Portofino Files Drill Permit Application for Its Yergo Lithium Project-Catamarca, Argentina

Vancouver, British Columbia--(Newsfile Corp. - April 27, 2021) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to report that it has filed an application with the Provincial Mining Ministry of Catamarca for a drill permit pursuant to implementing an inaugural drill program on the Aparejos Salar in its 100% controlled Yergo Lithium Project ("Project") in Argentina.

A recently completed geophysical survey and surface geochemical sampling program was successfully completed at the Project (NR-April 6, 2021). The survey identified two large, anomalous sub-basins within the Aparejos Salar. The survey and sampling results confirm the presence of lithium-rich brines and the potential volume of the brines within the Project and has provided Portofino's geological team with the confidence to proceed to the drilling stage.

Phase 1 drill testing of the Project will enable initial evaluation of the volume and the lithium content of the brines and sediments within the identified zones. Definitive drill target locations are being finalized.

The Yergo Lithium Project

Portofino has the right to earn a 100% interest in the 2,932 hectares Yergo Project which encompasses the entire Aparejos Salar and is located in the southern part of Argentina's world-renowned "Lithium Triangle". The Project is situated 15 kilometers southeast of Neo Lithium Corp's advanced 3Q Project. Given the proximity of the 3Q Project, it is likely that the Aparejos Salar has a similar geological history, including lithium enrichment, due to their common evaporitic climate and local geology (i.e., located within the same volcanic package with exposure of the same potential lithium source rocks).

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Andrew J. Turner, B.Sc., P.Geo. of APEX Geoscience Ltd., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Its South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.

The Company also holds the right to a 100% interest in the Yergo lithium salar property located within the world-renowned "Lithium Triangle" in Argentina.

For further information on the Company, its projects and its management please visit our website:

https://www.portofinoresources.com/.

ON BEHALF OF THE BOARD

"David G. Tafel"

Chief Executive Officer

For Further Information Contact:
David Tafel CEO, Director 604-683-1991

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward looking statements concerning future operations of Portofino Resources Inc. (the "Company"). All forward- looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81802

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