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Portofino Resources Acquires Melema West Gold Property, Atikokan, Ontario
Claims cover newly recognized gold-bearing structure and are contiguous to recently staked Agnico Eagle Mines property Vancouver, British Columbia--(Newsfile Co
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[{"type":"text","content":" Claims cover newly recognized gold-bearing structure and are contiguous to recently staked Agnico Eagle Mines property Vancouver, British Columbia--(Newsfile Corp. - June 11, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) (\"Portofino\" or the \"Company\") is pleased to announce it has executed a binding agreement to acquire 6 claims (41 cells) totaling 869 hectares in the Atikokan area of northwestern Ontario. The Melema West Property (the \"Property\") is located 28 kilometers (\"km\") northeast of the town of Atikokan, Ontario, 5km north of the Quetico Fault (Figure 1) and has excellent road access. The Property is within the Wabigoon Subprovince and is entirely underlain by the Archean-aged Marmion Pluton which is recognized to host several gold deposits and occurrences. The gold zones are related to northeast trending shear zones which are recognized as splays off the east-west trending Quetico Fault. Agnico Eagle Mines Limited's (Hammond Reef) gold deposit, approximately 19 km northwest of the Property, is also hosted within the Marmion Pluton on a similar northeast trending structure. The Hammond Reef deposit reportedly hosts a large, near surface deposit categorized as a measured and indicated resource containing 4.5 million ounces (\"oz.\") of gold in 208 million tonnes grading 0.67 grams per tonne (\"g/t\"). Figure 1. General location and geology of the Melema West Property, Portofino Resources The Property covers the Minto Shear Zone, one of the above-mentioned northeast trending splays that is associated with the historic past producing Minto Gold Mine. The Thunder Bay South District Resident Geologist's Office recently discovered archived records of drilling completed in 1962 by D.R. Young and E. Corrigan. The records report \"100's of feet (downhole) of strongly sheared and altered porphyry containing quartz stringers and disseminated pyrite, pyrrhotite, chalcopyrite, galena and green mica.\" Drilling occurred approximately 400m southwest of the Property boundary, however no assays were recorded with the drill logs. Grab samples of the Young-Corrigan Showing taken by Resident Geologists in 2019 and accompanying staff from Traxxin Resources assayed as high as 10 g/t gold. The Young-Corrigan vein-system ranges in width from 1 to 15 meters (\"m\") wide and was mapped over a strike of at least 170m. The posi...