• Portofino Resources (POR) has received an exploration permit, allowing for trenching, diamond drilling and line cutting at its South of Otter Project
  • The permit is valid for three years and was issued by the Ontario Ministry of Energy, Northern Development and Mines
  • An exploration crew has now been mobilised to the project to further explore the region and determine the extent of mineralisation
  • A hydraulic excavator will be used to remove overburden due to the limited surface rock exposure
  • Portofino Resources (POR) is currently steady at C$0.23 per share

Portofino Resources (POR) has received an exploration permit, allowing for trenching, diamond drilling and line cutting at its South of Otter Project.

Located roughly 40 kilometres southeast of the town of Red Lake, the 5,363-hectare project sits within the prolific Birch-Uchi-Confederation Lakes greenstone belt.

Great Bear Resources, which is currently carry out a drill program at the nearby Dixie Project, recently reported significant results that included mineralised intersections with bonanza-grade gold results.

The permit is valid for a period of three years and was issued by the Ontario Ministry of Energy, Northern Development and Mines.

Portofino has now mobilised an exploration crew to the South of Otter Project, which will further explore the region and determine the extent of mineralisation related to a new gold discovery announced in a news release dated August 5 this year.

The new discovery has limited surface rock exposure, so the exploration crew will use a hydraulic excavator to remove unnecessary overburden. The company will then be able to assess the width of the discovery and carry out trenching along strike.

This work is designed to evaluate the potential of the new discovery and identify optimum exploration steps in preparation for a diamond drill program.

David Tafel, CEO of Portofino Resources, commented on the receipt of the exploration permit.

“Receiving the permit is timely for Portofino as it allows us to immediately expand our exploration program focused on our recent high-grade gold discovery.

“We are pleased to be able to mobilise our field crew so quickly and commence mechanical trenching along this new gold trend,” he said.

Portofino Resources (POR) is currently steady at C$0.23 per share at 2:32pm EDT.

More From The Market Online

Canadian GoldCamps enters deal to buy F3 Uranium subsidiary

Canadian GoldCamps (CSE:CAMP) has entered into a letter of intent with F3 Uranium to acquire F3 Uranium's wholly owned subsidiary F4 Uranium.

Plunging microcap stock American Lithium triples project’s value

American Lithium (TSXV:LI) has released a technical report on the preliminary economic assessment for its Falchani lithium project in Peru.

Rome Resources to begin drilling at Bisie North Tin Project

Rome Resources (TSXV:RMR) is set to begin extension drilling at its Bisie North Tin Project in the eastern Democratic Republic of the Congo.

Ivanhoe Mines stock dips despite record-breaking performance

Ivanhoe Mines (TSX:IVN) opened lower after reporting its Q4 and full-year 2023 financial results below analyst estimates.