Canadian gold exploration company Portofino Resources (TSXV:POR) (OTC:PFFOF) (FSE:POTA) announced very exciting news on Wednesday that confirms the presence of high-grade gold at its South of Otter project in the prolific Red Lake Mining District in Ontario. The company reported assay results from 12 grab samples which identified two gold-bearing quartz veins sampling an impressive 18.0 grams per tonne (g/t) and 8.19 g/t gold.
The 5,120 hectares South of Otter property is located within the Birch-Uchi-Confederation Lakes greenstone belt and just nine kilometers away from Great Bear Resources’ (TSX.V:GBR) (OTCQX:GTBAF) Dixie project, which has experienced several high-grade results and is being dubbed as one of Canada’s largest new gold discoveries.
The samples were taken in close proximity to significant sulphide mineralization and quartz-sericite alteration between a geological contact and fault zone through the central portion of the South of Otter project, which was noted by the field crew in June.
“This discovery is extremely exciting news for Portofino. The new gold showings are approximately 400 metres south of Goldcorp’s 2001 gold in soil anomalies,” said Portofino Resources’ CEO David Tafel. “Due to the overburden and lack of outcrop, limited work has been completed in this area in the past and we anticipate mobilizing our crew to site very shortly to follow-up on this discovery.”
Due to a limited number of rock exposures at surface for mapping and sampling, Portofino Resources (TSXV:POR) (OTC:PFFOF) (FSE:POTA) plans to implement an overburden trenching program to expand the surface trace of the new zone and determine the potential strike length and mineralized widths.
Expanding its Reach in the Prolific Red Lake Mining District
Portofino Resources (TSXV:POR) (OTC:PFFOF) (FSE:POTA) has continued to increase its stake in the gold-endowed Red Lake region, adding the 1,427-hectare Bruce Lake gold property to its roster at the end of June, which is located just 1.5 kilometers from Great Bear’s Pakwash property and only 11 km away from Dixie.
On July 16, Portofino commenced fieldwork at Bruce Lake, including prospecting, rock, soil and glacial till sampling and geological mapping. The company plans to collect about 200 soil samples for analysis over a 50-meter sample spacing and up to 50 glacial till samples over a 300-meter sample interval for gold grain analysis after thorough prospecting and mapping surveys are complete.
The company also just increased the size of its South of Otter property from 5,207 hectares to 5,363 ha. by staking 2 additional, (contiguous) mining claims. The South of Otter property contains excellent targets for Red Lake-style gold mineralization and gold-bearing base metal prospects.
Investors who are interested in promising gold projects will definitely want to keep an eye on Portofino Resources and watch for upcoming developments from its gold properties in Red Lake.
For more information on Portofino Resources (TSXV:POR) (OTC:PFFOF) (FSE:POTA), you can read our report here.
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