Vancouver, British Columbia (FSCwire) - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCBB) (“Gungnir” or the “Company”) is pleased to report that final drill approvals have been received and drilling is expected to commence within approximately two weeks at Knaften.
The Knaften gold property covers a 13-kilometre long target at the south end of the “Gold Line” which is an under-explored gold trend in the mineral-rich Vasterbotten District in northern Sweden. Knaften includes both untested gold targets (outcrop and local boulders assaying up to 8.5 g/t Au discovered by Gungnir) in the central part of the property and near-surface drill indicated gold mineralization including 3.45 g/t Au over 10.75 metres located 3.5 km to the southeast.
The Company’s first phase drill program will consist of up to 1,000 metres of drilling to test a 1.5 km long magnetic anomaly that coincides with a cluster of magnetic, gold-bearing boulders, which are believed to be locally sourced, as well to further confirm grade and continuity of previously drilled near-surface gold mineralization.
The drill hole intersection noted above is core length and is not true width as can be determined by the Company, and thus is considered as "historical data" and has not been independently verified by the Company. The Company has, however, re-sampled one complete section of preserved mineralized drill core (half-core) in the same area. Quartered core from hole 2007-07 returned 2.92 g/t Au over 13 metres starting at down-hole depth of 81.5 metres compared to a reported grade of 3.2 g/t Au over 10 metres starting at a down-hole depth of 83.5 metres (see news release dated March 3, 2017). The historic drill result in this release was compiled from the Swedish Geological Survey (SGU) archives and news releases.
The technical information in this news release has been prepared and approved by Jari Paakki, P.Geo., CEO and a director of the Company. Mr. Paakki is a Qualified Person under National Instrument 43-101.
About Gungnir Resources
Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal permits in northern Sweden within a region hosting 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing base metal mines. The Company’s key gold project, Knaften, is situated at the southern extension of the “Gold Line” which hosts a number of gold deposits including Faboliden and Svartliden (Dragon Mining), and Barsele (Agnico Eagle and Barsele Minerals). Gungnir additionally holds a $5,000,000 royalty stream and received the first annual payment of $1,000,000 on May 2, 2017. The next annual payment of $1,000,000 is due on April 30, 2018. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.
On behalf of the Board,
Jari Paakki, CEO and Director
For further information contact:
Jari Paakki, CEO
Tel: 705-507-4470
jpaakki@eastlink.ca
Chris Robbins, CFO
Tel: 604-683-0484
robbinscr@shaw.ca
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.
Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Gungnir Resources’ plan for future funding, and exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the properties, or that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Gungnir does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Gungnir08242017.pdfSource: Gungnir Resources Inc. (TSX Venture:GUG)
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