Pursuant to an option agreement dated February 28, 2012, the Company was granted an option to acquire a 100% interest in the Iron Horse-Bolivar Mineral Property (the “Property”) comprised of 2,251 hectares located in the Peachland region of British Columbia.
Historical Mine Workings
The first recorded work on the Property was in the late 1890’s when three adits were driven to a maximum length of 66 metres. Limited production from the (Silver King) workings was recorded for the period 1939 to 1941, when a reported total of 244 tonnes of ore was mined that yielded approximately 1,618 grams of gold and 15,116 grams of silver. Exploration activities including mapping, soil sampling, trenching, test-pitting and drilling were undertaken between 1936 and 2005 by various mining entities that included- Noranda Exploration Co., Brenda Mines, Esso Minerals, Fairfield Minerals, Placer Dome Inc.
To date, Portofino has funded a geochemical sampling program and an airborne radiometric/magnetic survey over the property. The sampling program identified anomalous metal concentrations in soils. Additional sampling is required to determine the significance of these anomalies. The results of an airborne survey suggest a porphyry system may be present in the western half of the property.
*Technical content 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.
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