GUNGNIR Gungnir Drills More Long Intervals of Mineralized Conglomerate in Sweden
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Gungnir Drills More Long Intervals of Mineralized Conglomerate in Sweden
Surrey BC – October 4, 2018 - Gungnir Resources Inc . (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to report that the Company ha s intersected additional long core lengths of
sulphide mineralized conglomerate at Knaften in hol es KN18-09 and -10, 230 metres and 120 metres
respectively. Assay results received for hole KN18- 07 along with a newly interpreted geological settin g
point to VMS (volcanogenic massive sulphide) relate d mineralization. The new target on the Knaften
property is named Rodingtrask.
Highlights:
First results from Rodingtrask in hole KN18-07 show widespread Zn, Cu and Ag across the entire
mineralized conglomerate; grading 0.24% ZnEq over 12 0.50 metres, including 0.35% ZnEq over
28.2 metres at its base
Current working model is a mafic volcanic-sediment VMS system but elevated Ni may draw
similarities to the hybrid, Talvivaara black shale-hosted Ni-Zn-Cu deposit in Finland
Presence of sphalerite (Zn)-rich clasts in the host conglomerate suggests erosion from an
existing sulphide deposit in the area
Initial indication of a gold-bearing plumbing system with elevated gold values in footwall rocks in
hole KN18-07
Target area approximately 800 metres wide and open ended along strike and at depth
Awaiting 380 assays from holes KN18-08, -09 and -10
Jari Paakki Gungnir’s CEO stated, “From initial res ults it looks like we have tapped into large minera lized
halo indicative of a potentially very large hydrothermal system. After reviewing the first assays from hole
KN18-07 and core from holes KN18-08, -09 and -10, t here are several indicators of a VMS setting
including characteristic VMS base metals, footwall chlorite alteration, widespread silicification and the
presence of a potential marker “exhalite” horizon. As with almost all VMS systems, the prize is to loc ate
the core of it targeting potential massive, high-gr ade mineralization.” Mr. Paakki continued, “Knaften is
proving to be a true Swedish smorgasbord with three distinct targets on it: VMS related (Rodingtrask),
intrusion-related gold (Knaften 300 Gold Zone) and a Cu-Ni magmatic sulphide target. With a significan t
hydrothermal system indicated at Rodingtrask, this target has been moved to the top of our list”.
Location maps, additional information and drill cor e photos will be available for viewing via the home
page link (Rodingtrask 2018) on the Company's websi te at www.gungnirresources.com . Assays results
received from earlier completed 2018 holes are also included here.
Rodingtrask Results:
“ZnEq” (Zinc Equivalent) has been used to express the combined value of zinc, copper, and silver as a
percentage of zinc, and is provided for illustrativ e purposes only. No allowances have been made for
Hole ID From (m) To (m) Length (m) Zn Eq (%) Zn (ppm) Cu (ppm) Ag (g/t) Ni (ppm) Au (g/t)
KN18-07 1.30 121.80 120.50 0.24 630 222 1.21 216
includes 93.60 121.80 28.20 0.35 937 321 1.86 312
146.65 152.85 6.20 0.17
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recovery losses that may occur should mining eventu ally result. Nickel has been included in this
calculation as well since some potential similarities exist with the Ni-Zn-Cu Talvivaara deposit in Finland.
Calculations use metal prices of $1.20/lb zinc, $2. 80/lb copper, $14.50/oz silver, $5.60/lb nickel and
using the formula ZnEq%=((%Zn)(22.0462)(US$lbZn) + (%Cu)(22.0462)(US$ lbCu) + (%Ni)(22.0462)(US$ibNi) +
(gptAg)(1/31.1035)(US$ozAg)) / ((22.0462)(US$lbZn))
Rodingtrask
Since discovering Rodingtrask with hole KN18-07 in August, the Company has focused all of its efforts on
this promising new target. Gungnir has completed three additional holes in the area to finish this current
phase of drilling to await assays and analyze resul ts. Field mapping and sampling was also completed.
Modelling and interpretative work continues with plans to re-visit the core once assays are received.
Hole KN18-08 was collared at the same site as KN18- 07 but was drilled in the opposite direction (drilled
towards the west). The hole encountered mineralization conglomerate in its upper part but was stopped
at 87 metres as it was apparently drilling down-dip . Graded bedding in a greywacke unit in this hole
indicates stratigraphic tops to the west.
Holes KN18-09 and -10 were drilled northwest of KN18-07, 200 metres and 30 metres respectively. Both
holes cut significant core lengths of mineralized c onglomerate with KN18-09 cutting 230 metres and
KN18-10 cutting 120 metres. Sulphide mineralization includes pre-dominantly pyrrhotite, lesser pyrite
with some visible sphalerite and chalcopyrite, occu rring as veins, stringers, disseminations,
replacements, and locally semi-massive, massive and bedded accumulations. The conglomerate unit,
perhaps best termed argillaceous conglomerate, has a black (carbonaceous) matrix that is mostly
magnetic due to fine-grained magnetite and lesser p yrrhotite. Silicification is wide-spread but variab le.
Greywacke, sandstone and mudstone units occur interbedded with the argillaceous conglomerate which
is currently interpreted, in part, as a sequence of coarse debris flows.
The current working model is a mafic-sediment VMS system developed in rift-fill sequence with ongoing,
and long-lived hydrothermal activity occurring with intermittent sedimentation. The underlying rocks
consist of altered mafic volcanics and syn-volcanic gabbro sills and dykes which likely provided the
required heat source for the hydrothermal system. S trong footwall alteration is particularly obvious i n
hole KN18-10. Encouraging Au assays were received i n altered footwall rocks in hole KN18-07. Another
notable VMS ingredient is a possible marker “exhalite” layer(s) noted in holes KN18-07, -09 and-10 over
a distance of 200 metres. The unit, which is sphalerite-bearing, is now calcite but large crystal forms may
suggest precursor anhydrite? In KN18-07 an upper ma rker horizon caps the strongest mineralization at
the base of the conglomerate sequence. Occasional s phalerite (Zn)-rich clasts occur in each hole
suggesting erosion from an existing sulphide deposit in the area.
Copper-Nickel Target
Hole KN18-06 followed-up last year’s discovery of C u-Ni bearing sulphides. KN18-06 drilled mainly
gabbroic rocks, cutting a magmatic sulphide interval assaying 0.38% CuEq over a core length of 14.35m.
The Company will review follow-up strategies for further evaluation of this target.
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“CuEq” (Copper Equivalent) has been used to express the combined value of copper, nickel and cobalt as
a percentage of copper, and is provided for illustr ative purposes only. No allowances have been made
for recovery losses that may occur should mining ev entually result. Calculations use metal prices of
$2.80/lb copper, $5.60/lb nickel, $28/lb cobalt and using the similar formula as above.
Knaften 300 Gold Zone Area
The initial three holes focused on testing grade and continuity of gold mineralization at Knaften 300, and
to establish structural controls on gold mineralization and optimal drill orientations. KN18-01 to KN18-
03 each cutting arsenopyrite mineralization over core lengths of 9.60 to 19.45 metres. Holes KN18-04
and -05 were drilled approximately 2.5 kilometres to the southwest of Knaften 300. Sampling of KN18-
04 has not been completed (***). The untested area to the east of the drilled Knaften 300 Gold Zone is
the prime area for potentially expanding this gold zone.
All samples referred to in this release were tested at ALS Laboratories in Galway, Ireland. Cutting of drill
core and sample preparation was completed by ALS in Mala Sweden. A 51-element package (ultra trace
level method ME-MS41) by Aqua Regia and ICP-AES/ICP -MS was employed and method Au-ICP21, a 30-
gram fire assay with ICP-AES finish, was used for g old analysis (a 50-gram fire assay was also used fo r
hole KN18-01 as a check). Control samples (accredited gold standards and blanks) were inserted into the
sample sequence on a regular basis to monitor preci sion of results. All results above are core lengths
and may not represent the true width of the mineralization.
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.
Mr. Paakki has 30 years-experience in mineral explo ration with a large portion of it focused on Cu-Zn-
Pb-Ag-Au massive sulphides.
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.
Hole ID From (m) To (m) Length (m) Cu Eq (%) Cu (ppm) Ni (ppm) Co (ppm)
KN18-06 45.50 59.85 14.35 0.38 1272 683 115
Hole ID From (m) To (m) Length (m) Au (g/t)
KN18-01 84.70 95.65 10.95 1.35
84.70 86.10 1.40 2.04
89.55 90.55 1.00 4.01
94.55 95.65 1.10 3.34
KN18-02 67.05 77.05 10.00 0.25
83.00 87.50 4.50 0.21
KN18-03 57.05 63.60 6.55 0.45
65.60 66.65 1.05 0.53
KN18-04 ***
KN18-05 NSV
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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:
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.
Cautionary Note Regarding Forward-Looking Statement s: Certain statements made herein may contain forward -
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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
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certainty, that any economically viable mineral dep osit will be located on the properties, or that the Company will
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looking statements or information continually as conditions change, except as may be required by securities law.