Gungnir Outlines New Gold Exploration Target at Hemberget, Sweden
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Outlines New Gold Exploration Target at Hemberget,
Sweden
Surrey, BC – July 17, 202 4 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to report discovery of a new surface gold exploration target on its 100%-held
Hemberget project located in the south -east portion of the regional Gold Line , Vasterbotten District ,
Sweden. Please refer to accompanying slides for maps and rock photos (see slides).
Highlights:
New grassroots prospecting discovery with angular to sub-angular float assaying up to 0.422 g/t
Au associated with characteristic Gold Line arsenopyrite; > 10,000 ppm As in new results
Two-kilometre-plus trend open-ended along a well-defined magnetic and geologic contact; 11-
kilometre-long prospective gold exploration target
Property is situated up-ice of the one of the largest gold-in-till anomalies in the district; other till
anomalies are related to either current and past-producing gold mines or known gold resources
“This new surface gold exploration target bolsters our gold and nickel portfolio in Sweden, currently
highlighted by a developing intrusion -hosted gold target at Knaften and our high -grade Lappvattnet
nickel deposit. While still in its very early stages , initial results point to a definitely pursuable gold
prospect at Hemberget which shares an arsenopyrite association similar to other gold deposits along the
regional Gold Line. With only limited samples collected to date, the next step is further field work to get
more samples for assay and to possibly locate bedrock mineralization”, commented Jari Paakki, CEO.
So far at Hemberget, h ighly anomalous gold mineralization occurs in a ngular to sub -angular
arsenopyrite-bearing, silica-sericite+/-biotite altered and quartz veined float (also referred to as
boulders) covering a distance of more than two kilometres trending west-northwest along a well -
defined gabbro-felsic volcanic and related magnetics contact . Based on angularity of eight mineralized
float samples collected for assay from this area , along with abundant altered and quartz veined float ,
and their positioning along a geologic -magnetics contact, it is believed that they are derived from a
proximal bedrock source. Four of the eight samples returned gold values ranging from 0.202 to 0.422 g/t
Au with five samples returning more than 6,550 ppm As including three samples reporting > 10,000 ppm
As.
At the west end of the current trend, mineralized and altered float samples are spread across a distance
of approximately 300 metres in a roughly north-south direction. On the larger property-scale (29.4 km2),
the magnetics high extends for 11 kilometres forming a broad arcuate shape with felsic volcanics on its
northern contact being the exploration target.
The Gold Line structure (“Gold Line”) is a proven but under-explored gold belt covering gold deposits
and occurrences in different geological environments roughly aligned along a regional tectonic zone
with gold mineralization primarily associated with arsenopyrite . The Gold Line hosts Gungnir’s Knaften
300 Zone and more advanced gold deposit s including Barsele containing greater than 2 million Au
(Agnico Eagle 55% / First Nordic Metals 45% ; see First Nordic website ) and Dragon Mining’s Svartliden
News Release GUG: TSX-V
ASWRF: OTCPK
and Faboliden deposits which includes a gold mill at Svartliden. The Gold Line is defined by a more-or-
less, 50-kilometre- wide linear array of locally-derived and transported gold-in-till anomalies outlined by
the Swedish Geological Survey stretching for more 150 kilometres . The two largest till anomalies along
the Gold Line are located at Barsele and down -ice (immediately southeast) of Gungnir’s Knaften -
Hemberget projects. The third large gold-in-till anomaly in the region (Vasterbotten District) is located in
the Boliden/Bjorkdal area containing greater than 5 million Au in current and past-producing mines.
Mapping, prospecting and sampling was completed in early June by Geovista AB, a local Swedish
consulting firm specializing in exploration and permitting. Samples were delivered to ALS’s lab facility in
Pitea, Sweden for sample prep before being shipped for analyses to ALS in Ireland. Samples were
assayed for Au (fire assay Au-ICP21) and analyzed by a multi -element ICP package (ME-MS41). The
average size sample (pieces broken off float) submitted to the lab weighed 1.2 kilograms.
The technical information in this news release has been prepared, verified 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,
ASWRF: OTCPK) with gold and base metal projects in northern Sweden. Gungnir’s assets include two
nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and
the Knaften -Hemberget project which hosts a developing intrusion -hosted gold system, VMS-style
mineralization, copper-nickel targets, and disseminated felsic volcanic breccia -hosted gold boulders all
of which are open for expansion and further discovery. 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
Email: [email protected]
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.
News Release GUG: TSX-V
ASWRF: OTCPK
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 an d other factors, and may cause 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. Fo rward-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 an d
phrases, including references to assumptions. Some of the specific forward -looking information in this news release
includes, but is not limited to, statements with respect to: timing of further exploration work, including prospecting
and sample collection; and Gungnir’s plan for development of its properties and the timing thereof.
Forward-looking information is based on a number of key expectations and assumptions made by Gungnir,
including, without limitation : access to the projects will remain available; transportation and infrastructure will
remain available as anticipated; 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 extend certain licences; Gungnir will be able to access capital markets on and successfully complete
financings on terms it determines to be reasonable; and Gungnir’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 this news release 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 plans 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 results as actual results may differ materially from those
expressed or implied in such forward -looking information. Those risks an d uncertainties include, among other
things, risks related to: no certainty that any economically viable mineral deposit or new targets will be located on
Gungnir’s properties; that Gungnir may not be able to complete its planned work as anticipated; the impacts of war
and/or other international conflicts; ability to access capital markets and complete successful financings on terms
Gungnir determines to be reasonable; environmental matters; changes in legislation or regulations; receipt of
required licences, permits and approvals; 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 reasonab le assumptions and information 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 is expressly qualified i n 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 stated as of the date of this news
release and Gun gnir assumes no obligation to update or revise such information to reflect new events or
circumstances, except as may be required by applicable law.