Portofino and Lithium Chile’s Arizaro Lithium Project Announcement
Portofino Resources Inc. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) and Lithium Chile Inc. (TSXV: LITH) (OTCQB: LTMCF) have jointly announced their 50:50 net equity Partnership Agreement after winning the bid for the significant 8,445-hectare Arizaro Lithium Project in Salta, Argentina (“Arizaro Area IV”).
Insightful Exploration Leads to Ambitious Partnership
Portofino’s President & CEO, David Tafel, states the company’s exploration knowledge, and due diligence with Lithium Chile’s exploration success positions the partnership for swift advancement to drilling. Steve Cochrane, President & CEO of Lithium Chile, shares enthusiasm for the project, citing increased lithium resource potential and existing infrastructure, guaranteeing a speedy project advance.
Extensive Prior Exploration Work
The companies highlighted their previous extensive geological due diligence on Arizaro Area IV, including surface sampling, trenching for water tables, and geophysical surveying. These efforts identified targets for large lithium-bearing aquifers, with VES technology playing a key role in revealing significant low resistivity horizons.
Upcoming Proposed Exploration Plans
With plans already in the pipeline, the Companies aim to launch a 4-hole, 2,000 m drill program. They are actively preparing to file the necessary environmental and drilling applications to commence exploration.
Strategic Project Location
Arizaro IV is advantageously positioned north of existing Lithium Chile projects and lies near important access routes and infrastructure, including a railway station crucial for export capabilities.
Joint Venture and Acquisition Details
The joint venture agreement includes an initial payment by Lithium Chile with pending reimbursement by Portofino and outlines a balanced responsibility for acquisition costs and future exploratory work.
About the Companies
Portofino focuses on mineral resource projects in the Americas, with multiple interests in the Lithium Triangle, Canadian lithium projects, and gold properties. Lithium Chile boasts extensive holdings in Chile and Argentina, with ongoing exploration in both gold/silver/copper and lithium resources.
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