Portofino Summarizes Argentina Lithium Projects - Progress and Actions
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PORTOFINO
RESOURCES INC.
NEWS RELEASE
PORTOFINO SUMMARIZES ARGENTINA LITHIUM PROJECTS -
PROGRESS AND ACTIONS
Vancouver, B.C., June 09, 2022. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA)
(“Portofino” or the “Company”) is pleased to report on its Argentina lithium projects’ status and provide
the following progress and actions updates:
Yergo Lithium Project, Catamarca
The Company reports that following initial filing of an Environmental Impact Assessment associated with
a drilling permit application (regarding the implementation of an inaugural 4-hole drill program), extensive
consultation and dialogue with the Catamarcan provincial Ministries of Environment and Mining have
ensued.
Portofino has demonstrated a strong commitment to an e nvironmentally and socially responsible
exploration and potential development project. Subject to successful drilling and further exploration the
Company is of the opinion that, when advanced responsibly, the Yergo project could encompass
additional attributes that contribute positive economic and social benefits to all stakeholders while
protecting the salar’s sensitive ecosystem.
Portofino’s actions to date include:
1. Proposing to set aside a portion of its mining concessions as a protected nature reserve.
2. Undertaking due diligence and dialogue with multiple Direct Lithium Extraction (“DLE”)
technology companies. DLE operations have proven effective in extracting lithium from salt
brines, having the following benefits:
a. eliminating the requirement for evaporation ponds and their massive environmental and
visual footprint;
b. returning the brine solution to underground aquifers maintaining aquifer levels for local
communities and protecting vital wetland ecosystems; and
c. Dramatically improving the project’s environmental and social impact, while
demonstrating innovation leadership, and implementation of emerging best practices for
Argentina and the Province of Catamarca.
3. Initiating a geothermal study asses sing the potential of Yergo’s renewable geothermal capacity
that could potentially meet 100% of future DLE power requirements, additionally providing the
potential for a sustainable and stable base-load energy solution to local communities displacing
traditional fossil fuels with a carbon neutral future.
Based on positive feedback received in recent meetings held in Catamarca with government officials,
management is confident a drill permit will be granted shortly.
About the Yergo lithium Project
The 2,932 hectares, Yergo Project is located in the southern part of Argentina’s world-renowned “Lithium
Triangle” approximately 15 kilometers southeast of Neo Lithium Corp’s 3Q Project. (In January 2022, Neo
Lithium was acquired by Zijin Mining Group for $960 million.)
A 2021 geophysical survey and surface geochemical sampling program identified two large, anomalous
sub-basins within the Aparejos Salar (see news release dated April 6, 202 1). The survey and sampling
results confirmed the presence of lithium -rich brines and the potential volume of the brines within the
sub-basins. The initial drill program will focus on the eastern sub -basin which has an irregular surface
expression measuring between 1.8km to 2.5km in length by approximately 700 meters (“m”) in width with
modeled depths up to 65m. Portofino reported surface samples with values of up to 373 mg/l Lithium
that were accompanied by low impurities (news releases dated May 27, 2019, and April 6, 2021).
Salta lithium projects
Pursuant to previous disclosure, the Company’s m anagement and Recursos Energeticos y Mineros De
Salta S.A. (“REMSA”), the state -owned mining company of the Province of Salta, are working toward
completing definitive collaboration agreements regarding multiple lithium brine mineral properties in the
Province of Salta . The agreements would provide Portofino and local partners with the opportunity to
earn a majority interest in the properties.
It is expected that the initial agreement will be concerning the Arizaro salar property which is located
approximately 170 kilometers west of the city of Salta . The Arizaro property comprises approximately
8400 hectares and is in close proximity to multiple world -class lithium projects including near term
production projects operated by Ganfeng Lithium, Rio Tinto and French mining conglomerate, Eramet. In
addition, explorer Lithium Chile Inc. has recently reported a high-grade resource on its adjacent Arizaro
project.
The initial exploration campaigns will be performed by REMSA in collaboration with the Company and
financed by Portofino. Portofino’s geological team has completed initial reconnaissance mapping and
surface sampling as part of its ongoing due diligence.
About REMSA
REMSA is a corporation formed in 1985, that oversees the administration of the energy and mineral
resources of the Province of Salta. It contributes to the productive and social development of the province
by managing and promoting the exploration and development of projects within the mining and energy
sectors.
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 properties in
the province of Salta, 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 distri ct 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 contro l. 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.