hosts the world -renowned Red Lake gold deposits and includes the outstanding Dixie project
currently being drilled by Great Bear Resources Ltd. (“GBR”). GBR has reported over the past 2 years
company-building drill results with mineralized intersections commonly returning bonanza gold grades in
association with coarse visible gold grains. Portofino’s South of Otter Property is situated approximately
8 km east of GBR’s claims. In addition, GBR announced (September 9, 2020) the discovery of another
significant gold target called the “Sob el” in the Red Lake gold camp, located approximately 10 km
northeast of, and in the same greenstone belt as, the South of Otter.
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.
Figure 1. Portofino’s South of Otter Property in the Red Lake gold mining camp and its location relative to Great Bear
Resources outstanding discoveries.
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 other northwestern Ontario gold projects; the Gold Creek property located
immediately south of the historic Shebandowan Ni ckel-Copper 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. For further
information on the Company, its projects and its management please visit our website:
https://www.portofinoresources.com/.
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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Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements concerning future operatio ns 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.