Portofino Receives Preliminary GOLD Results from the GOLD Creek Project Phase 1 Drilling Program
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 PRELIMINARY GOLD RESULTS FROM THE GOLD CREEK
PROJECT PHASE 1 DRILLING PROGRAM
HIGHLIGHTS
• Near surface, visible gold encountered in quartz veining
• 6.95 meters of 1.7g/t gold including 3.36 meters of 2.40 g/t gold reported
• Evidence of syenite-like gold bearing dykes provides strong evidence for analogies to Kirkland
Lake and Timmins-style gold camps
Vancouver, B.C., May 11, 2021. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA)
(“Portofino” or the “Company”) is pleased to report that gold assay results have been received for the
Gold Creek drilling program completed in March 2021. A total of 798 metres (“m”) of diamond drilling
were completed through four (4) holes on its Gold Creek Project located 65km 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 results are presented in Table 1. All intervals reported are downhole.
Table 1. Phase 1 gold assay results from the Gold Creek drill program.
Broad zones of alteration including silicification and potassic metasomatism with pyrite mineralization
were common in all the drill holes, with hole GC -2021-04 reporting visible gold and 1.712g/t Au over
6.95m.
Two holes were drilled at the S1-Zone where a historical grab sample assayed 175 grams per tonne gold
(“g/t Au ”) and a 2020 grab sample reported 5.12 g /t Au. Assay results from hole GC -2021-04 were
reported from a strongly bleached (potassic alteration and silicification) intermediate dyke with moderate
quartz veining and 0.5 to 2% blebby to disseminated pyrite with trace galena and chalcopyrite intersected
from 73.48m to 80.43m (6.95m). A few fine grains of visible gold were noted in the quartz veining. This
interval included a 0.74m mafic tuff.
Hole No. Target From (m) To (m) Interval (m) Au g/t
GC-2021-01 New Road Zone 31.4 37 5.6 0.090
GC-2021-02 New Road Zone NSA
GC-2021-03 S1-Zone 47 49.6 2.6 0.133
GC-2021-04 S1-Zone 73.48 80.43 6.95 1.712
including 77.07 80.43 3.36 2.40
NSA: No significant assays
Gold Creek Drilling Result Highlights
The results from holes GC-2021-01 and 02 intersected little in significant gold values, however opened a
geological window into the environment along the Crayfish Creek Fault. Timiskaming clastic sediments
consisting of conglomerate, finer grained clastic sediments and iron formation were intersected in the
drilling. Local pervasive shearing, silicification, chlorite, sericite and quartz-carbonate stringers and veins
with minor 1-3% disseminated pyrite in the groundmass is suggestive of an active deformation and
hydrothermal environment. Potassium-altered and bleached gabbro to diorite intrusive bodies were also
intersected in the drill holes. This geological setting of Timiskaming clastic sediments in a preserved basin
along a crustal scale fault (Crayfish Creek Fault) with intrusive rocks in a halo of observed alteration,
deformation and mineralizing features bears many similarities to the Timmins and Kirkland Lake gold
camps.
Commentary
David Tafel, CEO of Portofino comments: "Drilling at the S1-Zone has confirmed that the quartz -veined,
altered and mineralized dyke is gold -bearing and represents the strongest interval drilled at the S1 -Zone
to date. The geological setting at the New Road zone provides strong evidence for analog ies to Kirkland
Lake and Timmins -style gold mineralization. Our geological team will continue to advance the Crayfish
Creek Fault exploratory work as well as our other high priority targets including the I-Zone, the U-Zone and
AF-Zone.
Next Steps
The recently completed Phase 1 drill program was to have included drilling at the I -Zone North where
historic property work includes 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 ove r 20.42 metres completed in 1995 and a 1 tonne bulk
sample in 2008 returning an average grade of 9.9 g/t gold. An early spring thaw prevented mobilization
of the drill rig to this site. Portofino considers the I -Zone North a Priority 1 target as it is drill ready for a
Phase 2 drill program.
In addition to preparing the Priority 1 targets for a Phase 2 drill program, targets of merit identified
through the structural interpretation of the property will be reviewed. This includes the geology along the
Crayfish Fault as well as F1 and F2 folds in the southeastern mafic to intermediate package of rocks.
Portofino’s technical team will continue to evaluate the U -Zone and AF -Zone (Figure 1). Portofino is
confident these two occurrences are geologically connected through a common felsic intrusive body. Both
the U-Zone and AF -Zone have returned high -grade gold surface samples as well as drilling (8 short drill
holes totaling 485m) at the U-zone with assay highlights of 2.38 g/t Au over 8.3m.
QA/QC Protocol
Drill core was logged and sampled on site. Core samples (BTW) from the program were cut in half, using
a diamond cutting saw, and were hand-delivered to AGAT Labs in Thunder Bay, Ontario. AGAT Labs is an
accredited mineral analysis laboratory. The primary analytical method by AGAT for Au was 202-551, a 50g
Fire Assay with an AAS finish. Over-limits for Au beyond 5,000 ppb were then analyzed using method 202-
564, a fire assay method with a gravimetric finish. Samples were also analyzed by method 201-071, a 48-
element package using acid digest with ICP/ICP -MS finish. Eighty-nine samples were analyzed using
method 202-055 for Au, Pt and Pd, a 30g fire assay with ICP -OES finish. Certified reference standards,
blanks and field duplicates totaling 1 2% of all samples analyzed were routinely inserted into the sample
stream, as part of Portofino’s quality control/quality assurance program (QAQC).
Figure 1. Phase 1 drilling areas and Priority 1 exploration targets on the eastern portion of the Gold Creek
property.
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
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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 a re not guarantees of future performance and that
actual performance and exploration and financial results may differ materially from any estimates or projections.