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Portofino Initiates Exploration Programs on Argentina Lithium Projects
Vancouver, B.C., April 30, 2018. PORTOFINO RESOURCES INC. (POR: TSX-V) (POT: FSE) (“Portofino” or the “Company”) is pleased to announce the commencement of a comprehensive field exploration program on the Hombre del Muerto and Rio Grande Sur lithium brine salar properties, located in Catamarca, Argentina. The program will consist of surface sampling, shallow drilling, trenching and geological mapping. Portofino’s geological team is presently mobilized within the project area.
The Company will also be conducting surface sampling, geological assessment and evaluations on several other properties in the area.
Hombre del Muerto, Catamarca project
Portofino has the right to acquire a 100% interest in an 1,804 hectares concession area located within the world-class, Salar del Hombre Muerto, where FMC Lithium is currently producing lithium carbonate and Galaxy Resources is developing its Sal de Vida project. As previously announced, a limited near surface brine sampling program using hand-augers returned values up to 340 mg/L Li within the claim block.
Rio Grande Sur, Catamarca project
Portofino has the right to acquire a 100% interest in an 8500 hectares concession area in the Rio Grande lithium brine salar. Portofino’s project is adjacent to the Rio Grande concession held by LSC Lithium Corp. LSC Lithium has reported an initial Mineral Resource estimate* within their concessions which included a total of 2,190,000 tonnes of lithium carbonate (Li2CO3) equivalent in the Inferred Mineral Resource category with the top 50 meters (“m”) of the deposit amounting to 1,375,435 tonnes grading at 338mg/l Li and the lower 50m to 100m amounting to 814,582 tonnes grading at 410mg/l Li.
(*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)
Qualified Person
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, Canada based Company focused on acquiring, exploring and developing mineral resource projects in the Americas. The Company has an interest in over 17,000 hectares of prospective lithium salar properties in Catamarca, Argentina.
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 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.