GUNGNIR Gungnir Submits Application to Expand Norrbotten; Adds High-Grade Nickel (3.5%), Cobalt (1.76%)
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News Release GUG: TSX-V
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GUNGNIR
Gungnir Submits Application to Expand Norrbotten; Adds High-Grade Nickel
(3.5%), Cobalt (1.76%)
Vancouver – February 8, 2018 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTC PK) (“Gungnir” or the
“Company”) is pleased to announce that it has submitted an application to add a new exploration
permit at Norrbotten in northern Sweden to cover impressive nickel-cobalt and additional copper
mineralized boulders/blocks.
The permit application (10.34 sq. km) covers previously assayed mineralization including 3.5% Ni, 1.76%
Co, 1.2 g/t Au and 2.42% Cu, 1.6 g/t Au, 16 g/t Ag . Th is new permit adjoins one of our existing
Norrbotten project permits and now combined covers nearly a dozen boulders/blocks with significant
copper, gold, silver , nickel and cobalt values located along the edge of a 10 km-long magnetics trend.
The newly expanded Norrbotten group of claims will total over 35 sq. km.
“The high-grade cobalt is a very interesting occurrence and we are looking forward to prospecting work
this spring with the goal of locating the potential source area. Gungnir is an established gold explorer in
Sweden, but w ith cobalt prices hitting multi-year highs and nickel price rally ing due to the expected
surge in electric vehicle production , Gungnir’s additional base metal assets should start receiving some
market attention. The Company hold three notable ‘battery metal’ assets and targets, all in Sweden and
100% staked ; they include: (1) historic ni ckel-copper-cobalt resources already in the ground at
Lappvattnet and Rormyrberget (70M lbs of Ni, 10M lbs of Cu and 2.4M lbs of Co) ; (2) new copper-nickel
sulphide discovery at Knaften ; and now (3) a high-grade nickel -cobalt prospect at Norrbotten,”
commented Jari Paakki, CEO of Gungnir.
“At Knaften, our key gold project, we have drill indicated near-surface gold mineralization (Knaften 300
Gold Zone) and new untested drill targets over a strike length of 10 km. Th e property sits immediately
up-ice of a huge gold-in-till anomaly (one of the largest in Sweden) which is likely only partially indicated
in bedrock suggesting more promise at Knaften . We are planning for a busy and exciting 2018,”
continued Mr. Paakki.
The p ermit application is subject to final approval by the Inspector of Mining in Sweden. Prospecting
samples noted above are historic surface grab samples of boulders/blocks and may not be
representative of mineralization hosted on the permits. Assays results are from the Swedish Geological
Survey (SGU) data files , but t he Company has not yet verified this data. Also, a qualified person for
Gungnir has not done sufficient work to classify the historical estimates above as current resources and
Gungnir is not treating the historical estimates as current mineral resources.
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 co ntained 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
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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 Miner als). The Company also has permits covering two nickel deposits in
Sweden, Lappvattnet and Rormyrberget which co llectively 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 royalty stream and received th e 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 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 achieved", 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 different from any anticipated performance expressed or implied by
the forward-looking statements. Such forward-looking statements or inf ormation 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 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 wil l 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.