Portofino Resources Inc. [POR-TSXV; POT-FSE] reported the successful completion of its recent field program on the South of Otter Project near Red Lake, northwestern Ontario. The company conducted prospecting and geological mapping along strong conductors identified in both its winter electromagnetic (EM) ground survey, and by Goldcorp’s interpretation of 2001 airborne magnetic data. A total of 32 samples were collected to test various styles of mineralization, lithologies, and alteration.
The geological crew discovered significant semi-massive to massive sulphide mineralization along a newly identified, 1.6-km-long fault zone, which exists along the contact of felsic volcanic and mafic intrusive rock units. This newly defined zone is located ~500 metres south of previously identified gold soil sample anomalies and EM conductors. A total of 12 samples were collected along this (deformation) zone to test the presence of Au, Ag, Cu, and Zn mineralization. Assays are pending. Typical precious mineral host rocks containing massive sphalerite, chalcopyrite, and arsenopyrite were identified along this fault zone.
Further prospecting and geological mapping on the margins of this fault zone identified quartz-sericite alteration in the volcanic wallrock. This alteration is highly significant, as many gold deposits in Ontario are either directly hosted in this mineralization or exist in close relationship to this type of alteration and a fault zone. Other projects containing this type of mineralization along similar deformation zones include the Great Bear Resources Dixie Project and the Uchi Lake gold mine.
The 5,120-hectare (South of Otter) property is contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie Project currently being drilled by Great Bear which continues to report excellent drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino’s property is located approximately nine km east of GBR’s claims.