Gungnir Receives $500,000, Drilling to Start at Rodingtrask Sweden
News Release GUG: TSX -V
ASWRF: OTCPK
Gungnir Receives $500,000, Drilling to Start at Rodingtrask Sweden
Surrey BC – May 29, 2019 - Gungnir Resources Inc. ( GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to report that the Company ha s now, upon regulatory approval, received the
$500,000 initial cash payment related to the sale o f the Company’s remaining royalty interest in the
Kenville Gold Mine property in BC, Canada. In Swede n, drilling is scheduled to commence on June 3,
2019 on the Company’s new targets.
The royalty option agreement is between the Company and Ximen Mining Inc. (“Ximen”) whereby
Ximen has the option to acquire the remaining inter est in a 4% gross metal royalty over the Kenville
Gold Mine property for $1,500,000 and 285,918 commo n shares of Ximen. The remaining consideration
includes the share issuance and $1,000,000 in cash due to the Company on or before October 31, 2019
(see news release dated April 26, 2019 for further details).
Gungnir’s initial drilling focus is planned on the Rodingtrask volcanogenic massive sulphide (VMS) target
on the Company’s Knaften property. Rodingtrask was discovered in 2018 with Gungnir’s first hole
testing a large geophysical conductor. The discover y consists of a broad zone of base metal enrichment
(zinc and copper) in core lengths over 100 metres s tarting just below surface, and favourable VMS
geology and alteration. Only four holes have tested this target so far, and the goal now is to locate the
core of the mineralized system targeting higher-gra de massive sulphide mineralization with additional
drilling. Gungnir plans to also test the new copper -nickel target discovered by the Company in 2017 an d
extensions of the Knaften 300 Gold Zone, both on the Knaften property.
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. Suc cessful drill programs in 2017 and 2018 at its
Knaften project resulted in back-to-back new base metal target discoveries; the Rodingtrask VMS and an
adjacent Cu-Ni target. These new targets add signif icant up-side to the previously gold-only Knaften
project, and now the Company has numerous opportuni ties at deposit discovery by way of multiple
targets and metals. All three targets on Knaften ar e wide-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
Jari Paakki, CEO
Email: [email protected]
Chris Robbins, CFO
News Release GUG: TSX -V
ASWRF: OTCPK
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 Statements: Certain statements made herein may contain
forward-looking statements or information within th e meaning of Canadian securities laws. In certain
cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "i s
expected", "budget", "scheduled", "estimates", "for ecasts", "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 forwar d-looking statements involve known and unknown
risks, uncertainties and other factors which may ca use the actual performance of the Company to be
materially different from any anticipated performan ce expressed or implied by the forward-looking
statements. Such forward-looking statements or info rmation include, but are not limited to, statements
or information with respect to Gungnir’s plan for f uture exploration and development of its properties ,
Gungnir’s plan for future disclosure relating to ex ploration and development of its properties, receip t of
the remaining consideration and the completion of the transaction within the timelines set out above or
at all. Forward-looking statements or information a re based on a number of estimates and assumptions
and are subject to a variety of risks and uncertain ties, 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 shoul d 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, th at any economically viable mineral deposit will be
located on the properties, that the Company will re ceive or be able to raise sufficient capital to
complete all of its exploration programs or that th e transaction will complete as anticipated.
Accordingly, undue reliance should not be placed on forward-looking statements or information.
Gungnir does not expect to update forward-looking s tatements or information continually as conditions
change, except as may be required by securities law.