Portofino Summarizes Argentina Lithium Projects

Donna B. Jones


Vancouver, British Columbia–(Newsfile Corp. – June 9, 2022) – PORTOFINO Means INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Corporation”) is happy to report on its Argentina lithium projects’ status and provide the subsequent development and actions updates:

Yergo Lithium Undertaking, Catamarca

The Business studies that next original filing of an Environmental Effect Assessment connected with a drilling permit software (pertaining to the implementation of an inaugural 4-hole drill method), substantial session and dialogue with the Catamarcan provincial Ministries of Setting and Mining have ensued.

Portofino has shown a potent determination to an environmentally and socially liable exploration and probable improvement challenge. Issue to prosperous drilling and even more exploration the Corporation is of the feeling that, when innovative responsibly, the Yergo venture could encompass extra characteristics that lead favourable economic and social positive aspects to all stakeholders while protecting the salar’s delicate ecosystem.

Portofino’s actions to date involve:

  1. Proposing to set apart a part of its mining concessions as a safeguarded character reserve.

  2. Undertaking owing diligence and dialogue with various Immediate Lithium Extraction (“DLE”) know-how organizations. DLE operations have confirmed efficient in extracting lithium from salt brines, getting the pursuing rewards:

    1. eliminating the prerequisite for evaporation ponds and their large environmental and visible footprint

    2. returning the brine option to underground aquifers keeping aquifer stages for nearby communities and safeguarding essential wetland ecosystems and

    3. Radically improving the project’s environmental and social impression, though demonstrating innovation leadership, and implementation of emerging finest procedures for Argentina and the Province of Catamarca.

  3. Initiating a geothermal examine examining the potential of Yergo’s renewable geothermal potential that could likely meet up with 100% of upcoming DLE power needs, also delivering the potential for a sustainable and steady foundation-load strength alternative to neighborhood communities displacing traditional fossil fuels with a carbon neutral foreseeable future.

Primarily based on optimistic comments obtained in the latest meetings held in Catamarca with governing administration officers, administration is self-confident a drill permit will be granted shortly.

About the Yergo lithium Undertaking

The 2,932 hectares, Yergo Project is positioned in the southern section of Argentina’s earth-renowned “Lithium Triangle” about 15 kilometers southeast of Neo Lithium Corp’s 3Q Job. (In January 2022, Neo Lithium was acquired by Zijin Mining Group for $960 million.)

A 2021 geophysical study and floor geochemical sampling software recognized two massive, anomalous sub-basins in just the Aparejos Salar (see information release dated April 6, 2021). The survey and sampling success verified the presence of lithium-abundant brines and the probable volume of the brines within just the sub-basins. The preliminary drill application will concentration on the eastern sub-basin which has an irregular surface area expression measuring in between 1.8km to 2.5km in duration by about 700 meters (“m”) in width with modeled depths up to 65m. Portofino documented floor samples with values of up to 373 mg/l Lithium that have been accompanied by low impurities (news releases dated May perhaps 27, 2019, and April 6, 2021).

Salta lithium projects

Pursuant to preceding disclosure, the Company’s management and Recursos Energeticos y Mineros De Salta S.A. (“REMSA”), the point out-owned mining company of the Province of Salta, are operating towards completing definitive collaboration agreements regarding several lithium brine mineral properties in the Province of Salta. The agreements would present Portofino and area companions with the prospect to get paid a the vast majority fascination in the properties.

It is envisioned that the first arrangement will be regarding the Arizaro salar house which is positioned roughly 170 kilometers west of the metropolis of Salta. The Arizaro assets contains approximately 8400 hectares and is in shut proximity to multiple entire world-course lithium assignments such as in the vicinity of expression output assignments operated by Ganfeng Lithium, Rio Tinto and French mining conglomerate, Eramet. In addition, explorer Lithium Chile Inc. has a short while ago reported a substantial-grade resource on its adjacent Arizaro project.

The preliminary exploration strategies will be done by REMSA in collaboration with the Corporation and financed by Portofino. Portofino’s geological staff has done initial reconnaissance mapping and surface area sampling as element of its ongoing owing diligence.

About REMSA

REMSA is a company formed in 1985, that oversees the administration of the electricity and mineral resources of the Province of Salta. It contributes to the successful and social development of the province by taking care of and selling the exploration and progress of tasks inside of the mining and electrical power sectors.

Certified Individual

The technological material of this information launch has been reviewed and accepted by Mike Kilbourne, P.Geo., who is a Skilled Individual as defined by Nationwide Instrument 43-101, Benchmarks of Disclosure for Mineral Assignments. The QP has not finished adequate perform to verify the historic data on the qualities in the province of Salta, Argentina, particularly relating to historical exploration, neighbouring companies, and federal government geological work.

About Portofino Means Inc.

Portofino is a Vancouver-based mostly Canadian corporation focused on checking out and developing mineral useful resource assignments in the Americas. Portofino has an prospect to gain a vast majority fascination in several lithium jobs in Salta, Argentina and controls 100% of the Yergo Lithium residence which encompasses the Aparejos Salar in Catamarca. The properties are located in the heart of the planet-renown Argentine Lithium Triangle and in close proximity to a number of planet-course lithium tasks. The Organization also has the right to get paid 100% interest in a few northwestern Ontario, Canada lithium jobs: Allison Lake North, Greenheart Lake and McNamara Lake.

Portofino’s South of Otter and Bruce Lake assignments are in the historic gold mining district of Pink Lake, Ontario, Canada proximal to the Dixie gold job found by Excellent Bear Sources and now owned by Kinross Gold Corp. In addition, Portofino retains three other northwestern Ontario gold jobs the Gold Creek residence found straight away south of the historic Shebandowan mine, as nicely as the Sapawe West and Melema West attributes situated in the rapidly developing Atikokan gold mining camp.

ON BEHALF OF THE BOARD

“David G. Tafel”
Main Government Officer

For More Information Speak to:

David Tafel CEO,
Director 604-683-1991

Neither the TSX Venture Trade nor its Regulation Companies Provider (as that term is described in the guidelines of the TSX Undertaking Trade) accepts responsibility for the adequacy or precision of this release.

This information launch may comprise ahead wanting statements relating to long run operations of Portofino Sources Inc. (the “Business”). All ahead- wanting statements concerning the Firm’s long run ideas and functions, such as management’s evaluation of the Company’s task expectations or beliefs might be subject to certain assumptions, risks and uncertainties beyond the Firm’s manage. Buyers are cautioned that any this kind of statements are not assures of long run overall performance and that real overall performance and exploration and money results may possibly vary materially from any estimates or projections.

To see the source model of this push launch, be sure to take a look at https://www.newsfilecorp.com/release/127107



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