Portofino Resources Inc. [POR-TSXV; PFFOF-OTC; POTA-FSE] on Wednesday December 2 reported more encouraging results from a 2020 field work program on its Gold Creek property in northwestern Ontario. The fall program was intended to test both the known showings and those new gold targets defined by the company’s recently completed airborne geophysical survey. The geological team examined at least six target areas of magnetic anomalies located throughout the 4,036-hectare Gold Creek property. Approximately 160 grab samples were taken, representing mineralized showings, altered host rocks and various lithologies found in the target areas to supplement the earlier findings of the summer 2020 prospecting and mapping program.
The first batch of results was released on November 17, 2020. At that time the company said preliminary results for the first 60 gold content analyses had been received with the highest grade being 45.6 g/t gold. For samples that returned greater than 5,000 ppb gold, the samples were retested by fire assay.
On Wednesday, the company released a second batch analytical results from 94 grab samples, a number that brings the total number of samples for the fall program to 154.
The 94 second batch samples were taken from two target gold zones located in the eastern claims, and within the Matawin Gold Belt. Approximately one third of the 94 samples had anomalous or greater gold values with the highest grade being 5.12 g/t. Gold analysis that returned greater than 5,000 ppb were retested by fire assay.
“We are very encouraged with our team’s discovery of both a new gold zone, as well as continued confirmation of the known gold zones and occurrences,” said Portofino CEO David Tafel. “Based on the positive results achieved to date, we have proceeded to apply for an advanced exploration and drilling permit,” he said.
On Wednesday, Portfofino shares were unchanged at 11 cents and trade in a 52-week range of 25.5 cents and $0.015.
Portofino said analytical and assay results from its 2020 summer and fall programs are being integrated into an ongoing property-wide compilation study and report. The report will include structural analysis and modeling that will aid in designing a drilling and trenching program that is expected to commence in 2021.