Portofino Provides Drilling Update ON the GOLD Creek Project
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 PROVIDES DRILLING UPDATE ON THE GOLD CREEK PROJECT
• APPROX 800 METERS DRILLED
• VISIBLE GOLD INTERSECTED IN HOLE 4
• MULTIPLE TARGETTED ZONES INTERSECTED
Vancouver, B.C., April 09, 2021. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA)
(“Portofino” or the “Company”) is pleased to report that a total of 798 meters (“m”) of diamond drilling
has been completed through four (4) holes on it’s Gold Creek Project located 65kilometers (“km”) west of
Thunder Bay, Ontario.
The Phase 1 drill program tested targets at the ‘New Road Zone’ and ‘S1 Zone’ where 2020 fall sampling
programs confirmed the presence of anomalous to high grade gold in grab samples. Two holes were
completed at each zone. Drill hole statistics are presented in Table 1. All intervals reported are downhole.
“We are very pleased to have completed our initial drill program on the Gold Creek Property and are
excited about the overall results of this program, notwithstanding the intersection of visible gold in hole
4", said David Tafel, CEO of Portofino. “Our field team and drilling crew worked extremely quickly and
efficiently. Due to unseasonably warm temperatures and resulting early spring breakup, the program was
limited to 4 holes. Our crew will revisit Gold Creek subsequent to receipt of core assay results as we have
a number of additional drill targets to test once the ground conditions dry up.”
Hole GC-2021-01 was drilled at the ‘New Road Zone’. It was designed to target the 2020 surface grab
sample of 4.07 grams/tonne (“g/t”) Au, investigate the Crayfish Creek Fault zone with an historical grab
sample of 6.51 g/t Au , target the anomaly outlined in a 2007 IP survey and investigate the nature and
significance of a high magnetic feature . The New Road Zone was intersected from 27.53 m to 47.14m
(19.61m), consisting of gabbro to diorite bleached with potassic alteration and silicification, containing
0.5-3% blebby pyrite overall with minor quartz stringers. Schistose mafic volcanics were intersected at the
Crayfish Creek Fault Zone. The hole ended in iron formation explaining the high magnetic signature.
Hole GC-2021-02 was also drilled at the ‘New Road Zone’. This hole was field fitted and redesigned to
intersect altered felsic intrusive uncovered while making the drill road, investigate the Crayfish Creek Fault
zone with an historical grab sample of 6.51 g/t Au, target the 2020 surface grab sample of 4.07 g/t Au and
investigate the anomaly from the 2007 IP survey. A wide hematized feldspar porphyry dyke was
intersected from 26.65 m to 37.74m (11.09m), with minor pyrite and quartz stringers. Locally strongly
bleached gabbro was intersected from 55.2m to 62.7m (7.5m), with 0.5-1% pyrite overall, locally up to 3-
4%. The Road Zone gabbro/diorite was intersected from 131.64 to 153m (21.36m), with 0.5 -3% blebby
pyrite and locally strong bleaching. From 190.77 to 217.79m (27.02m) a broad zone of moderately to
strongly silicified metasediments (including conglomerate from 208.51m onwards) was intersected,
containing locally up to 2-3% pyrite with ~0.5-1% overall, as well as minor quartz veining with pyrite.
Hole GC-2021-03 was drilled at the S1 Zone. It was designed to target an historical grab sample of 55 g/t
Au and a grab sample from the 2020 fall sampling program which assayed 5.12 g/t Au collected from a
quartz monzonite with quartz veining and disseminated pyrite. This hole intersected a series of
mineralized, bleached and silicified intermediate dykes with variable quartz veining up to 60cm wide and
0.5-1% pyrite overall with 2 -3% locally. The dykes were intersected from 30.65 m to 33.41m (2.76m),
37.4m to 39.3m (1.9m), and 44.05m to 49.6m (5.55m). Trace galena was noted in the quartz veining.
Hole GC-2021-04 was also drilled at the S1 Zone. It was designed to target an historical grab sampl e of
175 g/t Au and a grab sample from the 2020 fall sampling program which assayed 1.13 g /t Au collected
from a quartz monzonite with quartz veining and disseminated pyrite. A strongly bleached (potassic
alteration and silicification) intermediate dyke wit h moderate quartz veining and 0.5 to 2% blebby to
disseminated pyrite with trace galena and chalcopyrite was intersected from 74.47 m to 80.43m (5.96m)
(Photo 1) within a mafic tuff unit. A few fine grains of visible gold were noted in the quartz veining.
Photo 1. Bleached and quartz-veined intermediate dyke with fine to coarse pyrite in drill hole GC-2021-04
from 74.47m to 80.43m (5.96m).
Multiple quartz -veined, hematitic quartz monzonite intrusive intervals with disseminated pyrite were
encountered in the drilling characteristically similar to those historical zones recently mapped and
sampled. Further intersections of bleached gabbro with blebby and disseminated pyrite were intersected
proximal to the Crayfish Creek Fault. The widespread deformation and mineralization support our belief
that the Crayfish Creek Fault is a prominent yet poorly explored crustal scale feature intimately associated
with gold mineralization in this area.
Table 1. Hole summary of the Phase 1 drilling program at the Gold Creek Property.
The selected samples referenced above are surface grab samples and are not necessarily representative
of the true grade of mineralization on the Property.
Logging and sampling of the drill core has been completed and core samples have been submitted to
AGAT Laboratories in Thunder Bay, Ontario for analysis. Results will be reported as they are received.
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 Nickel-Copper mine, as well as the Sapawe West
and Melema West properties located in the rapidly developing Atikokan gold mining camp.
The Company also holds the right to a 100% interest in the Yergo lithium salar property 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
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.
Hole No. Easting (m) Northing (m) Elevation (msl) Dip (deg) Azimuth (deg) Final Length (m)
GC-2021-01 712303 5383355 476 -47 207 240
GC-2021-02 712254 5383239 462 -47 29 297
GC-2021-03 712402 5383055 449 -48 145 150
GC-2021-04 712588 5383059 458 -47 140 111
Coordinates Zone 15U, NAD83.