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Portofino Summarizes Argentina Lithium Projects

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Vancouver, British Columbia–(Newsfile Corp. – June 9, 2022) – PORTOFINO Means INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Business”) is delighted to report on its Argentina lithium projects’ status and present the pursuing progress and steps updates:

Yergo Lithium Project, Catamarca

The Business reports that subsequent original submitting of an Environmental Effect Evaluation affiliated with a drilling allow application (pertaining to the implementation of an inaugural 4-gap drill method), substantial session and dialogue with the Catamarcan provincial Ministries of Setting and Mining have ensued.

Portofino has shown a sturdy commitment to an environmentally and socially dependable exploration and prospective advancement task. Subject matter to prosperous drilling and further exploration the Firm is of the view that, when state-of-the-art responsibly, the Yergo job could encompass added characteristics that add favourable economic and social rewards to all stakeholders though preserving the salar’s sensitive ecosystem.

Portofino’s steps to date include things like:

  1. Proposing to set apart a portion of its mining concessions as a secured mother nature reserve.

  2. Enterprise due diligence and dialogue with multiple Direct Lithium Extraction (“DLE”) technological innovation firms. DLE operations have verified helpful in extracting lithium from salt brines, owning the following benefits:

    1. reducing the need for evaporation ponds and their massive environmental and visual footprint

    2. returning the brine answer to underground aquifers preserving aquifer levels for nearby communities and guarding vital wetland ecosystems and

    3. Drastically improving the project’s environmental and social impression, even though demonstrating innovation management, and implementation of rising ideal tactics for Argentina and the Province of Catamarca.

  3. Initiating a geothermal review examining the prospective of Yergo’s renewable geothermal capability that could likely satisfy 100% of foreseeable future DLE electrical power needs, furthermore offering the potential for a sustainable and steady foundation-load power option to regional communities displacing common fossil fuels with a carbon neutral potential.

Based mostly on optimistic responses gained in recent conferences held in Catamarca with federal government officials, management is assured a drill permit will be granted shortly.

About the Yergo lithium Job

The 2,932 hectares, Yergo Task is situated in the southern component of Argentina’s entire world-renowned “Lithium Triangle” about 15 kilometers southeast of Neo Lithium Corp’s 3Q Task. (In January 2022, Neo Lithium was acquired by Zijin Mining Team for $960 million.)

A 2021 geophysical study and surface geochemical sampling program determined two significant, anomalous sub-basins within the Aparejos Salar (see news release dated April 6, 2021). The survey and sampling results verified the existence of lithium-loaded brines and the potential quantity of the brines in the sub-basins. The original drill program will focus on the eastern sub-basin which has an irregular area expression measuring concerning 1.8km to 2.5km in length by about 700 meters (“m”) in width with modeled depths up to 65m. Portofino claimed surface area samples with values of up to 373 mg/l Lithium that have been accompanied by minimal impurities (information releases dated Might 27, 2019, and April 6, 2021).

Salta lithium tasks

Pursuant to prior disclosure, the Company’s administration and Recursos Energeticos y Mineros De Salta S.A. (“REMSA”), the condition-owned mining enterprise of the Province of Salta, are working towards finishing definitive collaboration agreements with regards to numerous lithium brine mineral qualities in the Province of Salta. The agreements would deliver Portofino and area companions with the possibility to earn a majority desire in the qualities.

It is anticipated that the original settlement will be relating to the Arizaro salar residence which is positioned close to 170 kilometers west of the town of Salta. The Arizaro property includes close to 8400 hectares and is in near proximity to various globe-course lithium tasks such as around term manufacturing projects operated by Ganfeng Lithium, Rio Tinto and French mining conglomerate, Eramet. In addition, explorer Lithium Chile Inc. has lately documented a high-grade source on its adjacent Arizaro venture.

The preliminary exploration campaigns will be done by REMSA in collaboration with the Firm and financed by Portofino. Portofino’s geological team has completed original reconnaissance mapping and floor sampling as aspect of its ongoing due diligence.

About REMSA

REMSA is a company formed in 1985, that oversees the administration of the electrical power and mineral means of the Province of Salta. It contributes to the successful and social advancement of the province by handling and advertising the exploration and improvement of jobs in the mining and vitality sectors.

Qualified Man or woman

The technical material of this information release has been reviewed and authorized by Mike Kilbourne, P.Geo., who is a Competent Particular person as described by Countrywide Instrument 43-101, Benchmarks of Disclosure for Mineral Initiatives. The QP has not completed sufficient work to validate the historic facts on the properties in the province of Salta, Argentina, notably about historic exploration, neighbouring firms, and authorities geological perform.

About Portofino Methods Inc.

Portofino is a Vancouver-centered Canadian business centered on checking out and establishing mineral resource jobs in the Americas. Portofino has an prospect to earn a vast majority interest in a number of lithium initiatives in Salta, Argentina and controls 100% of the Yergo Lithium home which encompasses the Aparejos Salar in Catamarca. The properties are situated in the heart of the world-renown Argentine Lithium Triangle and in near proximity to numerous world-course lithium jobs. The Enterprise also has the ideal to earn 100% curiosity in 3 northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.

Portofino’s South of Otter and Bruce Lake initiatives are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold job uncovered by Fantastic Bear Means and now owned by Kinross Gold Corp. In addition, Portofino retains 3 other northwestern Ontario gold projects the Gold Creek residence found instantly south of the historic Shebandowan mine, as very well as the Sapawe West and Melema West homes positioned in the quickly building Atikokan gold mining camp.

ON BEHALF OF THE BOARD

“David G. Tafel”
Main Govt Officer

For More Details Get in touch with:

David Tafel CEO,
Director 604-683-1991

Neither the TSX Undertaking Trade nor its Regulation Services Supplier (as that expression is described in the procedures of the TSX Undertaking Trade) accepts obligation for the adequacy or precision of this launch.

This news launch may well consist of ahead searching statements regarding foreseeable future functions of Portofino Means Inc. (the “Business”). All forward- looking statements relating to the Company’s upcoming strategies and functions, which includes management’s evaluation of the Company’s venture expectations or beliefs could be matter to specified assumptions, dangers and uncertainties over and above the Firm’s regulate. Traders are cautioned that any this kind of statements are not assures of potential general performance and that genuine efficiency and exploration and money results may perhaps vary materially from any estimates or projections.

To see the supply version of this press release, be sure to check out https://www.newsfilecorp.com/release/127107

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