Vancouver, B.C., Feb 26, 2019. PORTOFINO RESOURCES INC. (POR: TSX-V) (POT: FSE) (“Portofino” or the “Company”) is pleased to announce the selection of a geophysical team that has been engaged to complete surveys at the Company’s Hombre Muerto West Project (the “Project” or the “Property”), located on the western side of the Salar del Hombre Muerto in the Catamarca Province of Argentina. The geophysical survey work is intended to follow up on encouraging Lithium (and Potassium) results achieved during last year’s near-surface brine sampling program (see News Release - July 10, 2018). The geophysical program will help to define the extent of brines in the sub-surface at the Property, which will in turn be used to define targets for planned exploration drilling. The geophysical team is expected to mobilize to site in early March.
The Company’s 2018 exploration program at the Hombre Muerto West Project comprised the collection of 18 near-surface brine samples that were submitted for geochemical analysis at the Alex Stewart Analytical Laboratory in Argentina. The best result from the 2018 brine sampling program was a sample that returned values of 1,031mg/L lithium (Li), 9,511 mg/L potassium (K) and 1,716 mg/L magnesium (Mg). The overall average of the eighteen analyses was 384.4 mg/L Li and 3,848.2 mg/L K. (News Release - July 10, 2018).
The Company also reports that it has engaged an experienced Argentine group (comprised of geologists, biologists, archeologist, and naturalists) to commence an Environmental Impact Study (“EIS”) for the Hombre Muerto West Project. The study is required by the provincial government and will include discussions of the geological and hydrogeological characteristics of the Project area, the flora and fauna of the region, sites of historical value, climate, proposed work plans and proposed impact mitigation measures. The results of the 2018 near-surface brine sampling program will also be submitted to the provincial mining authorities as part of the EIS and to support other permit applications which are now underway.
Hombre Muerto West, Catamarca
Portofino has the right to acquire a 100% interest in 2 mineral concessions that comprise 1,804 hectares (“ha”) located at the Salar del Hombre Muerto, where FMC Lithium is currently producing lithium carbonate at their Fenix Operation approximately 15km southeast of the Hombre Muerto West Project and where Galaxy Resources is currently developing its Sal de Vida project in the eastern part of the Salar.
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 maintains an interest in several prospective lithium salar properties located within the world-renowned “Lithium Triangle” in Catamarca, Argentina.
On Behalf of the Board,
“David G. Tafel”
Chief Executive Officer
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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.