- Portofino Resources (POR) has begun a program of field work at its Bruce Lake gold property in the Red Lake Gold District of Ontario
- The program will focus on two main areas at the western and eastern portions of the property, and will consist of prospecting, rock, soil and glacial till sampling, and geological mapping
- Portofino intends to collect roughly 200 soil samples over a 50-metre sample spacing, as well as 50 glacial till samples
- The company signed an option agreement with Falcon Gold on June 29, 2020, to acquire a 100 per cent interest in the Bruce Lake property
- Portofino Resources (POR) is currently up 4.35 per cent and is trading at 12 cents per share at 3:03pm EDT
Portofino Resources (POR) has begun a program of field work at its Bruce Lake gold property in the Red Lake Gold District of Ontario.
Covering a total of 1,428 hectares, the Bruce lake property sits in the prolific Red Lake gold district of Ontario. The site is roughly 1.5 kilometres northeast of Great Bear Resources’ Pakwash property and 11 kilometres southeast of Great Bear’s well-known Dixie project.
The program will focus on two main areas of the property, and is expected to consist of prospecting, rock, soil and glacial till sampling, and geological mapping.
At the western portion, Portofino will undertake an in-depth mapping campaign to identify potential bedrock sources for the gold previously seen in soil anomalies.
Likewise, the eastern section covers a 2.4-kilometres northeast-trending iron formation, which will be the subject of various prospecting, mapping, and soil analysis.
Portofino intends to collect roughly 200 soil samples over the course of the program for traditional analysis over a 50-metre sample spacing. Following the necessary prospecting and mapping surveys, the company will also collect up to 50 glacial till samples over a 300-metre sample interval.
Such sampling methods are widely used in the Red Lake region, and have previously yielded substantial success in the identification of gold mineralisation.
Historical gold-in-soil anomalies at the Bruce Lake property were discovered in a geochemical soil sampling program undertaken by Laurentian Goldfields in 2010.
These anomalies are thought to be associated with the existence of regional magnetic high anomalies, which Portofino believes are significant.
According to an announcement dated June 29, 2020, Portofino signed an option agreement with Falcon Gold to acquire a 100 per cent interest in the Bruce Lake property.
Under the terms of the four-year deal, the company will issue a total of 650,000 common shares to Falcon Gold for the acquisition and assume C$52,000 in underlying claim holder payments.
The claims at Bruce Lake are also subject to a 1.5 per cent net smelter return royalty, which has been granted as part of the underlying agreement, as well as a 0.5 per cent net smelter royalty granted to Falcon Gold.
Portofino Resources (POR) is up 4.35 per cent and is trading at 12 cents per share at 3:03pm EDT.