GUNGNIR Gungnir Receives Permits and Outlines Detailed Drill Plans for Sweden
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Gungnir Receives Permits and Outlines Detailed Drill Plans for Sweden
Vancouver – March 26, 2018 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTC PK) (“Gungnir” or the
“Company”) is pleased to announce the Company has received all required permits for its planned 2018
drill program on its Knaften project. Drilling is expected to commence in the second quarter of 2018.
The Company’s focus will be primarily targeting gold mineralization at its Knaften project with up to
4,000 metres of diamond drilling planned to expand the Knaften 300 Gold Zone (or “Knaften 300”) and
to test multiple new targets for potential high-grade gold and additionally copper-nickel mineralization.
The Company’s planned work program at Knaften is expected to consist of approximately 20 diamond
drill holes testing six target areas over a strike length of more than 8 km:
1. Test the Knaften 300 Gold Zone up-dip, along strike and at depth;
2. Test for grade and continuity of gold mineralization related to strong near-surface alteration and
anomalous gold mineralization encountered in a historic drill hole. The target is located
approximately 2.5 km southwest of the Knaften 300 Gold Zone;
3. Drill a magnetic anomaly near cluster of gold-bearing boulders (with associated magnetic iron-
sulphides) discovered by Gungnir which includes boulders grading up to 8.52 g/t gold. The target
is located 3.5 km northwest of Knaften 300;
4. Test below outcropping anomalous gold mineralization 5 km northwest of Knaften 300;
5. With wide-spaced holes, test the northwest trending regional magnetics break extending from
the Knaften 300 Gold Zone; and
6. Drill new untested electromagnetic (EM) conductors in the area of Gungnir’s 2017 drill discovery
of gabbro-hosted copper-nickel bearing sulphides in the central part of the property.
Please refer to slide #14 for a map of the target areas in an updated Corporate presentation on
Gungnir’s website: www.gungnirresources.com.
The Knaften 300 Gold Zone consists of over 50 previously drilled holes with gold mineralization covering
an area measuring 400 x 500 metres at an average depth of approximately 75 m below surface. Knaften
300 appears to be a shallow -dipping zone(s) and includes several thick, promising gold intersections
including 3.45 g/t Au over 10.75 m, 3.20 g/t Au over 10.0 m, and 3.11 g/t Au over 8.0 m. In 2017 Gungnir
confirmed near -surface gold mineralization with its own drilling and re -sampling of available archived
core. Results include 2.92 g/t Au over 13 m starting at a down -hole depth of 81.5 m. Previous drilling
includes intervals of up to 23.4 g/t Au in individual assay s which demonstrates that the mineralizing
system is capable of producing higher-grade gold.
Gungnir is also planning a first -phase prospecting program on its newly staked Norrbotten group of
claims with a particular focus on locating the source of several polymetallic boulders including high -
grade nickel (3.5% Ni) and cobalt (1.76% Co). Ground geophysical surveys will be considered for later in
the year at Norrbotten . At the Lappvattnet and Rormyrberget nickel-copper-cobalt deposits , the
Company plans to review archived drill core and is currently in the process of evaluating newly built 3-D
models with the goal of identifying future drill targets that could expand the limits of known historic
resources.
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Funding for exploration work will come from the second of five annual $1M advance royalty payments
due to the Company and other financing opportunities as they may arise.
Mr. Jari Paakki, M.Sc., P.Geo., is a Qualified Person as defined by National Instrument 43 -101 - Standards
of Disclosure for Mineral Projects. Mr. Paakki prepared the technical information contained in this news
release and has approved its disclosure.
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 within 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 s outhern extension of the “Gold Line” which
hosts a number of gold deposits including Faboliden and Svartliden (Dragon Mining), and Barsele
(Agnico Eagle and Barsele Miner als). The Company also has permits covering 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) , and newly staked Norrbotten gold and base metal permits
in the Norrbotten District . Gungnir additionally holds a $5,000,000 roya lty stream and received the first
annual payment of $1,000,000 on May 2, 2017. The next annual payment of $1,000,000 is due on April
30, 2018. 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:
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 Statements: Certain statements made herein may contain
forward-looking statements or information with in 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 achieved", or the negative of these words or
comparable terminology. By their very nature f orward-looking statements involve known and unknown
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risks, uncertainties and other factors which may cause the actual performance of the Company to 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 inf ormation 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 m ore 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, 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 forward -looking
statements or information continually as conditions change, except as may be required by securities
law.