Gungnir Granted Knaften Gold Project Expansion Permits
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Granted Knaften Gold Project Expansion Permits
Surrey, BC – January 12, 2021 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to announce that the Company has received final approvals from Sweden’s
Inspector of Mines for new exploration permits which expand the size of the Knaften property by over
75%. Please click HERE for maps.
Highlights
• The expanded Knaften gold project comprises 4,887 hectares (or nearly 50 sq. km) and
significantly adds to the potential of Gungnir’s Knaften intrusion-hosted gold target;
• Project now covers the entire prospective intrusion (4 x 5 km) which is comparable in size to
that hosting Agnico Eagle’s Barsele gold deposit located to the north along the same gold
corridor;
• The intrusion has only been drill-tested along its very northern edge resulting in discovery of the
Knaften 300 gold zone (“Knaften 300”), results include:
▪ 14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06
- includes 59.6 g/t Au over 1.00 m
▪ 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 Gold Target
The target is the bedrock source(s) of the large Knaften gold-in-till anomaly (“Knaften anomaly”), one of
the largest in Sweden. The bedrock source is believed to be partially identified at Knaften 300, but based
on the sheer size of the Knaften anomaly it is reasonable to expect more gold to be found in situ. Other
gold-in-till anomalies in the regio n cover either current and past -producing gold mines or known gold
resources, including the Barsele intrusive-hosted gold deposit (Agnico Eagle/Barsele JV with more than 2
million ounces of gold (1)) and the Boliden/Bjorkdal gold deposit area with more than 5 million ounces of
gold produced (2).
Plans and On-Going Work
The Company is prioritizing targets with exploration work planned to re-start in Q2 2021. The work plan
will include geophysics, drilling to t est for structural extensions of Knaften 300 and initial scout drilling
on the newly acquired permits which are essentially untouched. Drilling is also being planned at the
Company’s Lappvattnet and Rorm yrberget nickel deposits which collectively contain 177 million lbs of
nickel based on new resource estimates tabled by Gungnir in 2020 (see news release dated November
25, 2020) . Also of particular interest is grade and distribution of PGEs (platinum -palladium-gold) at
News Release GUG: TSX-V
ASWRF: OTCPK
Lappvattnet where Gungnir core sampling returned up to 50.91 g/t PGEs over 0.45 metres (see news
release dated March 30, 2020).
Notes: (1) Barsele Minerals, Febru ary 21, 2019 Technical Report. Combined Pit and Underground Resources: Indicated 324,000 ozs Au @ 1.81
g/t Au + Inferred 2,086,000 ozs Au @ 2.54 g/t Au (based on 349 drill holes). (2) S wedish Geological Survey (S GU) and Mandalay Resources
website site and Technical Report.
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. Gungnir’s key project, Knaften, which hosts a
developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which
are open for expansion and further discovery. East of Knaften, t he Company holds two nickel -copper-
cobalt deposits, Lappvattnet and Rormyrberget . 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:
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 the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
Certain statements in this news release may constitute “forward -looking information” within the meaning of
applicable securities laws (also known as forward -looking statements). Forward -looking information involves
known and unknown risks, uncertainties and other factors, and may ca use actual results, performance or
achievements or industry results, to be materially different from any future results, performance or achievements
or industry results expressed or implied by such forward -looking information. Forward -looking information
generally can be identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”,
“expect”, “feel”, “intend”, “may”, “plan”, “predict”, “project”, “subject to”, “will”, “would”, and similar terms and
phrases, including refere nces to assumptions. Some of the specific forward -looking information in th is news
releases include s, but is not limited to, statements with respect to: the belief of the bedrock source is partially
identified at Knaften 300 and the expectation of more gol d to be found in situ; Gungnir’s plans and on-going work;
News Release GUG: TSX-V
ASWRF: OTCPK
plans for future exploration and development of its properties and the timing thereof; Gungnir’s plan for future
disclosure relating to exploration and development of its properties within the timel ines set out above or at all.
Forward-looking information is based on a number of key expectations and assumptions made by Gungnir,
including, without limitation: the COVID -19 pandemic impact on the Canadian and global economy and Gungnir’s
business, and t he extent and duration of such impact; no change to laws or regulations that negatively affect
Gungnir’s business; there will be a demand for Gungnir’s services and products in the future; Gungnir will be able to
operate its business as planned ; and Gungni r’s plans for future exploration and development of its properties is
reasonable and will be possible within the anticipated timelines . Although the forward -looking information
contained in these two news releases is based upon what Gungnir believes to be reasonable assumptions, it cannot
assure investors that actual results will be consistent with such information.
Forward-looking information is provided for the purpose of presenting information about management’s current
expectations and pl ans relating to the future and readers are cautioned that such statements may not be
appropriate for other purposes. Forward -looking information involves significant risks and uncertainties and should
not be read as a guarantee of future performance or res ults as actual results may differ materially from those
expressed or implied in such forward -looking information. Those risks and uncertainties include, among other
things, risks related to: no certainty that any economically viable mineral deposit will be located on Gungnir’s
properties; that Gungnir may not be able to complete its work plans and exploration programs as anticipated or at
all; the impacts of the COVID -19 pandemic on the Canadian and global economy, Gungnir’s industry and its
business, which may negatively impact, and may continue to negatively impact, Gungnir and may materially
adversely affect its investments, results of operations, financial condition and Gungnir’s ability to obtain additional
equity or debt financing, and satisfy its fina ncial obligations; general economic conditions; future growth potential;
common share prices; liquidity; tax risk; tax laws currently in effect remaining unchanged; ability to access capital
markets; environmental matters; changes in legislation or regulat ions; and resource estimates may not be accurate
and may differ significantly from actual mineral resources . Management believes that the expectations reflected in
the forward -looking information contained herein are based upon reasonable assumptions and i nformation
currently available; however, management can give no assurance that actual results will be consistent with such
forward-looking information.
The forward-looking information contained this news release and in Gungnir’s other news release dissemin ated as
of today’s date is expressly qualified in its entirety by this cautionary statement. Forward -looking information
reflects management's current beliefs and is based on information currently available to Gungnir. The forward -
looking information is st ated as of the date of this news release and Gungnir assumes no obligation to update or
revise such information to reflect new events or circumstances, except as may be required by applicable law.