Yergo

Portofino Resources Inc. (“Portofino”) owns a 100% interest in the mining and concession rights for the 2,932-hectare drill-ready Yergo Lithium Project (“Yergo”), encompassing the entire Aparejos Salar, in Catamarca Province, Argentina.

Yergo is strategically located within 9km of the 7.63Mt LCE construction-stage Tres Quebradas Project (“3Q”) owned by Zijin Mining Group Co. Limited, acquired from Neo Lithium Corp. February 2022 for CA$960m.

HIGHLIGHTS

• TIER 1 LOCATION: Located within South America’s “Lithium Triangle,” which is estimated to host about 54% of the world’s Lithium resources; Yergo is strategically close to the regional centre of Fiambala, having main road access across the property.
• HIGH QUALITY LITHIUM BRINE:  Sampling by Portofino returned values of up to 373 mg/L Lithium and up to 8,001 mg/L Potassium and included low Magnesium to Lithium ratios.
• SHARED GEOLOGY WITH 3Q:  Due to the Yergo Project’s proximity to the Zijin’s 3Q Project, both likely possess similar evaporitic climates and geologies, including exposure to lithium source rocks. Thus, Yergo is presumably rich in Lithium & Potassium.

PRIOR EXPLORATION

In 2019, Portofino carried out an initial exploration program consisting of surface and near-surface brine sampling and geological mapping.

• Samples returned values of up to 373 mg/L lithium (Li), and up to 8,001 mg/L potassium (K). Most (16) of the sample sites were located in the southeast portion of the salar. 
• These samples averaged 278.1 mg/L Li, 6,091 mg/L K and 86.2 mg/L Mg with analyses indicating very low Mg:Li ratios (0.4 avg).

In 2021, Portofino completed a geophysical survey and geochemical sampling program.

• The Geophysical survey identified two large, anomalous sub-basins within the project of 2.3km x 1km (western sub-basin) and 1.8km x 2.5km (eastern sub-basin)
• Ten samples from the geochemical sampling program were collected and returned values of up to 336.97 mg/L Li and 7,159.78 mg/L K. In addition, the ratios of Mg to Li were notably low, averaging 1.51.

NEXT STEPS

Conducting an initial drill program to evaluate the volume and the Li and K content of the brines and sediments within the low to very low resistivity zones identified by the VES survey.

Drill targets have been identified and subject to receipt of drill permits, drilling would commence immediately thereafter. In conjunction with an initial drill program, Portofino’s intention is to test Yergo lithium samples with certain breakthrough, green-tech, direct lithium extraction (“DLE”) technologies.

Exploration and sampling program – Aug 2021

Exploration and sampling program – Mar 2019