Portofino Receives Drill Permit, Engages Drill Contractor- 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 RECEIVES DRILL PERMIT, ENGAGES DRILL CONTRACTOR- GOLD CREEK PROJECT
Vancouver, B.C., March 16, 2021. PORTOFINO RESOURCES INC. (TSX -V: POR ) (OTCQB: PFFOF) (FSE:
POTA) (“Portofino” or the “Company”) is pleased to announce the Company has been issued an
Exploration Permit (the “Permit”) for its Gold Creek Project from the Ontario Ministry of Energy, Northern
Development, and Mines. The Gold Creek claims are situated within First Nation traditional land s and as
part of the Permit process, Portofino consulted with , and has received support for its exploration plans
from local First Nations groups. The Permit is valid for 3 years and allow s mechanical trenching and
diamond drilling to be completed within the Project claim area.
Portofino also reports it has executed a drilling contract for a minimum of 750 metres of diamond drilling
and the Company anticipates the drilling crew to mobilize to site within the next 7-10 days. The program
has been planned to drill at least 6 holes within the eastern portion of the Gold Creek claim area. The
drilling program will test 2 historically identified zones (S1 and I-Zone) and 1 new zone (New Road Zone)
discovered by Portofino’s geological team during its 2020 ground exploration program. (see Figure 1)
Historical property work include s multi-ounce gold grab samples, as well as historical drill intercepts
of 4.32 g/t gold over 41 metres and 4.36 g/t gold over 20.42 metres completed in 1995 and a 1 tonne
bulk sample in 2008 returning an average grade of 9.9 g/t gold from the I -Zone. During 2020, the
Company completed two prospecting programs on the property. Historical zones were located and
sampled, including the AF-U Zones, the S1 Zone and the I Zone. Sampling confirmed anomalous to high -
grade gold at each of these zones.
Prospecting by Portofino’s crew in 2020 lead to the discovery of the ‘New Road Zone’. Grab samples
returned up to 4.07g/t gold as well as 720ppm copper. This newly discovered zone may be mineralized
for at least 300 meters and is proximal to the Crayfish Creek Fault. This Fault is a major crustal scale feature
extending for 80 kilometres and hosts the Matawin Gold belt, home to numerous precious metal
occurrences and base metal deposits.
Portofino’s CEO, David Tafel comments; “We are excited to be commencing this fully funded drill program
on our Gold Creek property. The initial priority drill targets are the result of a comprehensive review of
historical property data and incorporation of our 2020 exploration results by our very thorough and
experienced geological team.”
$571,000 raised through exercise of warrants
Portofino also reports it has received proceeds exceeding $571,000 during the latest quarter ended
February 28 through the exercise of approximately 8.7 million warrants priced between $0.05- $0.08 per
share.
Figure 1: Gold Creek 2021 drilling area
Qualified Person
The technical 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, 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 propert y 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 conce rning 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.