- Portofino (POR) engages Prospectair Geosurveys to complete a high-resolution helicopter-borne magnetometer geophysical survey at the Allison Lake North Lithium Project
- The objective of the survey is to identify structural weaknesses in the Allison Batholith
- The resultant magnetic features will aid in the next phase of vectoring on the ground prospecting and mapping of targets of high merit
- The company also announces it has added to its Allison Lake Northland package by acquiring three additional claims (33 cells)
- The new claims are located contiguous to, and the Jubilee Lake sediment group underlies west of the property and
- Portifino Resources Inc. (POR) is up 6.25 per cent, trading at C$0.09 at 11:14 am ET
Portifino Resources (POR) has engaged Prospectair Geosurveys to complete a magnetometer geophysical survey on the Allison Lake North property.
The support crew has been mobilized, and the survey is underway. The program includes approximately 406 line kilometres of airborne geophysical surveys with GPS-controlled, 50-meter line separations to achieve the quality definition of geological units and their structures.
The objective of the survey is to identify structural weaknesses in the Allison Batholith that could potentially contain lithium-bearing pegmatites.
When combined with Portofino’s recent mapping and sampling programs, the resultant magnetic features will aid in the next phase of vectoring on the ground prospecting and mapping of those targets of high merit.
Portofino’s CEO, David Tafel, comments, “The Allison Lake area attracts significant exploration groups and expenditures. We are fortunate to be positioned in the middle of this fully staked, multi-company, battery mineral exploration region.”
“We anticipate results of the airborne survey to be instrumental in guiding a second stage follow on to our 2021 channel and grab sampling program which returned values that included up to 412 ppm Lithium and 1040 ppm Rubidium,” added Tafel.
The company also announces it has added to its Allison Lake Northland package by acquiring three additional claims (33 cells).
The new claims are contiguous to and west of the property and are underlain by the Jubilee Lake sediment group known to host rare element pegmatites.
The Allison Lake Batholith reportedly represents an essential new exploration target for lithium and rare-element mineralization and is the largest such granite documented in Ontario.
A large area that follows the western to southwestern contact of the Batholith was identified in the OGS report as having a high potential for discoveries of pegmatitic mineralization hosting lithium, beryl, tantalum, and other rare elements.
The Allison Lake targets have been found to occur within the Batholith proper and as “exocontact” metasedimentary-hosted pegmatites.
Portofino has agreed to pay $2,000, issue 200,000 shares and grant a 1.5 per cent Net Smelter Returns royalty to the claim holder to acquire the claims.
Portofino may repurchase one-half (0.75 per cent) of the royalty for $400,000.
The Allison Lake North Property now comprises seven claims (113 cells) totalling 2,286 hectares (ha) and is located 100 kilometres east of the town of Red Lake in northwestern Ontario.
Numerous lithium deposits have been delineated in northwestern Ontario and host significant reserves of lithium oxide- Li2O. The Property is accessible by well-established logging roads, and a hydro-electric power line transects the claim group.
The Property contains significant attributes that are key to the formation of lithium-bearing pegmatite dykes.
It is positioned along with the contact between the Allison Lake pegmatite granite batholith and the Jubilee Lake metasedimentary rocks of the Uchi Subprovince in northwestern Ontario.
This significant contract is now fully staked and subject to active exploration by multiple companies.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas.
Portifino Resources Inc. (POR) is up 6.25 per cent, trading at C$0.09 at 11:14 am ET.