Portofino Receives Encouraging SGH Gold-In-Soil Anomalies at the South of Otter, Red Lake Property

Vancouver, British Columbia--(Newsfile Corp. - January 5, 2021) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") is pleased to announce it has received encouraging Soil Gas Hydrocarbons ("SGH") gold-in-soil results from a focused geochemical survey conducted in October/November at its South of Otter property. The South of Otter property is situated in the Red Lake Camp of northwestern Ontario and lies only 8km east of Great Bear Resources Dixie Project and contiguous to Dixie Gold's Red Lake Gold Project. Both Great Bear and Dixie Gold have recently announced multiple gold-in-soil SGH anomalies and have utilized the SGH analysis method to vector toward gold exploration targets.

Portofino completed 168 soil samples over the Yellow Jacket and Cliff Zone gold targets that were previously trenched in 2020. These trench locations resulted in new gold mineralization discoveries on the South of Otter property. Channel and chip sample results from the trenches returned 1.09 grams/tonne ("g/t") gold over 0.58metres ("m") and 0.220 g/t gold over 0.35m respectively (news release September 15^th, 2020). Portofino's soil survey covered an area totalling approximately 160,000 square metres in size and the SGH analytical method was successful in outlining gold-in-soil anomalies proximal to each of the Yellow Jacket Zone and the Cliff Zone. (Figure 1 and 2).