Portofino Reports Issuance of Environmental Resolution Enabling Drilling and Exploration- Yergo Lithium Project, Argentina
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 ISSUANCE OF ENVIRONMENTAL RESOLUTION ENABLING
DRILLING AND EXPLORATION- YERGO LITHIUM PROJECT, ARGENTINA
Vancouver, B.C., August 23, 202 2. PORTOFINO RESOURCES INC. (TSX -V: POR) (OTCQB: PFFOF) (FSE:
POTA) (“Portofino” or the “Company”) is pleased to announce that an official Resolution (the
“Resolution”) from the Minister of Water, Energy and Environment of Catamarca province has been
issued. The Resolution includes reference to an underlying report that details commercial activity
guidelines within the southern part of the province and authorizes exploration and drilling at the Yergo
Lithium Project (the “Project”). The Resolution issuance has been deemed to be the Mining Ministry’s last
requirement pursuant to approval of Portofino’s planned exploration and drilling programs.
David Tafel, CEO of Portofino, commented: “Portofino has established rigid procedures within its
planned exploration program to achieve the highest standards of environmental sustainability. In
addition, and as previously confirmed by the Mining Ministry, the issuance of the Resolution was the
final requirement needed for the Ministry to grant a drilling permit for the Project. We can now expect
the Mining Minister’s office to advance our permit application without further delay.”
The drilling permit application proposes to implement an inaugural 4 -hole drill program . A previously
completed geophysical survey and surface geochemical sampling program identified two large, lithium-
bearing sub-basins within the Yergo Project (April 06-2021). The survey and sampling results confirm the
presence of lithium-rich brines and the potential volume of the brines within the Project.
The 2,932 hectares Yergo Project encapsulates the Aparejos Salar and is located in the southern part of
Argentina’s world-renowned “Lithium Triangle”. The project is situated 15 kilometers southeast of Neo
Lithium Corp’s 3Q Project. (In January 2022, Zijin Mining Group Co. completed a $960 million takeover of
Neo Lithium Corp.)
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. The QP has not completed sufficient work to verify the historic information on the propert y in
Catamarca, Argentina, particularly regarding historical exploration, neighbouring companies, and
government geological work.
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 othe r 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.