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
Lightning Minerals

Infill Soil Sampling at Dundas to Further Define Lithium Drill Targets

Lightning Minerals (L1M or the Company) is pleased to announce the start of a targeted infill soil sampling program at its Dundas lithium project in Western Australia. The program is designed to infill the existing geochemistry program which was completed on a grid spacing of 400m x 400m and will consist of approximately 500 samples.

Keep reading...Show less
White Cliff Minerals

White Cliff Minerals Limited (ASX: WCN) – Trading Halt

Description

The securities of White Cliff Minerals Limited (‘WCN’) will be placed in trading halt at the request of WCN, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 9 October 2024 or when the announcement is released to the market.

Keep reading...Show less
White Cliff Minerals

Large Scale Copper Discovery Confirmed

Highest assays returned 64.02% Cu, 223g/t Ag and 2.34g/t Au. Multiple High-Grade Copper and Precious Metal Vein Systems Identified. Potential For Very Significant deposits of Sedimentary Hosted Copper

White Cliff Minerals Limited (“the Company”) is delighted to announce the first batch of assay results from rock chip samples taken during the 2024 maiden field program at the Rae Copper Project in Nunavut, Canada (“Rae” or “the Project”). Results confirm outcropping and high-grade copper and precious metals hosted in extensive massive chalcocite vein systems of significant lateral extent.

Keep reading...Show less
Ship carrying containers showing Australian flag.

Dredging Begins at Lumsden Point, Hub to Focus on Battery Metals Exports

Dredging work as begun at the Lumsden Point project in Port Hedland, a major Australian import and export site. About 1 million cubic meters of material are set to be removed in the next eight weeks.

In a Monday (September 30) press release, Pilbara Ports said that the work has been made possible through AU$611.6 million in funding from the government, as well as companies in the mining industry.

The Australian government is contributing AU$450 million, with the money going toward new multi-user facilities and berths, and the Western Australian government is putting in AU$96.6 million.

Keep reading...Show less
White Cliff Minerals

White Cliff Minerals Limited (ASX: WCN) – Trading Halt

Description

The securities of White Cliff Minerals Limited (‘WCN’) will be placed in trading halt at the request of WCN, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 7 October 2024 or when the announcement is released to the market.

Keep reading...Show less
Lithium Universe (ASX:LU7)

Lithium Universe


Keep reading...Show less

Latest Press Releases

Related News

×