Mining Companies Flock to Stake Claims in Red Lake After Recent Gold Strikes in That Area

Nachrichtenquelle: PR Newswire (engl.)
28.07.2020, 14:30  |  1134   |   |   

FN Media Group Presents Market Commentary

NEW YORK, July 28, 2020 /PRNewswire/ -- Already one of the largest and highest-grade gold producing districts, the Red Lake Mining District in northwestern Ontario has produced roughly 30 million ounces of high-grade gold. But through a series of recent discoveries in the region, it's evident that miners have still just barely scratched the surface, and that another gold rush catalytic moment is underway. The Red Lake region is still home to many mining and exploration projects making headway in 2020, including from Portofino Resources Inc. (TSX-V:POR) (OTCPK:PFFOF), Great Bear Resources (TSX-V:GBR) (OTCQX:GTBAF), Pure Gold Mining (TSX-V:PGM) (OTCPK:LRTNF), Newmont Corporation (NYSE:NEM) (TSX:NGT), and Yamana Gold (TSX:YRI) (NYSE:AUY).

The Red Lake district's ~30 million ounces of gold have come mostly from the iconic Campbell and Red Lake gold mines, as well as ten smaller mines. Now with its South of Otter and Bruce Lake projects underway, Portofino Resources Inc. (TSXV:POR) (OTC:PFFOF) (FSE:POTA) has set itself up in close proximity to the high-grade Dixie gold project being drilled and explored by Great Bear Resources (TSXV:GBR) (OTCQX:GTBAF).

All of Portofino's projects are strategically located in historical and current mining districts, with nearby infrastructure and road access at hand.

Recently, the company announced it had commenced exploration on the 1,427-hectare Bruce Lake Gold Property, consisting of prospecting, rock, soil, and glacial till sampling, and geological mapping. Portofino hasn't wasted any time, having only acquired the Bruce Lake property at the end of June.

Using a sampling method that's recently proven successful in the Red Lake area on nearby gold mineralization, Portofino plans to collect approximately 200 soil samples for conventional analysis over a 50-meter sample spacing, including up to 50 glacial till samples over a 300-meter sample interval for gold grain analysis.

Located only 10km away from Portofino's Bruce Lake is the Dixie Gold Project from Great Bear Resources - dubbed as one of Canada's largest new gold discoveries.

The Dixie project was secured by Great Bear five years ago, which now consists of 9,140 hectares of contiguous claims that extend over 22km. Earlier this July, the company made a major announcement that it had expanded its LP Fault Gold System at depth, with 10.06g/t gold over 31.25m. Great Bear has completed 120 of approximately 300 planned drill holes into the LP Fault target, as part of its 5 kilometer long by 500 meter deep grid drill program. 

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