Gungnir Resources Inc. Gungnir Confirms Near-Surface Gold Mineralization and Drills New Copper- Nickel Bearing Sulphides at Knaften in Sweden
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Gungnir Resources Inc.
Gungnir Confirms Near-Surface Gold Mineralization and Drills New Copper-
Nickel Bearing Sulphides at Knaften in Sweden
Vancouver – October 23, 2017 - Gungnir Resources In c. (GUG: TSX-V, ASWRF: OTCBB) (“Gungnir” or the
“Company”) is pleased to provide results from its r ecently completed Phase 1 drilling program at
Knaften.
Highlights:
• Company confirms near-surface gold mineralization; drills 13.7 m of 1.2 g/t Au in its first hole
starting at a depth of 59.9m. Several kilometres op en for expansion and exploration along
strike.
• Drill discovery of new, highly anomalous copper-nic kel sulphides hosted in layered gabbro; up
to 0.53% combined Cu+Ni in assays and high Cu tenor . Numerous untested, highly conductive
geophysical targets immediately to the south.
"As relatively expected we confirmed near-surface g old mineralization in the area previously drilled a t
the Knaften 300 Gold Zone, but what we did not expe ct is drilling into new copper-nickel bearing
sulphides on the property”, stated Gungnir’s CEO, J ari Paakki. "Not only do we have an excellent gold
play, we now have copper-nickel targets at Knaften that could potentially add to our Sweden nickel-
copper resources we already have ( ## historical resources of 70 million pounds of nicke l). Now that we
have completed a quick first pass, we plan to ramp- up drilling efforts in 2018 on both gold and base
metals targets.”
(## Gungnir is not treating the historical estimates a s current mineral resources and that a qualified pe rson has not
done sufficient work to classify the historical est imates as current resources. See news release dated February 24,
2015.)
The Company is currently planning for the next phas e of drilling at Knaften. On the gold side, step-ou t
drilling to expand the Knaften 300 Gold Zone and wid e-spaced drilling northwest and southwest along
the regional magnetics break are being planned. For base metal targeting, ten electromagnetic
conductors, many with very high conductivity, from Gungnir’s 2017 ground EM survey located
immediately southwest and south of KN17-05 are bein g evaluated for drill testing. A 4,000 to 5,000
metre phase 2 drill program is warranted.
In the current drilling, Gungnir completed 546 m of NQ2 core drilling in 5 holes. The primary goals of the
initial program were to ground-truth reported histo ric gold mineralization (KN17-01 to -03) at the now
named “Knaften 300 Gold Zone” and to test magnetic geophysical targets that potentially relate to gold-
arsenopyrite-pyrrhotite boulders (up to 8.5 g/t Au) discovered earlier by the Company (KN17-04 and -
05). “See Figure 1.”
Hole KN17-01 was collared in a cluster of four historic drill holes; hole KNA01001: 14.45m of 2.13 g/t Au,
hole 200601: 9.00m of 1.14 g/t Au, hole 95008: 7.24 m of 1.29 g/t Au, and hole 96009: 10.75m of 3.45
g/t Au. KN17-01 cut 13.7m of 1.2 g/t Au starting at a down-hole depth of 59.9 metres, and is comparable
to historic drill holes near-by. Gold mineralization is hosted by quartz diorite and quartz veins and shows
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a strong correlation with disseminated arsenopyrite. KN17-02 was collared 250 metres south-southwest
of KN17-01. KN17-02 cut a broad interval of dissemi nated arsenopyrite hosted in quartz diorite from
10.4 to 29m down-hole. The upper 4.8 m portion of t his mineralization assayed 0.65 g/t Au starting at
the overburden-bedrock interface at a down-hole depth of 10.4 metres. Hole KN17-02 is within 5 metres
of historic hole 200719 (see table below). A third hole, KN17-03, collared 370 metres south of KN17-02
was lost prior to hitting its target depth due to mechanical problems.
Gold at the Knaften 300 Gold Zone occurs in both int rusive (quartz diorite to granodiorite) and adjacent
sedimentary rocks (greywackes). Relatively uniform gold grades were returned from disseminated style
gold mineralization in greywackes, whereas quartz v ein style mineralization in intrusive rocks appears
more erratic. Prior operators, Lappland Goldminers, noted visible gold grains locally in their drill c ores
which certainly would contribute to nugget-effect gold mineralization and differences between assays in
neighbouring samples.
Table 1: Confirmation Drill Holes
New holes drilled by Gungnir are KN17-01 and KN17-0 2. Other holes tabled are proximal historic drill h oles. Results
are core lengths and may not represent the true wid th of the mineralization. Co-ordinates are in Natio nal System
RT90. Azimuth and dip are in degrees.
Hole KN17-04 and KN17-05 were drilled 3.5 and 4.7 k m respectively northwest of the Knaften 300 Gold
Zone. KN17-04 was collared to test a magnetic anomal y immediately up-ice (glacial ice direction) of a
cluster of gold-arsenopyrite-pyrrhotite boulders di scovered by the Company in 2014. The hole was
abandoned in 36 metres of overburden after several attempts to reach bedrock. The drill was then
moved 1.2 km northwest to another magnetics anomaly . KN17-05 drilled 212 metres of layered gabbro
(its entire length) hosting three separate magmatic sulphide mineralized sections ranging from 0.3 to 6
metres consisting of variably disseminated, net-tex tured and blebby pyrrhotite with chalcopyrite. **
Tenors for individual samples ranged from 0.79 to 14.14% Cu and 0.54 to 2.06% Ni in 100% sulphide.
Table 2: KN17-05 Assay Averages
Hole_ID Easting (m) Northing (m) Azimuth/Dip Length (m) From (m) To (m) Length (m) Au (g/t)
KN17-01 1634703 7150671 320/-60 106.0 59.90 73.60 13.70 1.20
KNA01001 1634701 7150668 320/-70 91.0 55.00 69.45 14.45 2.13
200601 1634714 7150702 270/-65 167.6 64.50 73.50 9.00 1.14
95008 1634716 7150688 320/-45 152.0 75.75 82.99 7.24 1.29
96009 1634719 7150684 320/-70 150.0 67.05 77.80 10.75 3.45
KN17-02 1634613 7150443 270/-70 65.0 10.40 15.20 4.80 0.65
200719 1634608 7150445 270/-55 140.3 14.50 17.50 3.00 3.42
Hole_ID Easting (m) Northing (m) Azimuth/Dip Length (m) From (m) To (m) Length (m) Cu (ppm) Ni (ppm) Co (ppm) S ( %)
KN17-05 1631119 7153221 320/-65 212.0 53.80 54.30 0.50 4800 452 80 3.06
57.90 59.90 2.00 1850 803 114 4.47
150.00 156.00 6.00 741 128 44 0.52
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Results are core lengths and may not represent the true widths. Co-ordinates are in National System RT 90. Azimuth
and dip are in degrees. ** Tenors in above paragrap h are calculated to 100% sulphide; a common practic e in nickel-
copper exploration to determine economic possibilit ies of a potentially discovered massive sulphide de posit on the
property.
All samples referred to in this release were tested at ALS Laboratories in Sweden. A 51-element package
(ultra trace level method ME-MS41) by Aqua Regia an d ICP-AES/ICP-MS was employed and method Au-
ICP21, a 30-gram fire assay with ICP-AES finish, wa s used for gold analysis. Control samples (accredit ed
gold standards and blanks) were inserted into the s ample sequence on a regular basis to monitor
precision of results.
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 with in 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). The Company al so controls two nickel deposits in Sweden,
Lappvattnet and Rormyrberget which collectively host 70 million pounds of nickel in historical resources
(see NR dated February 24, 2015). Gungnir additiona lly holds a $5,000,000 royalty stream and received
the first annual payment of $1,000,000 on May 2, 20 17. The next annual payment of $1,000,000 is due
on April 30, 2018. Further information about the Co mpany 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
Chris Robbins, CFO
Tel: 604-683-0484
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 Statement s: Certain statements made herein may contain forward -
looking statements or information within the meanin g of Canadian securities laws. In certain cases, fo rward-
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looking statements can be identified by the use of words such as "plans", "expects", "is expected", "b udget",
"scheduled", "estimates", "forecasts", "intends", " anticipates" or "believes", or variations of such w ords and
phrases or statements that certain actions, events or results "may", "could", "would", "might" or "wil l 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 th e actual
performance of the Company to be materially different from any anticipated performance expressed or im plied by
the forward-looking statements. Such forward-looki ng statements or information include, but are not l imited to,
statements or information with respect to Gungnir R esources’ plan for future funding, and exploration and
development of its properties. Forward-looking stat ements or information are based on a number of esti mates
and assumptions and are subject to a variety of ris ks and uncertainties, which could cause actual even ts or results
to differ from those reflected in the forward-looki ng 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-loo king statements or information. For example, there is no
certainty, that any economically viable mineral dep osit 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 f orward-
looking statements or information continually as conditions change, except as may be required by securities law.
Figure 1: Knaften 2017 Drill Holes, Gold Trend, Geophysics
Targets and Highlight Historic Drill Results
KN17-01 to -03
KN17-05
KN17-04
“Knaften 300 Gold Zone”
Background: Total Field Magnetics
Property
Boundary
8.52 g/t Au (771 ppm As); 0.24 g/t Au (2,460
ppm As); 0.18 g/t Au (1.4% As); 0.14 g/t Au
(6,630 ppm As)
0.3 g/t Au in o/c
1 km
2017 Geophysics Grid
with EM Anomalies
Hole ID From (m) To (m) Length (m) Au (g/t)
96009 67.05 77.80 10.75 3.45
200707 83.50 93.50 10.00 3.20
200714 135.80 143.80 8.00 3.11
KNA01001 55.00 69.45 14.45 2.13
includes 65.00 69.45 4.45 4.21
200710 190.50 197.20 6.70 2.01
200715 118.80 123.80 5.00 2.89
200719 14.50 17.50 3.00 3.42
Historic drill hole intercepts tabled are core lengths and are not true widths
Gungnir re-sampling of 200707 returned 13m of 2.92 g/t Au starting at a
depth of 81.5m (see NR March 3/17)
Surface samples noted above are selected grab sample that may
not be representative of the mineralization hosted on the property
Hole 200718: 50m of alteration, arsenopyrite, anomalous
Au incl. 5m of 1.5 g/t Au starting at a depth of 16.75m
Property continues
northward
New Drill Discovery of Cu-Ni
Bearing Sulphides in KN17-05