$POR.v Increases Argentinian Lithium Presence By 6.5x Portofino Resources (TSXV: POR) has doubled down on its lithium presence in Argentina. The company recently announced that it has increased its footprint in the country by up to 6.5 times.
This is a unique arrangement as Portofino is partnering directly with state-owned REMSa and the privately-owned Argentinian company Ronialem.
Portofino has no set obligations, only opportunities that it will share with its partners. Management believes there are ways to own > 70% of select claims blocks, but they see virtually no scenario whereby they might own < 70%.
The Pastos Grandes (3,489 hectares) concessions are close to Lithium Americas’ (LAC) project of the same name. The Arizaro (19,111 hectares) — concessions are situated south of the Rincon project that Rio Tinto recently agreed to pay $825M for.
A key part of the MOU is that there are no upfront or backend cash or share payments to REMSa or Ronialem. None. And, there are no work commitments. Needless to say, there is tons of potential here for $POR.v.
$POR.v is currently trading at $.115, nearing the pinch of a descending triangle pattern. This news should provide a strong catalyst for a breakout. The company is currently valued at $11.52 million.
https://www.nxtmine.com/news/articles/energy-critical-metals/portofino-resources-greatly-increases-the-size-of-its-lithium-presence-in-argentina-2/