Portofino amends South of Otter, Red Lake Agreement

PORTOFINO RESOURCES INC. has executed an amending agreement with EMX Royalty Corp., the underlying claim owner of the South of Otter, Red Lake, Ontario gold project. The Agreement allows the Company to exercise its right to earn a 100% interest in the project by making the final cash payment of $25,000 based on 50% in shares (by Feb 05th) and 50% in cash (by Feb 28th). 

Based on the previous 30-day volume weighted average price for Portofino shares, 176,056 shares are to be issued at a value of $.071 per share. Following this final payment, the Company will own 100% interest in the South of Otter claims, subject to a 1.5% NSR. 

Background
In November 2019, Portofino entered into an option agreement that provided the Company with the right to earn a 100% interest in the project by making cash payments totaling $70,000 and issuing 500,000 shares over four years. All payments, other than the final $25,000 have previously been completed.

The South of Otter project is located approximately 40 kilometres southeast of the town of Red Lake, Ontario and only 8 kilometers from the Great Bear Resources project which was acquired for $1.8 Billion by Kinross Gold. The Property contains excellent targets for both Red Lake-style gold mineralization as well as gold-bearing base metal prospects. Previous work completed by Portofino includes mapping, geochemical soil sampling, trench sampling and airborne geophysical surveying. In addition, drill targets have been identified.

The amended terms and share issuance are subject to approval of the TSX Venture Exchange. 

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person ("QP") as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. 

About Portofino Resources Inc.

Portofino is a Vancouver, Canada-based company focused on exploring and developing mineral resource projects in the Americas. Portofino has executed an agreement with Lithium Chile Inc. to explore and develop the Arizaro Lithium Project located in Salta, Argentina and additionally maintains a 100% interest in the (drill ready) Yergo Lithium Project in Catamarca. Both projects are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. 

The Company also has the right to earn 100% interest in three pegmatite lithium projects and five gold projects located within northwestern Ontario. 

 

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