GUNGNIR Gungnir Drills Mineralization in First Three Holes at Knaften in Sweden
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News Release GUG: TSX -V
ASWRF: OTCPK
GUNGNIR
Gungnir Drills Mineralization in First Three Holes at Knaften in Sweden
Vancouver – July 10, 2018 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) reports that the first three drill holes for 2018 have been completed with KN18-01 to KN18-
03 each cutting arsenopyrite mineralization over core lengths of 9.60 to 19.45 metres. Drilling tested the
Knaften 300 Gold Zone (“Knaften 300”), a disseminate d-style gold zone with arsenopyrite serving as an
indicator of gold (as with other gold deposits in t he region and in many gold camps elsewhere). Select
photos of the drill core are available for viewing via the home page link on the Company's website at
www.gungnirresources.com . All assays are pending.
The initial three holes focused on testing grade and continuity of gold mineralization at Knaften 300, and
to establish structural controls on gold mineraliza tion and optimal drill orientations. The next serie s of
holes are underway (3-4 drill holes planned) locate d approximately 2.5 kilometres to the southwest of
Knaften 300. These holes target an area where a wid e zone (greater than 50-metre core length) of
alteration, arsenopyrite and anomalous gold was dis covered in one hole by the previous operator in
2008 and not followed-up. Gungnir then plans to dri ll electromagnetic anomalies in the area of the
Company’s 2017 discovery of copper-nickel bearing sulphides and additional gold targets in the northern
half of the property as the program moves forward.
Hole Co-Ordinates (Swedish Grid RT90)
Hole_ID Easting (m) Northing (m) Azimuth/Dip Length (m) Comments
KN18-01 1634763 7150706 270/-55 153.1 10.95 metre m ineralized zone from 84.70 to 95.65 metres
KN18-02 1634774 7150714 310/-70 150.2 19.45 metre m ineralized zone from 67.05 to 86.50 metres
KN18-03 1634704 7150676 240/-65 153.2 9.60 metre mi neralized zone from 57.05 to 66.65 metres
Hole KN18-01 encountered a 10.95 metre zone of mineralization starting at a down-hole depth of 84.70
metres. Mineralization consists of fine-grained to very coarse-grained blades of arsenopyrite (steel grey
coloured mineral in accompanying photos) ranging from 1 to 3% to heavier concentrations in decimetre-
scale bands. Mineralization is hosted by mafic volc anics, sedimentary rocks and altered intrusives.
Numerous calcite veinlets occur throughout the sect ion. The hole was drilled immediately behind
historic hole 2007-07 (3.3 g/t Au over 10 metres).
Hole KN18-02 intersected a 19.45 metre interval hos ting disseminated arsenopyrite approximately 30-
40 metres northeast of the mineralized intercept in KN18-01. Approximately 50 percent of the interval is
mineralized with 1-3% fine- to coarse-grained disseminated arsenopyrite. The host rock is largely altered
intrusive rock ranging from quartz diorite to gabbro with quartz veins.
Hole KN18-03 was drilled approximately 70 metres southwest of Hole KN18-01 where it cut a 9.60 metre
interval of disseminated arsenopyrite mineralizatio n with local chalcopyrite hosted by variably
brecciated and altered intrusive rock with quartz-albite veins.
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.
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News Release GUG: TSX -V
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GUNGNIR
All drill intersections of mineralization are core lengths, and at this time it is estimated true widths are in
the order of 70-90% of the core lengths. Collar loc ations shown are readings from a hand-held GPS unit
and have not been precisely surveyed at this time; a discrepancy of up to +/- 10 metres may be possible.
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 ho lds a royalty stream from the sale of the Kenville
Gold Project in BC with $3,000,000 still due in thr ee further annual advance cash payments of
$1,000,000 each. Further information about the Comp any 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 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
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achieved", or the negative of these words or compar able terminology. By their very nature forward-look ing statements involve known and
unknown risks, uncertainties and other factors whic h may cause the actual performance of the Company t o 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 actua l 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 descr ibed 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. Accord ingly, undue reliance should not be placed on forwa rd-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.