Portofino and Lithium Chile Partner on Winning Bid for 8,445 Hectare Arizaro Lithium Project in Salta, Argentina

Portofino and Lithium Chile Partner on Winning Bid for 8,445 Hectare Arizaro Lithium Project in Salta, Argentina

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") and LITHIUM CHILE INC. (TSXV: LITH) (OTCQB: LTMCF) ("Lithium Chile") (where Portofino and Lithium Chile are jointly referred to as the "Companies" hereinafter) are pleased to announce a 50:50 net equity Partnership Agreement following a successful tender for an 8,445 hectare concession within the lithium-bearing Arizaro Salar in Argentina ("Arizaro Area IV").

The Companies had previously submitted separate offers in a public tender for five concession areas (Figure 1) in the province of Salta with Arizaro IV being the largest of the five concession areas.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_001.jpg

Figure 1: Arizaro Area IV

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_001full.jpg

Mr. David Tafel, President & CEO of Portofino, commented: "The exploration knowledge gained through Portofino's initial concession identification and foresight combined with geological due diligence completed by our expert-led geological team, has provided insight into what appears to be a very deep aquifer. Combined with Lithium Chile's exploration success and infrastructure located immediately south, the partnership can move forward quickly. This is a win-win for both Companies, a partnership strongly supported by the Argentina authorities, and we are excited to advance to drilling as soon as possible."

Steve Cochrane, President & CEO of Lithium Chile, additionally stated: "Being awarded Arizaro Area IV is a wonderful achievement for us! It has the potential to significantly increase our lithium resource without much added expense as we have the equipment, capable team, and infrastructure already in place, which positions us to swiftly advance the project."

Prior Exploration

In conjunction with REMSa, the Salta government-owned provincial mining company, Portofino previously carried out extensive geological due diligence on Arizaro Area IV. Significant 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. Portofino's exploration activities 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 aquifers down to depths of 1,000m; and
  4. Low resistivity horizons being identified and interpreted as targets potentially containing large lithium-bearing aquifers (see Figure 2).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_002.jpg

Figure 2: Arizaro Project Distribution of resistive sections 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_002full.jpg

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 brines 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.

Proposed Exploration

The Companies intend to file the necessary environmental and drilling applications to enable commencement of the recommended 4-hole 2,000 m drill program as quickly as possible.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_003.jpg

Figure 3: Arizaro IV Proposed Exploration Program 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_003full.jpg

Project Location

The Arizaro IV property is located in the North of Salar de Arizaro (see Figure 4), approximately 25 km west of the town of Tolar Grande and 360 km from the capital city of Salta. Access from the capital by road is along National Road No. 51, passing through the town of Pocitos, and then south by Provincial Road No. 27 to the town of Tolar Grande and from there by a gravel road. The Taca Taca railway station is 10 km east of the property, along the General Belgrano line connecting the city of Salta with the port city of Antofagasta (Chile), having strategically important export capacity.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_004.jpg

Figure 4: Access roads, infrastructure and energy resources in the area

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_004full.jpg

Arizaro IV is strategically located north of Lithium Chile's 20,800-hectare project in the Arizaro basin. More specifically, Arizaro IV is situated approximately 18 kilometers north of the ARDDH-02 well that Lithium Chile has already drilled (see Figure 5). Additionally, Lithium Chile's established infrastructure near Arizaro IV allows for optimized resource utilization and seamless integration of exploration activities. This proximity-driven approach underscores the Companies' combined commitment to maximizing efficiency and expediting the project timeline.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_005.jpg

Figure 5: Arizaro Salar: Arizaro IV and proximity to current Lithium Chile Properties

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3751/193455_0145707354ce098e_005full.jpg

Acquisition Terms

A definitive joint venture agreement to be completed includes a bid proposal of US$16.7 million, whereby the initial payment of US$5,739,915 has been completed by Lithium Chile (the "Initial Payment") with the balance due within 12 months. Portofino is committed to a 50% reimbursement upon completion of a near-term financing. Portofino has received strong expressions of interest in a financing from several Canadian institutions and details will follow as soon as finalized.

The Partnership Agreement includes a 50:50 allocation of net equity (following an equity allocation to REMSa) to each of Portofino and Lithium Chile, including pro rata responsibility for the acquisition cost and future exploration expenditures. The Agreement will include a credit for Portofino regarding certain incurred due diligence exploration expenditures.

Finalization will be subject to execution of definitive agreements, completion of Portofino's financing and any required regulatory approvals.

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 Americas. In addition to the Arizaro project, Portofino holds 100% of the (2,932 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 Canadian lithium (hard rock) projects and five gold projects located within northwestern Ontario.

About Lithium Chile Inc.

Lithium Chile is an exploration and lithium resource company with a property portfolio consisting of 111,978 hectares in Chile and 29,245 hectares in Argentina. The Company has filed its NI 43-101 Report and Preliminary Economic Assessment, which can be viewed on the Company's profile at SedarPlus.ca.

Lithium Chile also owns 4 properties, totaling 21,329 hectares, that are prospective for gold, silver, and copper. Exploration efforts are continuing on Lithium Chile's Carmona gold/silver/copper property which lies in the heart of the Chilean mega porphyry gold/ silver/copper belt.

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 contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Company's future business plans. Forward-looking information in this news release is based on certain assumptions and expected future events, namely the growth and development of the Company's business as currently anticipated. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193455

News Provided by Newsfile via QuoteMedia

POR:CA
The Conversation (0)
Portofino Executes Agreement to Option Its Gold Creek Property

Portofino Executes Agreement to Option Its Gold Creek Property

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that it has entered into a Mineral Claims Option Agreement with Delta Resources limited ("Delta") whereby Portofino has granted Delta the exclusive right to acquire a 100% interest in its Gold Creek property (The "Property"). The Property covers approximately 4,324 hectares and is situated just to the west of Delta's project area located near Thunder Bay, Ontario.

The terms of the agreement include $300,000 paid in cash and 2,000,001 shares of Delta, paid as follows:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Portofino Grants Stock Options

Portofino Grants Stock Options

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that, in accordance with the Company's Share Option Plan it has granted options to purchase an aggregate of 360,000 common shares of the Company to certain consultants of the Company. Each Option is exercisable into one Common Share at an exercise price of $0.05. The Options are subject to certain vesting conditions and expire five years from the grant date.

About Portofino Resources Inc.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Portofino Updates Argentine Lithium Projects; PDAC Convention Exhibitor

Portofino Updates Argentine Lithium Projects; PDAC Convention Exhibitor

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") wishes to update its shareholders and investors on current corporate activities as related to its two drill-ready Argentina lithium brine projects.

Yergo Project, Catamarca Province

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Portofino Amends South of Otter, Red Lake Agreement

Portofino Amends South of Otter, Red Lake Agreement

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that it has executed an amending agreement with EMX Royalty Corp., the underlying claim owner of the South of Otter, Red Lake, Ontario gold project. The Agreement allows the Company to exercise its right to earn a 100% interest in the project by making the final cash payment of $25,000 based on 50% in shares (by Feb 05th) and 50% in cash (by Feb 28th).

Based on the previous 30-day volume weighted average price for Portofino shares, 176,056 shares are to be issued at a value of $.071 per share. Following this final payment, the Company will own 100% interest in the South of Otter claims, subject to a 1.5% NSR.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Portofino Expands Pre-Drilling Exploration; Receives Confirmation of Yergo Ownership; Corporate Updates

Portofino Expands Pre-Drilling Exploration; Receives Confirmation of Yergo Ownership; Corporate Updates

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that further to its News Release September 26, 2023, it has received confirmation from the Catamarca Province Ministry of Mining that as at October 31, 100% of the Yergo lithium concessions have been registered in Portofino's name.

Portofino's geological team is immediately proceeding to file its technical response to a previously received information request from the Ministry as part of an amended drill permit application.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Two people in suits shake hands, agreeing to a deal.

Sayona Mining and Piedmont Lithium to Merge, Form US$623 Million Lithium Miner

Australian lithium company Sayona Mining (ASX:SYA,OTCQB:SYAXF) and US-based Piedmont Lithium (ASX:PLL,NASDAQ:PLL) have announced a merger agreement that would create a consolidated entity valued at approximately US$623 million.

This move aims to strengthen their positions in the global lithium supply chain and enhance operations in North America and beyond.

The agreement involves an all-stock transaction, with Sayona acquiring Piedmont to become the parent company. Under the terms, existing Piedmont shareholders will receive Sayona American Depository Shares (ADS) or Sayona shares listed on the Australian Securities Exchange (ASX) in proportion to their holdings.

Keep reading...Show less
White Cliff Minerals

Geophysical Anomalies Reveal New Copper Targets at Rae Project

Conductivity anomalies show link between surface showings and vein-system targets

White Cliff Minerals Limited (“the Company”) is pleased to announce further results of the first project scale geophysical survey at the Rae Copper Project (“Rae” or “the Project”), Nunavut, Canada.

Keep reading...Show less
Gina Rinehart, executive chairman of Hancock Prospecting, stands in front of cherry blossom trees.

Inside Billionaire Gina Rinehart's Key Mining Investments (Updated 2024)

Australian billionaire Gina Rinehart has become a formidable force in the global mining industry.

After taking the helm of her father’s iron ore mining firm Hancock Prospecting in 1993, Rinehart embarked upon a diversification strategy that has vastly expanded her resource empire. Today, Australia’s richest person has investments in many of the world’s most strategic commodities such as lithium, rare earths, copper, potash and natural gas.

One of those investments is Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), which even in a low price environment for rare earths has managed to secure nearly AU$1.5 billion in debt financing and is, as of November 2024, pursuing equity financing to advance its Nolans project in the Northern Territory. With a 10 percent equity stake, Rinehart’s Hancock Prospecting is Arafura's largest shareholder.

In addition to Arafura, entrepreneur Rinehart’s investment portfolio also contains other ex-China, green-transition-focused companies such as Australian lithium firm Liontown Resources (ASX:

LTR,OTC Pink:LINRF), as well as rare earths producers MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF). Rinehart’s role in the acquisition of Azure Minerals’ Andover lithium project in Western Australia alongside lithium giant SQM (NYSE:SQM) also made headlines in May of this year.
Keep reading...Show less

SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Jindalee Lithium

Jindalee Lithium Limited (ASX: JLL) – Reinstatement to Quotation

Description

The suspension of trading in the securities of Jindalee Lithium Limited (‘JLL’) will be lifted immediately following the release by JLL of an announcement regarding a prefeasibility study and the receipt of a response to an ASX price query.

Keep reading...Show less

Latest Press Releases

Related News

×