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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).

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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.

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