Portofino Resources in short
Portofino Resources is a Canadian company based in Vancouver, focusing on the exploration and development of mineral projects in the Americas.
Their critical metals projects include the drill-ready Yergo Lithium property in Argentina's Lithium Triangle and three lithium projects in Ontario, Canada. Portofino has recently signed an agreement with the Argentine state-owned mining company, REMSA, to potentially acquire a majority stake in multiple lithium concessions.
Additionally, Portofino operates gold projects in the Red Lake mining district of Ontario, as well as three other gold projects in northwestern Ontario.
Country:
Argentina & Canada
Stage:
Exploration
Commodity:
Lithium, Gold
Highlights
-
Diverse and valuable lithium property portfolio
Portofino Resources holds a promising lithium portfolio in Argentina and Canada, with properties in Salta and Catamarca provinces. The company has secured these valuable properties at a very low cost through option agreements, making it an attractive investment opportunity in lithium exploration.
-
Strategic partnerships
Portofino has partnered with the state-owned mining company REMSa to form joint ventures or other arrangements that allow the company to earn majority interests in their land parcels. This partnership can facilitate the development of mining projects in the region and help Portofino capitalize on lithium exploration opportunities.
-
Potential for significant value growth:
With lithium prices soaring and the rise of Direct Lithium Extraction (DLE) technology, Portofino's properties could become increasingly valuable. If initial drilling is successful, the company's interests in Salta and Catamarca provinces could be worth tens of millions of dollars, providing significant returns for investors.
-
Proximity to world-class projects and producers
Portofino's properties are in close proximity to leading lithium producers and major projects in Argentina, such as Livent, Allkem, Ganfeng, Lithium Americas, and Rio Tinto. This strategic location can attract partnerships and investment from larger companies, potentially leading to increased value for Portofino.
-
Early-stage, high-potential prospects
While Portofino's Argentinian portfolio is still in the early stages of exploration, any one of the prospects could potentially be a game-changer for the company. With billions of dollars flowing into Argentina's lithium brine projects and increasing M&A activity in the sector, Portofino is well-positioned to benefit from these industry trends and become a significant player in lithium exploration.
-
Gold projects in strategic locations with exploration potential
Portofino Resources not only holds valuable lithium properties but also possesses a strong gold project portfolio in historically rich regions of Red Lake and Atikokan in Northwestern Ontario. The company has two drill-ready projects: Gold Creek, located near Agnico Eagle's Hammond Reef Project, and South of Otter, situated close to Great Bear Resources (acquired in 2022 for $1.4B). With improved investor sentiment towards gold in 2023, Portofino is actively exploring opportunities to maximize the value of its gold project portfolio, offering investors a diversified and promising investment opportunity in the mining sector.
Portofino Resource's project:
Salta MOU with REMSa
Key Metrics
Area
+27,000 ha
Lithium Grade
TBD mg/L Li
Location: Lithium Triangle, Argentina
Website: Portofinoresources.com
Project Summary
Portofino Resources has executed a Memorandum of Understanding (MOU) with Recursos Energeticos Y Mineros De Salta S.A. (REMSA), the state-owned mining company of the Province of Salta, Argentina. The MOU grants Portofino the option to earn a majority interest in multiple prospective mining concessions totaling over 27,000 hectares, located in the heart of the Argentine Lithium Triangle and in close proximity to world-class lithium projects.
Subject to results of initial surface exploration activities on each project, Portofino may exercise its “Option” to form a joint venture company (“JV”) to advance to the next stages of exploration and development. The Option shall remain in effect for up to two years from initial (non-invasive) exploration work in each mining concession.
The company has signed a separate agreement with Ronialem S.R.L., which will hold a 15% interest in any joint ventures formed with REMSA.

Key takeaways:
1. Multiple Mining Concessions
Arizaro (19,111ha)
– Concessions located south of the advanced Rincon project which was recently sold to Rio Tinto for $825 million. First concession to be included in a joint venture – read more about the Arizaro project by clicking the button below.
Hombre Muerto Norte (3,028ha)
– Concessions are located in close proximity to Galaxy/Posco (Sal de Vida) project which is at Feasibility study stage. The Hombre Muerto salar also hosts multiple developing lithium projects and includes Livent Corp’s producing Fenix project.
Pastos Grandes (3,489ha)
– Concessions are located in close proximity to the Millennial Lithium project which was recently sold to Lithium Americas for $400 million.
Incahuasi (722ha)
– Concessions located on the Chile border and just west of the Rio Tinto Rincon project.
Rio Grande and Salinas Grandes (1060ha).
– Concessions located east of Orocobre’s producing Olaroz project.
2. Exploration Progress
Portofino has financed reconnaissance mapping, surface sampling, surface trenching sampling, and geophysical survey programs, with initial feedback suggesting the presence of a deep lithium-bearing aquifer, similar to other operators in the Arizaro salar region.
3. Upcoming Milestones
Upcoming Milestones: Management anticipates the private initiative process to be finalized in Q2-2023, with further developments to be reported as they become available.
Portofino Resource's projects:
Arizaro
Key Metrics
Area
8,445 ha
Of the 19,111 ha in the original MOU
Lithium Grade
TBD mg/L Li
Location: Lithium Triangle, Argentina
Website: Portofinoresources.com
Project Summary
Portofino, in collaboration with REMSA, has filed a joint venture proposal for an 8,445-hectare property within the Arizaro Salar. This project is near multiple world-class salar lithium projects, including those operated by Ganfeng Lithium, Rio Tinto, Eramet, and located in the same salar as Lithium Chile Inc.
Portofino has financed reconnaissance mapping, surface sampling, trenching sampling, and geophysical survey programs, with initial feedback suggesting the presence of a deep lithium-bearing aquifer. Management expects the private initiative process to be finalized in Q2-2023.

Key takeaways:
1. Joint Venture Proposal
Portofino management and REMSA have filed a “private initiative” joint venture proposal for an 8,445-hectare property within the Arizaro salar, near multiple world-class salar lithium projects and near-term production projects operated by major industry players
2. Exploration Progress
Portofino has financed reconnaissance mapping, surface sampling, surface trenching sampling, and geophysical survey programs, with initial feedback suggesting the presence of a deep lithium-bearing aquifer, similar to other operators in the Arizaro salar region.
3. Upcoming Milestones
Upcoming Milestones: Management anticipates the private initiative process to be finalized in Q2-2023, with further developments to be reported as they become available.
Portofino Resource's project:
Yergo
Key Metrics
Area
2932 ha
Lithium Grade
373 mg/L Li*
*Sampling to date
Potassium Grade
8,001 mg/L K*
*Sampling to date
Location: Lithium Triangle, Argentina
Website: Portofinoresources.com
Project Summary
The Yergo Project is a strategic lithium asset of Portofino Resources, located within South America’s “Lithium Triangle” in Catamarca Province, Argentina. The project is in close proximity (15 km) to Neo Lithium’s 3Q Project, and both projects are believed to share a common evaporitic climate and local geology, resulting in similar lithium and potassium enrichment.
Portofino conducted initial exploration programs in 2019 and 2021, which included surface and near-surface brine sampling, geological mapping, geophysical surveys, and geochemical sampling. Results indicated promising lithium and potassium values, as well as low magnesium-to-lithium ratios.
The company’s plans for the Yergo Project include conducting an initial drill program to evaluate the volume and content of brines and sediments, followed by testing lithium samples with breakthrough, green-tech “Lithium-Ion Exchange” technologies.

Key takeaways:
1. Prime Location within the Lithium Triangle
Neo Lithium holds the lowest combined sulphate and magnesium impurities world wide. It is also one of the highest grades brines in the world.
2. Encouraging Exploration Results: Up to 373 mg/L Lithium and 8,001 mg/L Potassium
Initial exploration programs have yielded promising results, with high lithium and potassium values and low magnesium-to-lithium ratios.
3. Focused on Sustainable Development and Extraction
Portofino’s plans include conducting a drill program and exploring eco-friendly lithium extraction technologies for the Yergo Project
4. Dispute Resolution and Project Advancement
In September 2022, Portofino Resources received a Notice of Termination for the Yergo Lithium Project in Catamarca, Argentina, which the company rejected as baseless. An injunction granted by the Mining Court for the Province of Catamarca prohibits the claim owner from entering into alternative transactions concerning the project. Portofino has worked closely with the Catamarca Ministry of Environment and Mining to develop an environmentally responsible exploration plan and has advanced the project to a drill-ready stage. The project is 15 km from the 3Q property boundary, acquired by Zijing Mining for $960M in 2022. Portofino is currently pursuing formal and informal dispute resolution avenues and will report any material developments in a timely manner
Portofino Resource's project:
Allison Lake North Project
Key Metrics
Area
2932 ha
Lithium Grade
412 ppm Li*
*grab samples
Rubidium Grade
857 ppm Rb*
*grab samples
Location: Ontario, Canada
Website: Portofinoresources.com
Project Summary
Summary: The Allison Lake North Property in northwestern Ontario comprises 7 mining claims totaling 2,288 hectares and is situated near the contact between the Allison Lake pegmatite granite batholith and the Jubilee Lake metasedimentary rocks. Portofino Resources Inc. has conducted several sampling programs on the property, reporting encouraging results with lithium, rubidium, cesium, and tantalum concentrations. In 2023, the company plans to conduct further sampling and exploration, while also engaging with potential partners for the Allison Lake Project.
Key takeaways:
1. Encouraging Exploration Results
Portofino Resources has reported promising results from its exploration activities on the Allison Lake North Property, including up to 230 ppm lithium and 622 ppm rubidium from samples collected in 2022.
2. Key Attributes for Lithium-Bearing Pegmatites
The property contains significant attributes for the formation of lithium-bearing pegmatite dykes, and some samples have shown low Magnesium/Lithium ratios, indicating a high likelihood of lithium-bearing pegmatites.
3. Future Exploration and Partnerships
In 2023, Portofino aims to continue its exploration success with additional sampling and pegmatite channel exploration, while also actively engaging with potential partners for the Allison Lake Project.
Portofino Resource's:
Five Gold Projects
Location: Ontario, Canada
Website: Portofinoresources.com
Project Summary
Portofino Resources Inc. has five exploration stage gold projects in the Red Lake and Atikokan regions of Northwestern Ontario. The company is considering various transactions for its gold project portfolio in 2023, such as monetizing assets, forming joint ventures, or spinning out the projects into a new entity to enhance shareholder value.
Key takeaways:
1. Drill-Ready Projects in Promising Locations
Portofino Resources has two drill-ready projects: Gold Creek project (near Agnico Eagle’s Hammond Reef Project) and South of Otter project (near Great Bear Resources, acquired in 2022 for $1.4B).
2. Gold Projects in Historically Rich Regions
The company’s gold projects are located in the historically prolific gold-producing regions of Red Lake and Atikokan in Northwestern Ontario.
3. Exploring Opportunities for Portfolio Maximization
Improved investor sentiment toward gold in 2023 has led the company to explore various opportunities to maximize its gold project portfolio’s value.
Managment Team
David Tafel
CEO & Director
Mr. Tafel earned a Bachelor of Arts degree in Economics from the University of Western Ontario and brings more than three decades of expertise in corporate structuring, strategic planning, financing, and management to the organization. Throughout his career, he has served as an executive and board member for various private and public resource enterprises. Mr. Tafel has played a pivotal role in securing over $100 million in funding for companies in the resource, life sciences, and technology sectors. Additionally, he has managed private investment portfolios at Canada’s leading independent securities firm.
Brian Crawford
Director
Mr. Crawford earned a Bachelor of Commerce degree from the University of Toronto and possesses a wealth of experience as a top financial executive in both public and private firms, as well as a partner in a prominent chartered professional accountants firm. Currently, Brian holds various positions such as Director, Corporate Secretary, and/or Chief Financial Officer in several TSX-V and CSE listed companies. These include Colibri Resource Corporation, Searchlight Resources Inc., CBLT Inc., and Tempus Capital Inc.
Steven Wilkinson
Director
In the mid to late 1990s, Mr. Wilkinson served as a mining analyst for RBC Dominion Securities Inc., based in Vancouver. Between 1999 and 2002, he held the positions of President, CEO, and director at Northern Orion Explorations Ltd. Over the years, Mr. Wilkinson has successfully founded and financed numerous private and public exploration enterprises. He holds a Bachelor of Science in Geology from the University of Western Ontario (1976), a Master of Science in Geology from Carleton University in Ottawa (1983), and an MBA from Clarkson University in New York (1995).
Jeremy Wright
CFO & Secretary
Mr. Wright, with 20+ years as President and CEO of Seatrend Strategy Inc., currently serves as a Director at Infinitum Energy, Westmount Minerals, and Centurion Minerals, and as CFO for several companies including Portofino Resources and Infinitum Energy. He previously held senior positions at Deloitte LLP and has extensive experience in corporate finance, cost and risk management, and governance across various sectors.
Interviewed by Global Business Reports and authoring articles for the Yukon Chamber of Mines, Mr. Wright is a Chartered Professional Accountant (Certified Management Accountant) and holds a Bachelor of Arts with honors in Environmental Economics from Brock University.
Consultants and Advisors
Mike Kilbourne
Consulting Geologist
Graduating in 1985 with an Honors BSc in Geology from the University of Western Ontario, Mr. Kilbourne has amassed over 40 years of industry experience. His career encompasses various executive roles in junior resource companies, serving as a gold production geologist for open pit and underground mining, and managing long-term planning for 10+ simultaneous US aggregate operations. Mr. Kilbourne has overseen over 100,000 meters of diamond drilling in Archean precious and base metal projects and recently generated over 700 exploration targets across North America and Mexico for a private company.
Bruce MacLachlan
Consulting Geologist
Bruce, a key member of various discovery teams, brings over 37 years of exploration industry experience and proven management skills. His accomplishments include the discovery of the Eagle River Deposit near Wawa Ontario (Wesdome), the Sugar Zone Mine north of White River (Harte Gold), and the BAM Gold Deposit north of Armstrong (Landore). His expertise spans from grassroots to advanced projects.
Bruce has held positions as Geological Technician / Prospector at Noranda, Hemlo Gold, and Battle Mountain Gold, Project Manager at CanAlaska Uranium, and Exploration Manager at Noront Resources and Rare Earth Metals.
In the 2017 and 2018 field seasons, Bruce co-discovered several gold showings in the Hemlo area for Canadian Orebodies Inc.
Coleman Robertson
Consulting Geologist
Coleman, a Geoscientist in Training, earned his degree in Geology from McGill University in 2014. He began collaborating with Bruce MacLachlan in May 2017 and co-discovered several gold showings in the Hemlo area for Canadian Orebodies Inc. during the 2017 and 2018 field seasons. Over the past three years, Coleman has acquired significant geological experience exploring gold properties across Ontario, including locations in Hemlo, Red Lake, Wawa, Sioux Lookout, Shebandowan, and Atikokan.
Sebastian Cattaneo
Country Manager, Buenos Aires, Argentina
Sebastian oversees the tactical execution of Argentine operations, encompassing community relations, vendor management, and local administration. With a degree in environmental engineering from the University of Buenos Aires and over 15 years of experience in the oil & gas and mining industries, Sebastian possesses valuable expertise. After living in Vancouver for a decade, he returned to Argentina in 2010 to serve as Country Manager for a junior mining company specializing in fertilizers, overseeing the company’s startup. As an Argentine-Canadian, Sebastian’s unique understanding of both countries’ business practices enables him to effectively bridge professional and cultural divides.