Portofino Resources Inc. (OTCMKTS:PFFOF) has reported on September 12, 2022, about its geological team being mobilized to the Greenheart Lake and McNamara Lake lithium properties. They have started a mapping, sampling, and reconnaissance exploration program.
Trading Data
On Monday, PFFOF stock decreased 3.76% to $0.0615 with more than 65.32K shares, compared to volume of 32.35K shares. The stock moved within a range of $0.0600 – 0.0608 after opening trade at $0.0600.
Portofino Commences Exploration and Sampling on Greenheart/McNamara, Ontario Lithium Projects
The Greenheart Lake and McNamara Lake property are approximately 1,200 hectares and 1,120 hectares respectively. Both are strategically situated located in the Balmoral and McNamara Lake areas of northwestern Ontario within 15 kms of the town of Ignace and accessible by well-established logging roads branching from the Trans Canada highway.
The Greenheart Lake property lies 10 km southeast of International Lithium’s Raleigh Lake lithium project and 15 km northwest of Grid Metals Campus Creek lithium project. Each property occurs proximal to a triple boundary junction of three Archean-age terranes: the Wabigoon, East Wabigoon and Winnipeg River. Terrane boundaries are recognized as important geological settings for lithium (Li) and rare metal pegmatites.
Grid Metals recently announced a new Li-bearing pegmatite discovery at Campus Creek where initial grab sample results assayed between 0.22 and 4.35% Li2O. The McNamara Lake property is contiguous with the southern claim boundary of Grid’s Campus Creek property. The company has the right to earn a 100% interest in each of the claim groups.
Key Quote
Portofino’s CEO, David Tafel, comments: “As the pace and breadth of lithium exploration by multiple companies in the region has expanded, it’s clear that the GL and ML Properties are very well situated in terms of ideal geological setting. The Raleigh Lake pegmatite field and recent discovery by Grid Metals in the area bodes well for our potential exploration success.”
Technical Data
PFFOF stock is trading above the 20-Day and 50-Day Moving averages of $0.0568 and $0.0527 respectively. However, the stock is trading below the 200-Day moving average of $0.0749. The company has a total market capitalization of $6.76 million.
