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Portofino expands Gold Creek Property and starts fieldwork near Red Lake

Jul 29, 2020

PORTOFINO RESOURCES INC. has acquired by staking, an additional seven claims or 142 mining cells that increase the size of its Gold Creek Property near Red Lake from 1,024 hectares ("ha") to 3,918 ha. The new claims were acquired to cover northeast trending structural features that are apparent extensions of known gold-bearing horizons and to cover the Tinto Lake Fault.

The regional geology is comparable in many respects to the setting of other world class gold districts such as found in the Timmins and Kirkland Lake Camps in northeastern Ontario. The Gold Creek Property is underlain by the Archean-age Shebandowan greenstone belt. The Shebandowan greenstones extend for approximately 350 kilometres ("km") west from Lake Superior and form an arcuate-shaped complex of metamorphosed felsic to mafic volcanics, which have been intruded by felsic and intermediate stocks and sills. Ultra-mafic intrusive bodies and volcanic units are important components within the Shebandowan belt and host nickel - copper - platinum group metal deposits like the past producing Shebandowan mine.

The Matawin Gold belt is defined by numerous gold occurrences within the Shebandowan greenstone belt, spatially related to felsic intrusions, large zones of alteration and sulfide mineralization also associated with the Crayfish Creek fault. The presence of small and large scale faulting can indicate characteristics favourable for both bulk tonnage, disseminated and high-grade vein style gold. The Tower Mountain gold deposit approximately 30km to the east occurs within the Matawin gold belt and like the Gold Creek claims, its gold mineralization is associated with the Crayfish Creek fault and a felsic intrusive complex. The Tower Mountain gold zones reportedly contain both high-grade style gold mineralization and lower grade disseminated gold mineralization. In 2005, ValGold Resources Ltd. reported drill intersections for the Tower Mountain project within its high-grade zone of 160.0 grams per tonne ("g/t") gold ("Au") over a core length of 1.5 metres ("m") in hole DDH04-6 and within a broad low grade intersection of the U-V gold zone returning 0.94 g/t Au over a core length of 106.5m in hole DDH04-31.

The original Gold Creek claim group comprised 3 mining claims containing 50 contiguous cell units as announced by the Company on May 20th, 2020, focused on the Crayfish Lake Fault which hosts the Matawin Gold Belt where several high-grade gold occurrences have been discovered. Within the Property, significant gold mineralization has been traced along a 1.5-km strike length with grab samples returning values up to 759 g/t Au (Ontario Geological Survey property visit) and diamond drill intersections by Golden Share Mining in 2008 of up to 2.3 g/t Au over 8.3 m. In addition, gold-bearing quartz veins have been reported associated with granodioritic to syenite dikes cross-cutting the greenstone rocks in a northeast-southwest direction and in quartz stock-works and sulfide-enriched zones within silicified and carbonate-altered metasedimentary rocks. Drilling by Inco in 1990 on a northeast trending granodiorite intrusive intersected 0.466 g/t Au over 15.15m from 12.8-27.95m downhole, including 0.888 g/t Au over 5m. This hole remains to be followed up on.

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