True to the motto that you should never put all your eggs in one basket Portofino Resources (POR: TSX-V, FRA: POTA) secured a second interesting gold exploration project in a strategic location. Portofino can acquire three claims (54 parcels) with a total area of 1,147 hectares in total in the greenstone belt of Steep Rock in the northwest of the province of Ontario near the historic Sapawe Mine.
After the nearby Sapawe Mine, the “Sapawe West” project was christened. The property is located in McCaul Township, nine kilometers northeast of Atikokan, Ontario. Historically, Noranda examined the area in the 1990s, but has never been drilled to date. Recent successes from the neighbor Falcon Gold (TSXV: FG) indicate a promising exploration area.
Portofino initially wants to summarize all available historical project data and define exploration targets for field work in summer. The property is located in the Steep Rock greenstone belt, immediately north of the Quetico fault (Figure 1) and 2.5 km to the west, and in a strike with the former Sapawe gold mine, which produced approximately 4,457 ounces of gold and 1,315 ounces of silver between 1964 and 1966 were promoted.
Falcon Gold (TSX-V: FG) has recently drilled three diamond holes 6.75 km east and has seen visible positive results (see Falcon Gold press release dated April 28, 2020). The Hammond Reef gold deposit operated by Agnico Eagle is also approximately 13 km north of the property. The Hammond Reef deposit is proven to be a shallow deposit with 208 million tonnes of resources in the measured and displayed category and a gold grade of 0.67 grams per tonne (“g / t”), equivalent to 4.5 million ounces of gold.
Figure 1. General location and geology of the Sapawe West property, Portofino Resources.
The property is strategically located in a structurally active part of the Steep Rock greenstone belt. It is home to the Jack Lake Shear Zone, which may be a northeast branch of the Quetico fault, which is similar to the structure to which the Hammond Reef deposit is connected. In addition, the Lindsay Lake shear zone runs east of the property towards the historic Sapawe Gold Mine.
The property is home to a number of rock formations (mafic volcanic rock, gabbro, diorite and feldspar porphyry). In 1990, Noranda carried out prospections and maps in faults made of quartz-diorite rock containing silicate and silicate, silicified quartz-feldspar porphyry and gabbro rock and reported gold values of up to 2.4 g / t.
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