Portofino Resources

Advancing Prospective Lithium-Brine Properties in Argentina

Overview

Portofino Resources Inc. (TSXV:POR,FWB:POTA) is a Canadian mineral resource company with lithium and gold projects in the Americas. The company’s focus is on its three lithium brine projects located within Argentina’s Catamarca Province, which is one of the leading lithium production centers in South America’s Lithium Triangle. The region’s salars have become the world’s main source for lithium carbonate production. Additionally, Portofino’s three lithium projects are all located near key producers and advancing projects, such as FMC Lithium, Galaxy Resources (ASX:GXY) and LSC Lithium Corp. (TSXV:LSC), to name a few.

Recent exploration work at the company’s Hombre Muerto West and Rio Grande Sur properties has yielded promising results. At Hombre Muerto West, a surface sampling program tested 18 areas of interest and returned 1,031mg/L lithium, Portofino’s highest-grade brine assays to date. At Rio Grande Sur, 13 samples from the property were tested and returned values of up to 216mg/L and 4,185 mg/L potassium. Additionally, lithium has been found in spring-sourced surface waters, which indicate that the area may be a key source of lithium for the salar.

Both Portofino’s Project II lithium and Iron Horse-Bolivar gold-silver projects have seen extensive historical exploration. Historical results recovered from Project II average 274 mg/L of lithium. Between 1939 and 1941, the Iron Horse-Bolivar historically produced approximately 244 tonnes of ore, which yielded 1,618 grams of gold and 15,116 grams of silver.

The demand for lithium is expected to rise over the coming years to reach approximately 900,000 tonnes by 2025. Most of the demand is being fueled by the adoption of clean energy initiatives and the rising demand for electric vehicles (EV), in which lithium plays a critical role. As the name implies, lithium is a main component in the lithium-ion battery.

Looking to capitalize on rising gold prices, Portofino has recently acquired a gold property in the Red Lake mining district near Great Bear Resources Ltd.’s (TSXV:GBR) Dixie project. Historical exploration on the project includes prospecting, sampling and diamond drilling. To complement the company’s existing Ontario gold holdings, Portofino Resources recently announced a binding agreement to acquire six claims totaling approximately 869 hectares in the Atikokan area of northwestern Ontario, making up the Melema West property. Moving forward, Portofino Resources intends to compile all of the available assessment work and historical data on its Ontario properties to assist in the planning of the company’s future exploration programs.

Company Highlights

  • Three lithium brine projects located in the province of Catamarca, Argentina; approximately 14,000 hectares near key producers and advancing projects.
  • Ongoing programs to verify historical results indicating high-grade lithium and potassium.
  • Hombre Muerto West sampling program returned highest to date value of 1,031mg/L lithium.
  • Rio Grande Sur sampling program returned values of up to 216mg/L and 4,185 mg/L potassium.
  • Experienced management with excellent network of regional community and government connections.
  • Prospective gold-silver property in BC with a potential porphyry system.
  • British Columbia property saw historic production of 1,618 grams of gold and 15,116 grams of silver between 1939 and 1941