Gungnir Expands Mineralization at Knaften 300 Gold Zone
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Expands Mineralization at Knaften 300 Gold Zone
Surrey, BC – August 7, 2020 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to report that on -going drilling at the Knaften project in northern Sweden has
significantly expanded mineralization at the Knaften 300 Gold Zone (“Knaften 300”). Multiple zones of
disseminated arsenopyrite, the key indicator of gold mineralization on the property, were encountered.
Mineralization now extends down-dip for a distance of more than 400 metres and remains completely
open in all directions. Assays are pending. Please see attached cross-section and select photos (Figure 1).
Jari Paakki, Gungnir’s CEO, "We are now seeing potentially four stacked zones of arsenopyrite at Knaften
300, all of which are interpreted to extend to the top of bedrock immediately below overburden. As such,
we are considering an induced polarization (IP) geophysical test survey over the current drill area to
evaluate its effectiveness to target further shallow mineralization along strike and elsewhere on the
property more cost effectively.”
Gold mineralization at Knaften 300 is associated with disseminated arsenopyrite zones ranging from about
2 to 20 metres wide , typically 5 metres (core lengths). Drilling highlights from Gungnir and previous
operators include:
14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06
5.39 g/t Au over 2.00 m (from 98.00 to 100.00 m) in hole KN19-09
3.45 g/t Au over 10.75 m (from 67.05 to 77.80 m) in hole 96009
3.20 g/t Au over 10.00 m (from 83.50 to 93.50 m) in hole 200707
2.92 g/t Au over 13.00 m (from 81.5 to 94.50 m) in re-sample 200707
3.11 g/t Au over 8.00 m (from 135.80 to 143.80 m) in hole 200714
2.13 g/t Au over 14.45 m (from 55.00 to 69.45 m) in hole KNA01001
2.01 g/t Au over 6.70 m (from 190.50 to 197.20 m) in hole 200710
2.89 g/t Au over 5.00 m (from 118.80 to 123.80 m) in hole 200715
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. The Company’s key project, Knaften, hosts high -grade
gold, VMS (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery.
The Company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east
of Knaften. 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
News Release GUG: TSX-V
ASWRF: OTCPK
For further information contact:
Head Office/Investor Relations
Phone: +1-604-683-0484
Jari Paakki, CEO
Email: [email protected]
Chris Robbins, CFO
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in t he
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 a chieved", 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 diff erent 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 ’s plan for future exploration and development of its properties ,
Gungnir’s plan for future disclosure relating to exploration and development of its properties within the
timelines set out above or at all . 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, that the Company will receive or be able to raise sufficient capital to complete
all of its exploration programs as anticipated. Accordingly, undue reliance should not be placed on
forward-looking statements or information. Gung nir does not expect to update forward -looking
statements or information continually as conditions change, except as may be required by securities law.