Portofino Submits Final Proposals Regarding Arizaro Lithium Concessions-Salta, 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 SUBMITS FINAL PROPOSALS REGARDING ARIZARO LITHIUM
CONCESSIONS-SALTA, ARGENTINA
Vancouver, B.C., August 23, 2023. PORTOFINO RESOURCES INC. (TSX -V: POR) (OTCQB: PFFOF) (FSE:
POTA) (“Portofino” or the “Company”) announces that it h as submitted detailed proposals through a
public tender process in Salta, Argentina , for two contiguous lithium concessions, sub-areas III and IV,
within the highly coveted, Arizaro Salar (see Figure 1). The tender submission d eadline has now lapsed,
and while the Company’s success in the process is not guaranteed, the initial, (official) feedback suggests
that the Company’s financial proposals are extremely competitive with other major lithium participants.
Additional aspects of the tender submissions, inc luding c ommunity impact, sustainability and
community/regional benefits, are also being assessed by officials and results are anticipated to be
announced in the second half of September.
Figure 1: REMSa IX, Sub-Area III and IV
In conjunction with the sta te-owned resource company in Salta, the Company previously carried out
extensive geological due diligence on one of the two concession areas, referred to as Arizaro IV. Initial
surface exploration work on this 8,445-hectare block has revealed a thick overburden (crust), however,
samples at surface still assayed as high as 100 milligrams per litre (“mg/l”) lithium, which is consistent
with surface results of other groups exploring this mature salar. Additional exploration activity included:
1. 40 +surface brine samples collected and analysed;
2. 35 trenches reaching shallow water tables using excavation equipment;
3. 69,000 metres (“m”) of geophysical surveying utilizing Vertical Electric Soundings (“VES”)
technology revealing aquifer depths up to 1,000m; and
4. Low resistivity horizons being identified and interpreted as brine targets potentially containing
large concentrations of lithium (see Figure 2).
Figure 2: Arizaro Project Distribution of resistive sections
The VES results with the largest thickness in the low resistivity layer are anticipated to be the highest
prospective areas of interest and are located to the east and south. The explored area shares geological
characteristics with other areas in the same salt flat where bri nes with high lithium content have been
detected at depth. Adjacent properties within the Arizaro salar, have been drilled to depths of more
than 500 m, yielding prospective levels of 300 m to 400 m with >500 mg/L lithium.
David Tafel, CEO of Portofino, commented: “Our legal , operations, and geological team s have
presented two very thorough, well researched and compe titive Arizaro Salar partnership proposals
and we remain confident our efforts will be rewarded. Concurrent to our Arizaro proposal submissions,
and pursuant to the recent news on the Yergo Lithium Project ( POR News Release 14 -AUG-2023), the
team has commenced preparation of an amended drill permit in anticipation of closing the concession
buyout mid-September.”
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo.,
who is a Qualified Person (“QP”) 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
properties in Argentina and neighbouring companies.
About Portofino Resources Inc.
Portofino is a Vancouver -based Canadian company focused on exploring and developing mineral
resource projects in the Ameri cas. Portofino has an opportunity to earn a majority interest in several
lithium projects in Salta, Argentina and up to 100% of the (2932 hectare) Yergo Lithium property in
Catamarca. The properties are situated in the heart of the world -renowned 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 ot her 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
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