Portofino Receives Drilling Permit FOR South of Otter, Red Lake Property; Mobilizes Crew to Further Evaluate GOLD Discovery
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 DRILLING PERMIT FOR SOUTH OF OTTER, RED LAKE PROPERTY;
MOBILIZES CREW TO FURTHER EVALUATE GOLD DISCOVERY
Vancouver, B.C., August 07, 2020. PORTOFINO RESOURCES INC. (POR: TSX -V) (POTA: FSE) (“Portofino”
or the “Company”) is pleased to announce the Company has been issued an Exploration Permit (the
“Permit”) for its South of Otter Project from the Ontario Ministry of Energy, Northern Development, and
Mines. As part of the Permit process, Portofino consulted with and received support from all local
indigenous groups. The Permit is valid for 3 years and will allow for trenching, diamond drilling, and line
cutting to be completed within the Project claim area.
The Company has also mobilized an exploration crew to the project to further explore the area and
determine the extent of mineralization related to its new gold discovery announced August 5, 2020. Due
to limited rock exposure at surface, a hydraulic excavator will be used to remove overburden at the new
discovery to determine width and for additional trenching along strike. The crew is tasked with assessing
the potential of the new discovery and determining the optimal exploration steps to a diamond drilling
program.
Portofino’s CEO, David Tafel comments; “Receiving the Permit is timely for Portofino as it allows us to
immediately expand our exploration program focused on our recent high-grade gold discovery. We are
pleased to be able to mobilize our field crew so quickly and commence mechanical trenching along this
new gold trend.”
Figure 1. Portofino’s Red Lake Properties and new gold discovery.
About the South of Otter Property
The Property is contained within the Birch -Uchi-Confederation Lakes greenstone belt which hosts the
world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great
Bear Resources Ltd. (“GBR”). GBR has recently reported exciting drill results with mineralized intersections
commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino’s
Property is located approximately 8 km east of GBR’s claims.
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 magnetic geophysical surveys.
Qualified Person
The technical content of this news rel ease has been reviewed and approved by Mr. Alex Pleson, 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 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 properties located near Atikokan. The Comp any 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.