Bruce Lake Property
Bruce Lake Property Overview Presentation
Portofino has the right to acquire a 100% interest in the 1,428-hectare Bruce lake property (the “Property”) in the Red lake, Ontario gold district. The Property is located only 1.5 kilometres (“km”) northeast of Great Bear Resources (“Great Bear”) Pakwash Property and 11 km southeast of Great Bear’s famous Dixie Project boundary. Like the Dixie Project, the Bruce lake claims are entirely underlain by the Archean-age metamorphosed sedimentary and volcanic rocks of the Uchi-Confederation Lake greenstone belt. The Red Lake gold district is hosted within this same belt and is recognized as one of the world’s highest-grade mining camps having produced approximately 30 million ounces of gold from 29 gold mines.
In addition to the well-known gold deposits, the greenstone belt hosts several ferrous and non-ferrous mineral occurrences and mines. The historic Griffith iron mine property is located immediately north-west of Portofino’s Property. The Griffith Mine reportedly operated from 1968 to 1986 and produced 22.85 million tons of iron ore pellets with average grading of 66.7% Fe from 78.8 million tons of crude ore with average grading of 23.9% magnetic iron.
The Bruce Lake Property contains gold-in-soil anomalies discovered as part of a reconnaissance soil sampling program completed by Laurentian Goldfields Ltd in 2010. Portofino has recognized the existence of regional magnetic high anomalies coincident with the gold-in-soils anomalies that it believes are significant. Gold associated with banded iron formations are excellent exploration targets especially when the property has gold in soils associated with a magnetic anomaly.