Portofino receives drill permit for Gold Creek Project near Red Lake
"We are excited to be commencing this fully funded drill program on our Gold Creek property. The initial priority drill targets are the result of a comprehensive review of historical property data and incorporation of our 2020 exploration results by our very thorough and experienced geological team," Portofino's CEO, David Tafel said.
PORTOFINO RESOURCES INC. has announced the company has been issued an Exploration Permit (the "Permit") for its Gold Creek Project from the Ontario Ministry of Energy, Northern Development, and Mines. The Gold Creek claims are situated within First Nation traditional lands and as part of the Permit process, Portofino consulted with, and has received support for its exploration plans from local First Nations groups. The Permit is valid for 3 years and allows mechanical trenching and diamond drilling to be completed within the Project claim area.
Portofino also reports it has executed a drilling contract for a minimum of 750 metres of diamond drilling and the Company anticipates the drilling crew to mobilize to site within the next 7-10 days. The program has been planned to drill at least 6 holes within the eastern portion of the Gold Creek claim area. The drilling program will test 2 historically identified zones (S1 and I-Zone) and 1 new zone (New Road Zone) discovered by Portofino's geological team during its 2020 ground exploration program. (see Figure 1)
Historical property work includes multi-ounce gold grab samples, as well as historical drill intercepts of 4.32 g/t gold over 41 metres and 4.36 g/t gold over 20.42 metres completed in 1995 and a 1 tonne bulk sample in 2008 returning an average grade of 9.9 g/t gold from the I-Zone. During 2020, the Company completed two prospecting programs on the property. Historical zones were located and sampled, including the AF-U Zones, the S1 Zone and the I Zone. Sampling confirmed anomalous to high-grade gold at each of these zones.
Prospecting by Portofino's crew in 2020 lead to the discovery of the 'New Road Zone'. Grab samples returned up to 4.07g/t gold as well as 720ppm copper. This newly discovered zone may be mineralized for at least 300 meters and is proximal to the Crayfish Creek Fault. This Fault is a major crustal scale feature extending for 80 kilometres and hosts the Matawin Gold belt, home to numerous precious metal occurrences and base metal deposits.
$571,000 raised through exercise of warrants
Portofino also reports it has received proceeds exceeding $571,000 during the latest quarter ended February 28 through the exercise of approximately 8.7 million warrants priced between $0.05- $0.08 per share.
Tags: Northern Ontario / Exploration / Gold / All Articles