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Portofino Resources Executes Agreement to Acquire Drill-Ready 2,932ha Yergo Lithium Project by Way of Option Buyout
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2023) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company")
About this update from Latam Lithium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 14, 2023) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) (\"Portofino\" or the \"Company\") announces that it has executed a Binding Letter of Intent (the \"Binding LOI\") to buyout the original Option agreements (Yergo Binding Letter Agreement - February 15, 2019, and the Binding Letter Agreement Addendum May 12, 2021). The Binding LOI ensures all rights and concession ownership for the 2,932 hectare Yergo Lithium Project (the \"Project\") (see Figure 1 and 2) are transferred directly to Portofino. This enables Portofino to advance its previously submitted drill permit application and proceed thereafter with an initial, planned 4-hole drill program. David Tafel, CEO of Portofino, commented: \"This agreement is a very positive development for Portofino as it overcomes a legal hurdle created by the previous concession owner, and secures 100% direct concession ownership. Our previously planned exploration activity can now recommence after an approximate one-year delay.\" Figure 1: Yergo Lithium Project Strategic Location The formation of lithium-bearing brines for both the Yergo Lithium Project and Zijin's 3Q Project, are likely due to the historic volcanic activity located between the projects that occurred during the same time period. Figure 2: Yergo Lithium Project, Controlling 100% of the Aparejos Salar Yergo Lithium Project, Catamarca Argentina: The Project is 2,932 hectares in size, controlling the entire Aparejos Salar, located approximately 9 kilometers from the Salar Tres Quebradas (the \"3Q Project\"), previously developed by NeoLithium Corp., and acquired by Zijin Mining for C$960 million in 2022 (see: Zijin – 3Q Project). Portofino previously completed and reported results of a geophysical survey identifying 2 large, aquifers within the project measuring approximately 2.3km x 1km and 1.8km x 2.5km (POR News Release 06-APR-2021) (see Figure 3) as well as surface sampling programs returning values up to 373 mg/l Lithium and has advanced the project to a drill-ready stage. Portofino's technical team has identified 4 priority drill targets and a drilling contract has been finalized for a minimum of 300 meters. Figure 3: Zonation of the saline nucleus with lithium geochemical concentrations (orange-red) Acquisition Terms The Binding LOI...