Portofino Mobilizes Geological Crew to the Allison Lake North Lithium 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 MOBILIZES GEOLOGICAL CREW TO THE ALLISON LAKE NORTH LITHIUM PROPERTY
Vancouver, B.C., June 23, 2021. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE:
POTA) (“Portofino” or the “Company”) is pleased to announce it has mobilized a geological crew
to the Allison Lake North lithium and rare elements (“Property”). The Property comprises 1,618
hectares (ha) and is located 100 kilometers (“km”) east of the town of Red Lake in northwestern
Ontario. The Property is accessible by well -established logging roads and a hydro -electric power
line transects the claim group. The geological crew has commenced mapping and sampling on the
property.
David Tafel, CEO of Portofino Resources states; “Securing strategic national supplies of
critical metals such as lithium and rare elements is being prioritized by Canadian and U .S.
governments. The Allison Lake region has been identified by the Ontario Geological Survey as
an important new exploration target area for lithium and rare -element mineralization and
we are excited to have “boots on the ground” and our exploration program underway.”
The Allison Lake North Property
The Property contains significant attributes that are key to the formation of lithium -bearing
pegmatite dykes. It is positioned along the contact between the Allison Lake pegmatit e granite
batholith and the Jubilee Lake metasedimentary rocks of t he Uchi Subprovince in northwestern
Ontario (Figure 1).
The 2003 Ontario Geological Survey (“ Breaks”) report described the Allison Lake batholith as the
largest known peraluminous granitic body in northwestern Ontario. Breaks concluded that, “the
Allison Lake batholith represents an important new exploration target for rare -element
mineralization and is the larg est such granite thus far documented in Ontario. This area has high
potential for further discoveries of rare-element mineralization”.
Based upon samples analyzed and included in the Breaks report, the outer rim of the Allison Lake
batholith possesses anomalously high concentrations of rare elements including lithium (“Li”).
Northwestern Ontario is host to several well-known Li and rare earth elements deposits that have
delineated resources and preliminary economic assessment studies (Figure 2). Of note is the PAK
Li deposit along the ‘Electric Avenue’ which contains one of North America's highest -grade, large
tonnage hard-rock Li resources. The PAK deposit has a mineral reserve in the proven and probable
categories of 5.77 MT averaging 2.06% Li 2O. The Spark Deposit, located 2.5km northwest of the
PAK, was winner of the “2019 Discovery of the Year Award”. Frontier Lithium recently announced
drill results from the Spark Deposit with hole PL-048-21 reporting 340 metres of 1.68% Li2O (TSX-
V: FL news - June 1, 2021).
Figure 1. Allison Lake North property regional geological location.
Also notable in northwestern Ontario is the Separation Rapids lithium deposit owned by Avalon
Advanced Materials which has an estimated resource of 9.4Mt grading 1.35% Li 2O; the Georgia
Lake pegmatite deposit owned by Rock Tech Lithium with an estimated resource of 13.3 Mt
grading 1.09% Li2O; two deposits owned by Infinite Ore containing historical resources of 2M
tons grading 1.09% Li2O and 750,000 tons grading 1.38 % Li2O and the Seymour Lake lithium
deposit owned by Ardiden Ltd. and having an estimated resource of 4.8 Mt grading 1.24% Li2O.
Figure 2. Major lithium deposits of northwestern Ontario.
Qualified Person
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 , Canada 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 in the rapidly developing Atikokan gold mining camp.
In addition to maintaining a 100% interest in the Allison Lake North Li project, the Company also
controls a 100% interest in the Yergo lithium (salar) property 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 s tatements 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.