Portofino Reports Airborne Survey Underway; Additional Claims Acquired - Allison Lake North Lithium 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 REPORTS AIRBORNE SURVEY UNDERWAY; ADDITIONAL CLAIMS
ACQUIRED - ALLISON LAKE NORTH LITHIUM PROJECT
Vancouver, B.C., May 10, 2022. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA)
(“Portofino” or the “Company”) is pleased to announce that it has engaged Prospectair Geosurveys to
complete a high-resolution helicopter-borne magnetometer geophysical survey on the Allison Lake North
property (the “Property”). The support crew has been mobilized and the survey is underway. The program
comprises approximately 406 line-kilometers of airborne geophysical surveys with GPS controlled, 50 -
meter line separations in order to achieve quality definition of geological units and their structures. The
objective of the survey is to identify structural weaknesses in the Allison Batholith that could potentially
contain lithium bearing pegmatites. The resultant magnetic features will aid in the next phase of vectoring
on the ground prospecting and mapping of those targets of high merit when combined with Portofino’s
recent mapping and sampling programs.
Portofino’s CEO, David Tafel comments; “The Allison Lake area is attract ing significant exploration
groups and expenditures and we are fortunate to be positioned in the middle of this fully staked, multi-
company, battery mineral exploration region. We anticipate results of the airborne survey to be
instrumental in guiding a 2 nd stage follow on to our 2021 channel and grab sampling program which
returned values that included up to 412 ppm Lithium and 1040 ppm Rubidium.”
Mr. Tafel comments further; “The 2nd half of 2022 is ramping up to be come a very exciting and active
lithium exploration period for Portofino in northern Ontario, as well as in northern Argentina. We expect
drilling to commence on our 100% controlled, Yergo project in Catamarca and field work will be initiated
in neighbouring Salta province upon execution of a definitive agreement with the provincial resource
entity (REMSA) enabling the Company to earn a majority interest in multiple lithium brine projects
situated within the heart of the world-renown Lithium Triangle.”
Acquisition of additional claims
The Company also announces it has added to its Allison Lake North land package by acquiring 3
additional claims (33 cells). (Allison Lake North Location). The new claims are located contiguous to and
west of the Property and are underlain by the Jubilee Lake sediment group that are known to host rare
element pegmatites.
The Allison Lake Batholith reportedly represents an important new exploration target for lithium and rare-
element mineralization and is the largest such granite documented in Ontario (Ontario Geological Survey
Open File Report 6099 “the OGS report”). A large area that follows the western to southwestern contact
of the Batholith was identified in the OGS report as having high potential for discoveries of pegmatitic
mineralization hosting lithium, beryl, tantalum, and other rare elements. The Allison Lake targets have
been found to occur within the Batholith proper and also as “ exocontact” metasedimentary-hosted
pegmatites.
To acquire the claims, Portofino has agreed to pay $2,000, issue 200,000 shares and to grant an 1.5% Net
Smelter Returns royalty (the “Royalty”) to the claim holder. One -half (0.75%) of the Royalty may be
repurchased at any time by Portofino for $400,000.
About The Allison Lake North Property
The Allison Lake North Property now comprises 7 claims (113 cells) totaling 2,286 hectares (ha) and is
located 100 kilometers (“km”) east of the town of Red Lake in northwestern Ontario. Numerous lithium
deposits have been delineated in northwestern Ontari o and host significant reserves of lithium oxide-
Li2O. The Property is accessible by well-established logging roads and a hydro-electric power line transects
the claim group. The Property contains significant attributes that are key to the formation of li thium-
bearing pegmatite dykes. It is positioned along the contact between the Allison Lake pegmatite granite
batholith and the Jubilee Lake metasedimentary rocks of the Uchi Subprovince in northwestern Ontario.
This important contact is now fully staked and subject to active exploration by multiple companies.
Qualified Person
The technical content of this news release has been reviewed and approved by 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. Portofino has an opportunity to earn a majority interest in multiple lithium
projects in Salta, Argentina and controls 100% of the Yergo Lithium property which encompasses the
Aparejos Salar in Catamarca. The properties are situated in the heart of the world -renown Argentine
Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the
right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North,
Greenheart Lake and McNamara Lake.
Portofino’s South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake,
Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned
by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the
Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe
West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
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.