- Portofino Resources Inc. (POR) provides updates on its current and ongoing exploration activities and acquisition
- Portofino advised that a permit for the Yergo lithium project will be approved shortly
- Portofino completed a follow-up sampling program on the Allison Lake North lithium and rare elements property in Ontario where encouraging lithium and tantalum values were discovered
- Additionally, Portofino executed an agreement to acquire the Greenheart Lake and the McNamara Lake lithium properties
- Portofino may acquire a 100 per cent interest in the properties by making staged payments to optionors over the next three years
- Portofino Resources Inc. (POR) is down 4.17 per cent trading at $0.14 per share as of 1:20 p.m. EST
Portofino Resources Inc. (POR) has provided updates on its current and ongoing exploration activities and lithium properties acquisitions.
Portofino has been advised that a permit for the Yergo lithium project in Argentina will be approved shortly.
The permit will allow the implementation of an inaugural four-hole drill program.
The 2,932-hectare project is in the southern part of Argentina’s “Lithium Triangle”.
Survey results confirmed the presence of lithium-rich brines and the potential volume of the brines within the sub-basins of the property.
Portofino previously reported values of up to 373 mg/L lithium that included low impurities.
In September Portofino completed a follow-up sampling program on the Allison Lake North lithium and rare elements property in Ontario.
The team expanded Portofino’s initial exploration program where encouraging lithium and tantalum values were discovered.
Through the expanded program, 35 channel and 11 grab samples were submitted for chemical and mineral analysis.
Portofino executed an agreement to acquire the Greenheart Lake and the McNamara Lake lithium properties.
Both properties are strategically located in the Balmoral and MacNamara Lake areas and are accessible by well-established logging roads.
Each property occurs proximal to a triple junction of three terrane boundaries.
Terrane boundaries are important geological settings for lithium and rare metal pegmatites.
Portofino may acquire a 100 per cent interest in the properties by making staged payments of $67,800 in cash and 500,000 Portofino common shares to optionors over the next three years.
The optionors would retain a 1.5 per cent net smelter returns royalty.
Portofino Resources Inc. (POR) is down 4.17 per cent trading at $0.14 per share as of 1:20 p.m. EST.