Vancouver, British Columbia--(Newsfile Corp. - July 9, 2018) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POT) ("Portofino" or the "Company") is pleased to announce results from its exploration program on the Hombre Muerto West lithium brine project in Catamarca, Argentina. A total of 18 sample sites were tested within the project concessions and the highest-grade sample returned 1,031mg/L lithium (Li), 9,511 mg/L potassium (K) and 1,716 mg/L magnesium (Mg). The overall average of the eighteen analyses is 384.4 mg/L Li and 3,848.2 mg/L K. The average magnesium ratio relative to lithium is 1.99.
The exploration program included geological mapping and near-surface auger and pit sampling of saline brines to depths of 1 to 1.5 meters.
| ANALYTICAL RESULTS FOR HOMBRE MUERTO WEST LITHIUM BRINE PROJECT | |||
| SAMPLE NO. | LITHIUM (mg/L) | POTASSIUM (mg/L) | MAGNESIUM (mg/L) |
| SHM-1 | 856 | 9402 | 1583 |
| SHM-2 | 320 | 5524 | 593 |
| SHM-3 | 254 | 3795 | 478 |
| SHM-4 | 832 | 8014 | 1675 |
| SHM-5 | 750 | 6641 | 2015 |
| SHM-6 | 685 | 5929 | 1292 |
| SHM-7 | 738 | 6626 | 1223 |
| SHM-8 | 1031 | 9511 | 1716 |
| *SHM-9 (1) | 263 | 3691 | 483 |
| SHM-10 | 31 | 569 | 74 |
| SHM-11 | 16 | 268 | 148 |
| SHM-12 | 214 | 1836 | 432 |
| SHM-13 | 462 | 4056 | 806 |
| *SHM-14 (2) | 1021 | 9649 | 1765 |
| SHM-15 | 63 | 633 | 134 |
| SHM-16 | 77 | 634 | 140 |
| SHM-17 | 10 | 134 | 101 |
| SHM-18 | 141 | 1522 | 437 |
| SHM-19 | 274 | 2492 | 541 |
| SHM-20 | 163 | 1681 | 395 |
Samples were analyzed by Alex Stewart Analytical Laboratory in Argentina.
*(1) Duplicate of SHM-3; *(2) Duplicate of SHM-8
The Hombre Muerto West sample locations can be viewed at the following URL: https://www.portofinoresources.com/projects/catamarca-argentina-lithium-1/.
"We are very encouraged with the multiple high-grade lithium results and the relatively low magnesium-lithium ratios from this sampling program. The outstanding success of this initial work program gives credence to our next phases of exploration activity which are anticipated to include geophysical surveying and drilling" stated David Tafel, Portofino's CEO.
The Company further reports that additional exploration results are anticipated shortly for similar programs conducted on its Rio Grande and Project II properties.
Hombre Muerto West, Catamarca
Portofino has the right to acquire a 100% interest in 2 mineral concessions that comprise 1,804 hectares ("ha") located at the Hombre Muerto salar, where FMC Lithium is currently producing lithium carbonate and Galaxy Resources is developing its Sal de Vida project.
Qualified Person
The technical content of this news release has been reviewed and approved by Andrew J. Turner, B.Sc., P.Geol. of APEX Geoscience Ltd., who is the Company's Geological Consultant and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. The Company holds interests in over 17,000 hectares covering 4 prospective lithium salar properties in Catamarca, Argentina.
On Behalf of the Board,
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel
CEO, Director
604-683-1991
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements concerning future operations of Portofino Resources Inc. (the "Company"). All forward- looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
