Portofino Resources Expands Footprint in Red Lake, Ontario

Portofino Resources (POR: TSX-V, FRA: POTA) acquired by Falcon Gold Corp. The option to acquire all shares (100%) in the 1,428 hectare Bruce Lake property (the “Property”) in the Red Lake, Ontario gold region. The property is only 1.5 kilometers northeast of the Pakwash property owned by Great Bear Resources and approximately 11 kilometers southeast of the border of Great Bear’s famous Dixie project (Figure 1).

58685 8ea9ee7204c25a2e 001

Figure 1. General map of Portofino Resources Bruce Lake property.

David Tafel, CEO of Portofino Resources, said: “Given the success of the Great Bear drilling (Dixie project) and BTU Metals Corp. (Project Dixie Halo) northwest of Bruce Lake, Portofino – along with our current South of Otter property in the northeast – has a well located property package in a very active and growing exploration area near Red Lake. We also believe that the Bruce Lake property is a good fit with our regionally-oriented gold strategy and is a significant addition to the concession portfolio. ”

The Red Lake gold area lies within the same belt and is widely regarded as one of the highest grade mining camps in the world. At Red Lake, around 30 million ounces of gold were extracted from 29 gold mines. The Red Lake gold mine in the mining area, recently developed by Evolution Mining Ltd. is an underground gold mining complex that has been reported to have been in operation since 1949 and produced 25 million ounces of gold at an average grade of 20 grams per tonne.

In addition to the well-known gold deposits, the greenstone belt also houses several iron and non-iron mineral deposits and mines. The historic Griffith Iron Mine is located in the northwest of the Portofino property. The Griffith Mine was reported to be in operation from 1968 to 1986 and produced 22.85 million tons of iron ore pellets with an average of 66.7% Fe from 78.8 million tons of crude ore with an average grade of 23.9% magnetic iron.

The Bruce Lake property includes gold-in-ground anomalies discovered during an exploration-soil sampling by Laurentian Goldfields Ltd in 2010. Portofino has identified regional anomalies with high magnetic field strength. The company considers this to be significant. Gold deposits associated with banded iron formations are excellent exploration targets, especially if the property has gold in the ground associated with a magnetic anomaly. Portofino intends to further explore these exploration targets.

Portofino will issue 650,000 shares in Falcon in exchange for the right to acquire all shares in the Bruce Lake Claims. In addition, Portofino will assume the underlying payments to the claim holders, which will total $ 52,000 over the four-year option period. According to the underlying agreement, the claims are subject to an NSR license fee of 1.5%. Portofino has also agreed to grant Falcon an NSR license fee of 0.5%. The transaction is subject to approval by the TSXV Exchange.

Subscribe to our free newsletter:
Follow us on Twitter:

Risk warning: GOLDINVEST Consulting GmbH offers editors, agencies and companies the opportunity to make comments, analyzes and messages at to publish. This content is for the information of the readers only and does not constitute a call for action of any kind, neither explicitly nor implicitly as an assurance of any course developments. Furthermore, they do not in any way replace individual, expert investment advice and do not constitute an offer to sell the share (s) concerned or a solicitation to buy or sell securities. This is expressly not a financial analysis but advertising / journalistic texts. Readers who make investment decisions or carry out transactions based on the information offered here, act entirely at their own risk. There is no contractual relationship between GOLDINVEST Consulting GmbH and its readers or the users of its offers, since our information relates only to the company and not to the reader’s investment decision.

The purchase of securities carries high risks, which can lead to a total loss of the capital invested. The information published by GOLDINVEST Consulting GmbH and its authors is based on careful research, however, any liability for financial loss or the content guarantee for the topicality, correctness, appropriateness and completeness of the items offered here is expressly excluded. Please take note of our Terms of Use.

In accordance with section 34b of the WpHG and section 48f (5) BörseG (Austria), we would like to point out that GOLDINVEST Consulting GmbH and / or partner, client or employee of GOLDINVEST Consulting GmbH can hold shares in Portofino Resources and therefore there is a conflict of interest. GOLDINVEST Consulting GmbH also reserves the right to buy or sell company shares at any time. This may affect the company’s stock price. GOLDINVEST Consulting GmbH currently has an order relationship with the company, which is reported on the GOLDINVEST Consulting GmbH website, on social media, on partner sites or in e-mails, which also constitutes a conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication that GOLDINVEST Consulting GmbH uses for publications on Portofino Resources. We can also not rule out that other stock market letters, media or research companies will discuss the values ​​we recommend in the same period. Therefore, symmetrical information and opinion generation can occur during this period. No guarantee can be given for the correctness of the courses mentioned in the publication.

Note: PERSONAL-FINANCIAL.COM publishes analyzes, columns and news from various sources in this section. PERSONAL-FINANCIAL.COM AG is not responsible for content that has been posted by third parties in the “News” area of ​​this website and does not adopt it as its own. This content is particularly recognizable by a corresponding “von” label below the article title and / or by the link “To read the complete article, please click here.”; the named third party is solely responsible for this content.

Related Articles

Back to top button