- Portofino Resources (POR) has signed an agreement to acquire the Allison Lake North Lithium and Rare Elements Property
- The property is located 100 kilometres east of Red Lake in northwestern Ontario
- Contained within the property are 4 claims totaling 1,618 hectares
- The property also consists attributes that are key to the formation of lithium-bearing pegmatite dykes
- Northwestern Ontario contains several well-known lithium and rare-element earth deposits that have delineated resources and preliminary economic assessment studies
- Shares of Portofino Resources dipped 7.14 per cent to C$0.13 as of 3:51 p.m. EDT
Portofino Resources (TSXV:POR) has signed an agreement to acquire the Allison Lake North Lithium and Rare Elements property.
The property, located in northwestern Ontario, includes 4 claims totaling 1,618 hectares and contains significant attributes that are vital to forming lithium-bearing pegamite dykes.
“The Allison Lake North Property adds to our Lithium property portfolio and is a highly strategic acquisition for our company” David Tafel, CEO of Portofino Resources, said in a statement.
Tafel continued, "Based on the geological and strategic geographic setting of this property, we see a real potential to expand sources for these minerals in Northern Ontario."
The Allison Lake North Property batholith contains high concentrations of rare elements, including lithium, beryllium, cesium, niobium and rubidium.
Northwestern Ontario is well known for hosting lithium and rare-element earth deposits that have delineated resources and preliminary economic assessment studies.
Based in Vancouver, Portofino Resources is focused on exploring and developing mineral resource projects in the Americas.
Its projects include those in the historic gold mining district of Red Lake, Ontario and its 100 per cent interest in the Yergo lithium salar property in Argentina's Lithium Triangle.
Shares of Portofino Resources dipped 7.14 per cent to C$0.13 as of 3:51 p.m. EDT.