Portofino Increases Red Lake, Ontario Property Interests; Acquires Bruce 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 INCREASES RED LAKE, ONTARIO PROPERTY INTERESTS;
ACQUIRES BRUCE LAKE PROPERTY
Vancouver, B.C., June 29 2020. PORTOFINO RESOURCES INC. (POR: TSX-V) (POTA: FSE) (“Portofino” or
the “Company”) is pleased to announce it has entered into an Option Assignment Agreement with Falcon
Gold Corp. (“Falcon”) to acquire a 100% interest in the 1,428 hectare Bruce lake property (the “Property”)
in the Red lake, Ontario gold district. The Property is located only 1.5 kilometres (“km”) northeast of Great
Bear Resources (“Great Bear”) Pakwash Property and about 11 km southeast of Great Bear’s famous Dixie
Project boundary (Figure 1).
Figure 1. General location map of Bruce Lake Property, Portofino Resources.
David Tafel, CEO of Portofino Resources states: “The success of Great Bear (Dixie project) and BTU
Metals Corp. (Dixie Halo project) drilling northwest of Bruce lake, combined with our current South of
Otter property to the northeast , gives Portofino a well placed land package in a very active and
expanding exploration area of Red Lake. Additionally, we believe the Bruce Lake property compliments
our regionally focused gold strategy and largely completes our property portfolio.”
Like the Dixie Project, the Bruce lake claims are entirely underlain by the Archean -age metamorphosed
sedimentary and volcanic rocks of the Uchi-Confederation Lake greenstone belt. The Red Lake gold district
is hosted within this same belt and is recognized as one of the world’s highest-grade mining camps having
produced approximately 30 million ounces of gold from 29 gold mines. Within the mining district, the Red
Lake gold mine, that was recently purchased by Evolution Mini ng Ltd., is an underground gold mining
complex, which is reported to have been in production since 1949, producing 25 million ounces of gold at
an average grade of 20 grams per tonne.
In addition to the well -known gold deposits, the greenstone belt hosts s everal ferrous and non -ferrous
mineral occurrences and mines. The historic Griffith iron mine property is located immediately north -
west of Portofino’s Property. The Griffith Mine reportedly operated from 1968 to 1986 and produced
22.85 million tons of iron ore pellets with average grading of 66.7% Fe from 78.8 million tons of crude ore
with average grading of 23.9% magnetic iron.
The Bruce Lake Property contains gold -in-soil anomalies discovered as part of a reconnaissance soil
sampling program completed by Laurentian Goldfields Ltd in 2010. Portofino has recognized the existence
of regional magnetic high anomalies coincident with the gold -in-soils anomalies that it believes are
significant. Gold associated with banded iron formations are excellent exploration targets especially when
the property has gold in soils associated with a magnetic anomaly. Portofino intends to follow-up on these
exploration targets.
Next Steps
Portofino has initiated the compilation and reinterpretation of all a vailable historic data on the project
and is proceeding to define exploration targets for an initial field program.
Acquisition Terms
Portofino will issue 650,000 shares to Falcon for the right to acquire a 100% in the Bruce lake claims. In
addition, Portofino will assume the underlying claim holder payments which total $52,000 over a 4-year
option period. The Claims are the subject to a 1.5% Net Smelter Return (“NSR”) royalty pursuant to the
Underlying Agreement. In addition, Portofino has agreed to grant Falcon a 0.5% NSR. The transaction is
subject to TSXV exchange approval.
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 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 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 propert ies located near Atikokan. 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 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.