Bit of lore from old salt we've intoxicated touring island (3,5,4)
I believe the answer is:
old wives' tale
'bit of lore' is the definition.
(an old wives' tale might be part of folklore)
'old salt we've intoxicated touring island' is the wordplay.
'intoxicated' is an anagram indicator.
'touring' is an insertion indicator (touring can mean going round).
'island' becomes 'i' (geographical abbreviation).
'old'+'salt'+'weve'='oldsaltweve'
'oldsaltweve' with letters rearranged gives 'oldwvestale'.
'oldwvestale' placed around 'i' is 'OLD WIVES' TALE'.
'from' acts as a link.
(Another definition for old wives' tale that I've seen is " Doubtful lore".)