Better surveying equipment will allow looking deeper into the ground
Portofino Resources (TSX.V: POR, FSE: POTA, WKN: A2PBJT) has received confirmation from the Ministry of Mines of the Argentine province of Catamarca that it has been registered as 100% owner of the lithium concessions at the Yergo project as of 31 October 2023. Meanwhile, preparations for the new drill programme are in full swing.
Prior to receiving confirmation of full transfer of ownership from the Ministry of Mines, the Ministry had already sent Portofino Resources a request for information as part of the amended permit application. The technical response to this request is being prepared by the company’s geological team, already.
In addition, the Portofino Resources team has identified opportunities to expand the previously identified geological targets at surface and underground. To this end, a pre-drilling programme has been developed. It is designed to expand both the previous surface sampling and geophysical survey programmes.
Better surveying equipment will allow Portofino to look into greater depths
Geophysical survey equipment capable of identifying potentially lithium-bearing aquifers to depths of 500 to 600 metres will soon be in use. This is a considerable improvement, because the equipment used so far could only carry out the surveys to a depth of about 100 metres. Both exploration programmes in preparation for drilling are scheduled to begin in November.
Portofino Resources CEO David Tafel commented, “Although our previous surface sampling in 2021 was very successful, the programme was conducted during an unusually wet period, potentially diluting the brine samples. Our technical team believes that sampling during the current dry period should be more representative of actual (higher) surface grades. In addition, our team believes that the use of the improved VES geophysical survey equipment could significantly expand the size of the underlying brine aquifers.”
Source: Portofino Resources
Portofino Resources stock to become more liquid
Portofino Resources has appointed Integral Wealth Securities Limited as market maker for three months with effect from 1 November 2023. Thereafter, the contract may be renewed on a monthly basis. This is expected to further improve the tradability of Portofino’s shares through the liquidity provided by the broker. In return for the services provided by Integral, a monthly cash fee of 10,000 Canadian dollars (CAD) will be payable.
Portofino Resources has also applied to the TSX Venture Exchange for a one-year extension of 6,305,000 warrants to purchase common shares. Normally, the warrants would have expired on 09 November 2023. The warrants entitle the holder to acquire common shares of the company at a price of CAD 0.15 per share and were issued in November 2020 in a private placement consisting of 6,305,000 common share units at a price of CAD 0.10 per unit.
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