Exploration company Portofino Resources (TSXV:POR) (OTC:PFFOF) (FSE: POTA) made waves on Tuesday with a very exciting announcement. The company announced that it had significantly expanded its Gold Creek property with the acquisition of a block of 5 mining claims totaling 105 hectares. The Gold Creek property now totals 4,023 hectares.
This announcement could not have come at a better time for the company as gold prices are currently near an all-time high and analysts such as Barry Dawes mentioned to CNBC.
According to the company’s announcement, Portofino will acquire 100% of the property, which is located along the eastern boundary of the original property. Historical and recent exploration on the claims contained within this newly-acquired property has shown significant mineralization.
Exploration conducted by Landore Resources Inc. in 1995 drilled 4.32 g/t gold over 41m and 4.36 g/t gold over 20.42m. A 1-tonne bulk sample conducted at this prospect by Mengold Resources Inc. in 2008 returned an average grade of 9.9 g/t gold. Portofino’s initial exploration program returned results of 17.3 g/t gold and 10.3 g/t gold from samples taken from the AF Trench zone.
Portofino is in the process of compiling the current and historical data on the consolidated Gold Creek property claims, including all geological, geophysical, geochemical, and drilling completed to date. This will help the company determine which exploration areas to focus on. The company has engaged ProspectairGeosurveys to fly helicopter-borne geophysical surveys to cover the entirety of its Gold Creek property.
The Global Health Crisis Sends Gold Prices Skyrocketing
This news comes at a time when gold prices have stayed consistently above $1,900 per ounce in recent weeks. The global economic shutdown caused by the ongoing health crisis has sent most markets into a tailspin and as a result, gold prices have skyrocketed as investors have flocked to precious metals as a safe haven.
With no end in sight to the economic crisis, gold is likely to stay high for the time being, and could even go much higher. Bloomberg Intelligence senior commodity strategist Mike McGlone said in his August update that gold could reach an incredible $3,000 per ounce before the crisis is over.
About Portofino Resources (TSXV:POR) (OTC:PFFOF) (FSE: POTA)
Based out of Vancouver, British Columbia, Portofino Resources (TSXV:POR) (OTC:PFFOF) (FSE: POTA) is a junior gold expiration company focused on exploring and developing mineral resource projects in the Americas.
In addition to the Gold Creek property, Portofino also owns the South of Otter and Bruce Lake gold projects in Northwestern Ontario. The company announced earlier this month that it had assayed a High-Grade Gold Discovery of 18 G/T Gold at the South of Otter property.
As gold prices continue their upward climb, Portofino Resources will definitely be a company to watch.
For more information on Portofino Resources (TSXV:POR) (OTC:PFFOF) (FSE: POTA), click here.
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