Gold Explorer Portofino Resources (TSX-V POR) (FWB POTA) Announces encouraging developments from its Gold Creek Project in Ontario. The company received the results of an additional 94 samples from the exploration program conducted in the fall.
This fall program, Portofino said, tested both the known occurrences and the new gold targets defined by a recent flight geophysical survey. The focus was on six magnetic anomaly target areas in the 4,036 hectare concession area. With these samples, Portofino complements the results from the prospecting and mapping program from this summer.
The 94 samples of the second batch now received come primarily from two gold target zones in the eastern area of Gold Creek and within the Matawin gold belt. Both appear to be stroking linearly in an east-west direction. In addition, these target zones occur approximately 2,700 meters to the west and on strike of the I-Zone North and South occurrences.
As Portofino now announced, around a third of the 94 samples showed anomalous or higher gold grades, with the maximum value being an impressive 5.12 grams per ton. Such samples, which in the analysis yielded values of more than 5,000 ppb (parts per billion) gold, have been re-analyzed by the company using a fire assay.
Portofino had previously returned high grade gold results from the first target area, the S1 Zone, including a sample of 175 g / t gold! In the ongoing program, another 14 samples from the S1 zone returned significant results from 90 ppb to a maximum of more than 5,000 ppb gold. The fire assay of the sample that returned 5,000 ppb gold found a gold value of 5.12 g / t gold. All samples from the S1 zone were collected from outcrops over a strike length of approximately 250 meters.
New gold zone discovered
In addition, the Portofino geology team discovered a band of outcrops of rusty, rocky intrusive rock with local quartz ore strings and up to 5% pyrite in a new outcrop on a forest road around 300 meters north of the S1 zone. This rock was very fissured and sheared in places and is known as the “New Road Zone”. This zone is located on the eastern end of one of the six target magnetic anomalies. Samples were taken over a strike length of 100 meters and analysis of 14 samples showed values of up to 4,070 ppb gold! Many of the samples from the New Road Zone appear to resemble a sample taken approximately 200 meters west of Portofino during the summer program that returned 161 ppb gold. Which indicates that the New Road Zone has a possible strike length of more than 300 meters.
David Tafel, CEO of Portofino, is encouraged by the results so far and also by the discovery of the new gold zone. Since the results have been positive so far, an application has already been made for the approval of further exploration work as well as drilling, according to Tafel.
Portofino is now having all samples from the autumn program that delivered 1,000 ppb gold or more re-analyzed using a fire test using the Screened Metallics method. This method is intended to evaluate the effect of coarse gold particles on the reliability of standard gold analysis methods. Should there be significant occurrences of coarse-grain gold in the mineralization on the Gold Creek Property – and there is evidence of this in certain historical reports – the Company’s geologists will be better prepared to include it in the assay results of future outcrop and core sampling consider.
In particular, Portofino will integrate all analysis and research results from the programs from summer and autumn this year into an ongoing collective study and the associated report. All available historical geological, geophysical and geochemical data are digitized and compiled in a database so that an advanced evaluation report for the concession area should be completed before the end of the calendar year. This report will include structural analysis and structural models to assist the Company in planning a drilling and trenching program for the coming year.
Exploration at Gold Creek is still in its infancy, but Portofino’s activities this year have already gathered a body of information that we believe suggests the company may be on the trail of significant gold mineralization here. In view of the still strong gold price, the upcoming work and the fact that Portofino in South of Otter has another exciting project in the orbit of Great Bear Resources, we are confident that the stock will still rise significantly, at least in the medium and long term Could gain value. There is of course no guarantee of this, especially with exploration companies.
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