Gungnir Resources Reports More Gold at Knaften
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Resources Reports More Gold at Knaften
Surrey, BC – November 5, 2019 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to report final results of the 2019 drill program at its Knaften project in northern
Sweden. Results from holes KN19-08, -09 and -10 continue to demonstrate continuity of two gold zones
at Knaften (Knaften 300 Gold Zone) and further discovery potential. New assays include an upper zone
intercept of 5.39 g/t Au over 2 metres (includes 9.21 g/t Au over 1 metre) and 4.94 g/t Au over 0.90
metres in the lower zone in hole KN19-09. Please see Figure 1.
Jari Paakki, Gungnir’s CEO, " We were five -for-five with our drilling this year testing a new structural
model at the Knaften 300 Gold Zone. Each of the five holes cut two mineralized zones including
discovery of a new lower zone with high-grade gold ( 59.60 g/t Au ). With our recently received cash
payment of $1 million we are in good financial shape and plan to continue drilling at Knaften in 2020.”
Knaften 300 Gold Zone
Knaften 300 consists of two sub-parallel gold zones (Upper and new Lower Zone) hosted w ithin
disseminated arsenopyrite mineralization. The shallow-dipping zones extend down-dip for close to 250
metres to the east, beyond historic drilling, and are open for expansion . With a working thrust -fault
model, there is a possibility of additional stacked z ones (mineralized thrust faults) at depth . Further out,
areas to the north, south and west of Knaften 300 also remain untested.
2019 Knaften 300 Gold Zone Results
Hole ID Zone From (m) To (m) Length (m) Au (g/t)
KN19-08 Upper 66.00 67.00 1.00 1.30
67.00 67.70 0.70 0.94
Lower 203.70 204.00 0.30 0.84
204.00 205.00 1.00 2.02
KN19-09 Upper 95.00 96.00 1.00 1.08
98.00 100.00 2.00 5.39
including 98.00 99.00 1.00 9.21
including 99.00 100.00 1.00 1.57
Lower 242.10 243.00 0.90 4.94
KN19-10 Upper 57.00 57.25 0.25 2.90
60.00 61.00 1.00 2.91
Lower 162.00 163.00 1.00 1.54
KN19-06 * Upper 62.50 67.50 5.00 0.49
Lower 138.75 143.00 4.25 14.07
including 142.00 143.00 1.00 59.60
177.00 178.00 1.00 0.93
KN19-07 * Upper 70.65 78.15 7.50 1.00
including 75.00 76.05 1.05 2.14
News Release GUG: TSX-V
ASWRF: OTCPK
Lower 182.00 182.65 0.65 0.81
183.00 184.00 1.00 1.29
* Previously reported; see news release dated October 2, 2019.
All intersections are estimated to be about 80-90% of core lengths reported.
Analyses and QA/QC
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 gold analysis. Over-limit gold (>10 g/t) employed
method Au-GRAV21, a 30 -gram fire assay (FA -GRAV finish). Control samples (accredited gold standards
and blanks) were inserted into the sample sequence on a regular basis to monitor precision of results.
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.
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 S weden. The Company’s key project, Knaften, hosts high -grade
gold, VMS (zinc-copper) and copper-nickel targets, and all 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
Jari Paakki, CEO
Email: [email protected]
Chris Robbins, CFO
Email: [email protected]
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News Release GUG: TSX-V
ASWRF: OTCPK
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