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Portofino looking to raise $1 Million for Red Lake South of Otter project

Sep 23, 2020

PORTOFINO RESOURCES is arranging a private placement financing for up to $1,000,000 to explore its South of Otter property that sits just 8km from the red-hot Great Bear Resources Dixie Project.  

The shares will be priced at $0.15 per. Each unit will consist of one common share and one-half share purchase warrant. Each full warrant shall have a term of 24 months commencing on the Closing Date and shall entitle the holder to purchase one common share at a price of $0.25 during the term. Closing will be subject to TSX Exchange approval and any shares issued will be subject to a four-month hold period.

Proceeds from the financing shall be used to incur "Canadian Exploration Expenses" (within the meaning of the Canadian Income Tax Act), related to exploration activities on its Canadian gold projects. The focus of exploration will be on its Red Lake and Atikokan, Ontario properties which will include an initial drilling program on Portofino's South of Otter, Red lake property. 

Portofino's initial gold discovery on the South of Otter property contained high-grade gold mineralization of up to 16 grams per tonne gold (News release - Aug. 26th, 2020). Additional gold values uncovered during its recently completed trenching program (News release - Sept. 15th, 2020) indicate the existence of wide-spread gold mineralization within the South of Otter property. 

About the South of Otter Property

The 5,363 hectares Property is contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the outstanding Dixie project currently being drilled by Great Bear Resources Ltd. ("GBR"). GBR has reported over the past 2 years company-building drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino's South of Otter Property is situated approximately 8 km east of GBR's claims. In addition, GBR announced (September 9, 2020) the discovery of another significant gold target called the "Sobel" in the Red Lake gold camp, located approximately 10km northeast of, and in the same greenstone belt as, the South of Otter.


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