Vancouver, British Columbia–(Newsfile Corp. – June 12, 2018) – PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POT) (“Portofino” or the “Company”) announces that it’s geological team has completed a comprehensive initial exploration program on its Hombre Muerto and Rio Grande Sur, lithium brine projects in Catamarca, Argentina. The programs included geological mapping and near surface auger trench sampling. 18 sample sites were tested at the Hombre Muerto project area and 13 at the Rio Grande Sur project area. All samples have been submitted to the Alex Stewart Analytical Laboratory in Argentina for analysis and results are anticipated shortly.
David Tafel, CEO- Portofino, stated; “In addition to the Hombre Muerto and Rio Grande projects, Portofino has an interest in other prospective lithium salar projects in Argentina. The objective of this current sampling program is to prioritize projects and specific project areas in order to focus efforts on the next exploration phases.”
Hombre Muerto, Catamarca
Portofino has the right to acquire a 100% interest in 2 mineral concessions that comprise 1,804 hectares (“ha”) located at the Hombre Muerto salar, where FMC Lithium is currently producing lithium carbonate and Galaxy Resources is developing its Sal de Vida project. Limited near surface brine sampling completed by the Company using hand-augers returned values up to 340 mg/l lithium. (News release- Sept. 07-17)
Rio Grande Sur, Catamarca
Portofino has the right to acquire a 100% interest in a property comprising 8,500 ha of mineral concessions in the Rio Grande lithium brine salar adjacent to (south of) properties held by LSC Lithium Corp. LSC Lithium has reported an initial Mineral Resource estimate* which included a total of 2,190,000 tonnes of lithium carbonate (Li2CO3) equivalent in the Inferred Mineral Resource category where the upper 50 meters (“m”) of the deposit hosts 1,375,435 tonnes grading 338mg/l lithium and the lower 50m to 100m amounts to 814,582 tonnes grading at 410mg/l lithium. Limited near surface brine sampling completed in 2017 by the Company using hand-augers returned values up to 139 mg/l lithium.
(*LSC Lithium Corp. “Technical Report on the Salar de Rio Grande Project, Salta Province, Argentina” dated March 28, 2018 and authored by Hains Engineering Company Limited)
The technical content of this news release has been reviewed and approved by Andrew J. Turner, B.Sc., P.Geol. of APEX Geoscience Ltd., who is the Company’s Geological Consultant and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. The Company holds an interest in over 17,000 ha of prospective lithium salar properties in Catamarca, Argentina.
On Behalf of the Board,
“David G. Tafel”
Chief Executive Officer
For Further Information Contact:
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 control. 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.