del condor & pucara, salar del hombre muerto, catamarca …€¦ · and pucara lithium brine...
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POR: TSX.V | POT: FSE
DEL CONDOR & PUCARA, SALAR DEL HOMBRE MUERTO, CATAMARCA PROVINCE, ARGENTINA:Portofino has an option agreement with a private Argentine concession owner to acquire a 100% interest in the Del Condorand Pucara lithium brine salar projects in Catamarca, Argentina. The claims encompass a combined 1,804 hectare claim blockand are located within the world-class, Salar del Hombre Muerto, where FMC Lithium is currently producing lithiumcarbonate and Galaxy Resources is developing its Sal de Vida project. There is no historic exploration on either the DelCondor or Pucara claim blocks, however, Portofino’s geological team recently completed a site visit and a limited nearsurface brine sampling program from hand-augered test holes. Geochemical analysis of the brine samples was completed byALS Global Laboratories and returned values up to 340 mg/l Lithium.
UPDATE: January 15, 2018
PROJECT II, CATAMARCA PROVINCE, ARGENTINAPortofino also has an option agreement to acquire up to an 85% interest in a second lithium brine salar project inCatamarca, Argentina. Project II is approximately 3,900 hectares in size and is located 10 kilometres from the Chile border.It is situated between Neo Lithium Corp’s 3Q project to the south-west and the Antofalla salar currently being developedby Albermarle Corporation to the northeast.
Historical exploration work commissioned by the concession owner in 2012, included geological mapping, sampling ofsurface waters, auger sampling of brines, and compilation of the distribution of lithium (“Li”) and potassium (“K”) gradeswithin the basins. A number of surface water and auger brine samples were analyzed, and results averaged 274 mg/l of Liand 7,521 mg/l K.*
*The Company and its Qualified Professionals have not verified the historical sample collection methodology or analytical results, but believe the results are relevant. Future workby Portofino, including a surface water and auger brine sampling program is required to verify the historical results.
PROJECT II HISTORICAL SURFACE SAMPLING CONFIRMATION, MAY 2017: CATAMARCA, ARGENTINA
RIO GRANDE SUR, CATAMARCA PROVINCE, ARGENTINAPortofino has executed a binding agreement with a private Argentine concession owner to acquire a 100% interest in the RioGrande Sur lithium brine salar project in Catamarca, Argentina. The concession area comprises approximately 8,500hectares, and consolidates the southern extension of the Rio Grande salar in Catamarca. The property is adjacent to the RioGrande concessions held by LSC Lithium (“LSC”) and Enirgi Group Corp. (“Enirgi”). LSC has reported historical lithiumconcentrations at surface of up to 420 mg/l lithium* with recent sampling work confirming a prior surface sampling programcompleted by Enirgi. Additionally, the Rio Grande salar has been a significant past producer of sodium sulfate and severalsmall producers continue to operate in the area.
* LSC Lithium NI 43-101 Report, “Review of Four Lithium Exploration Properties in Argentina” prepared for LSC Lithium Inc. and dated January 27, 2017. Note-Portofino is not awareof any historical work completed on the Rio Grande Sur concession area and the historical Li-brine results achieved on the adjacent Rio Grande Property of LSC are not necessarilyindicative of any mineralization on Rio Grande Sur.
Share structure at January 15, 2018_______________________________________Common shares outstanding 51,852,000_______________________________________Options 3,035,000_______________________________________Warrants 19,705,400 _______________________________________Fully diluted shares outstanding 74,592,400
General risks inherent in the Project include the reliance on available data and assumptions and judgments used in the interpretation of such data, the speculative and uncertain nature of exploration and development costs, capital requirements and the ability to obtain financing,volatility of global and local economic climates, share price volatility, estimated price volatility, changes in equity markets, exchange rate fluctuations and other risks involved in the mineral exploration and development industry. There can be no assurance that a forward-lookingstatement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements orinformation. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law.
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LITHIUM: Argentina, Chile and Bolivia host over 75% of the world lithium
• Salt mines in the Andean region have emerged as the main source for lithium carbonate production.
• A Goldman Sachs Group report points out that lithium demand could reach 570,000 tons by 2025, as a result of its technological applications and electric cars.
• According to the USGS –United States Geological Survey- Argentina was the country that recorded the largest inter-annual growth, adding 17% to the modest increases of other countries, including Australia and Chile. Global lithium production reached 32,500 tons in 2015, as compared with 31,000 tons in 2014, representing 5% growth.
• Access to lithium supply has turned into a priority for technology industries in USA and Asia.
PROJECT LOCATIONS:
David Tafel
Portofino Resources Inc
Chief Executive Officer
(604) 683-1991
Suite 520 – 470 Granville Street, Vancouver,
BC, V6C 1V5
Contact
Jeremy Wright
Portofino Resources Inc..
Chief Financial Officer
(604) 837-7990
PortofinoRioGrandeSur
LithiumAmericasCauchari– Olaroz
AdvantageLithium/OrocobreCauchari
AlbemarleSalardeAtacama
SalardePocitos
LSCLithiumRioGrandeSalar
PortofinoRioGrandeSur Pucara
PortofinoDelCondor
FMCFenix
GalaxySaldeVida LithiumX
SalardeDiablillos
AlbemarleAntofallaSalar
SalardelHombreMuerto
SalardeArizaro
NRGMetalsSalarEscondida
BearingResourcesMaricunga
PortofinoProjectII
NeoLithium3QProject
LithiumEnergiLagunaCaro
ArgentinaLithiumSalardeIncahuasi
LSCLithiumSalinasGrandesSalar
CHILE
ARGENTINA
CATAMARCA
SALTA
JUJUY
ArgosyMineralsSalardelRincon
MillennialLithiumPastosGrandesSalar
LakeResourcesKachiProject
AISResourcesLagunadeGuayatayoc
POR:TSX-VPOT:FSE