Portofino has the right to acquire 100% interest in the 869 hectare Melema West Property (the “Property”) which is located 28 kilometers (“km”) northeast of the town of Atikokan, Ontario, and 5km north of the Quetico Fault.
The Property has excellent road access and is contained within the Wabigoon Subprovince and is entirely underlain by the Archean-aged Marmion Pluton which is recognized to host several gold deposits and occurrences. The gold zones are related to northeast trending shear zones which are recognized as splays (faults) off the (major) east-west trending Quetico Fault. Agnico Eagle Mines Limited’s (Hammond Reef) gold deposit, approximately 19 km northwest of the Property, is also hosted within this Pluton on a similar northeast trending structure. The Hammond Reef deposit reportedly hosts a large, near surface deposit categorized as a measured and indicated resource containing 4.5 million ounces (“oz.”) of gold in 208 million tonnes.
The Property covers the Minto Shear Zone, one of the abovementioned northeast trending faults that is associated with the historic past producing Minto Gold Mine.
The District Resident Geologist’s Office recently discovered archived records of drilling completed in 1962 by D.R. Young and E. Corrigan. The records report “100’s of feet (downhole) of strongly sheared and altered porphyry containing quartz stringers and disseminated pyrite, pyrrhotite, chalcopyrite, galena and green mica.” Drilling occurred immediately southwest of the Melema West Property boundary. No assays were recorded with the drill logs.
Grab samples of the Young-Corrigan Showing taken by Resident Geologists in 2019 and accompanying staff from Traxxin Resources assayed as high as 10 g/t gold. The Young-Corrigan vein-system ranges in width from 1 to 15 meters (“m”) wide and was mapped over a strike of at least 170m. The positive gold values demonstrate that an additional undocumented gold-bearing northeast trending structure named the Young-Corrigan Shear Zone potentially exists on the Melema West Property.
The gold-bearing northeast trending structures in this area are extensive, well documented and traceable for over 30km. Recent claim staking by Agnico Eagle in the area and contiguous to the Melema West Property adds support that the Property is strategically well located.