Portofino Receives Airborne Geophysical Survey Covering the South of Otter Project, Red Lake Ontario; Identifies Drill Targets
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 RECEIVES AIRBORNE GEOPHYSICAL SURVEY COVERING THE SOUTH OF
OTTER PROJECT, RED LAKE ONTARIO; IDENTIFIES DRILL TARGETS
Vancouver, B.C., October 14, 2020. PORTOFINO RESOURCES INC. (POR: TSX-V) (POTA: FSE) (“Portofino”
or the “Company”) is pleased to announce it has received the final deliverable maps for the high-resolution
airborne magnetic survey covering the Company’s South of Otter Project in the Red Lake gold camp, Ontario
(the “Project” or “Property”). The survey has identified several structural and magnetic features that when
merged with recent trenching, sampling and surface mapping, as well as historical work have enabled the
Portofino technical team to prioritize targets for follow-on sampling and an initial stage drilling program.
Several magnetic features have been outlined by the airborne survey that merit follow-up exploration. Of
primary interest is the continuous band or belt of highly magnetic responses shown as bright orange to
red to purple lineations (Figure 1). These responses trace an interpreted axis of a major east-west regional
fold that curves across the northern half of the claim block , a distance of ap proximately 9.7 kilometres
(‘km”) and could reflect bedrock enriched in magnetic minerals such as pyrrhotite and magnetite. The
Company believes that this sort of magnetic response may be indicative of banded iron formation, often
a significant host for gold deposits.
In the north central part of the Property, the magnetic bands are bent about and disrupted by an intriguing
magnetic low anomaly that our team identified in our 2020 mapping, sampling and trenching programs
as felsic intrusive unit s. As rep orted on August 26, 2020 , the Company discovered a previously
unidentified sulfide outcropping area (now referred to as the Cliff zone) and recovered grab samples
assaying from nil to 16.0 grams per tonne (“g/t”) gold. Based on the high-grade gold grab samples and
mapping, Portofino has developed a primary target area for a follow-up diamond drilling program. (Grab
samples are selective by nature and may not to be representative of average grades.)
A second area of interest measures approximately 3.5km by 1.5km and is located within the northeast
arm of the claim group where limited historical exploration work has been recorded. The magnetic bands
of the second target area appear to “horsetail” reflecting a complex of highly folded host rocks. Portofino
intends to conduct a full program of prospecting, mapping and sampling with follow -up trenching in this
target zone. Portofino’s exploration crew completed trenches on several prospective sites including the
Cliff Zone and successfully intersected several lithological contacts and mineralized units. The Company
will aim to replicate the success of the previous trenching campaign and to look below the glacial cover
for potential mineralized zones and additional targets.
Figure 1. Portofino’s South of Otter Property showing the Residual Total Magnetic Intensity map and 2 primary areas of magnetic
interest, as well as trenching locations, historical drill holes and anomalous gold in soil samples..
The South of Otter Property is of sufficient size to be of regional significance. It comprises 16 mining
claims containing 252 contiguous cell units and covers approximately 5,363 hectares (13,252 acres). In
addition to the two primary targets, the Property hosts several tertiary magnetic features as identified by
the airborne survey. Portofino is compiling all of the historical exploration data and will prioritize these
tertiary features for follow-up exploration efforts.
Portofino’s CEO, David Tafel comments; “The high-resolution airborne magnetic survey is proving to be
an effective tool in advancing our properties. Like our Gold Creek Project, the South of Otter claims
cover a huge area of highly prospective gold targets. The airborne survey is enabling us to select drill
and follow-up targets in a time-effective manner. As previously announced, a drilling permit has been
granted and we intend to commence a drilling campaign this fall.”
Next Steps – Diamond Drilling
Drilling will be initially testing the highly prospective north central part of the Property where the airborne
survey indicates a break in the major magnetic lineaments about a felsic intrusive plug. Summer 2020
trenching by Portofino in the north central target area, discovered gold mineralization associated with the
contact between the felsic units and volcanic rocks and extended by about 600m the potential of the Cliff
Zone where surface grab samples assayed up to 16.0 g/t gold . Drill sites will be selected to intersect
extensions of the high -grade Cliff Zone and the other target anomalies. Once the particulars of the
program are finalized, the Company will announce the starting date, total meterage and planned number
of holes.
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
exciting and 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 recently announced (September 9, 2020) the
discovery another significant gold target called the “Sobel”, located about 10km northeast of and in the
same greenstone belt as Portofino’s South of Otter Property.
Figure 2. Portofino’s South of Otter Property in the Red Lake gold mining camp and its location relative to Great Bear Resources
outstanding discoveries.
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 geophysical surveys.
Qualified Person
The te chnical content of this news release has been reviewed and approved by Mr. Mike Kilbourne ,
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 in the rapidly developing Atikokan gold mining camp. The Company also
maintains 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
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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 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.