Vancouver, British Columbia (FSCwire) - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCBB)
(“Gungnir” or the “Company”) is pleased to report results of initial confirmation sampling at its recently acquired Knaften
property extension in Sweden. Gungnir’s assays from drill core returned 2.92 g/t Au over 13 metres and spot assay checks confirm
highly anomalous gold mineralization within broad zones of highly altered rocks two kilometres away.
Jari Paakki, CEO of Gungnir comments, “Today’s results support historic data and show that gold mineralization occurs over
significant widths, as well continues to demonstrate the potential size of the gold mineralizing system at Knaften which extends
several kilometres both north and south of the area of focused historic drilling.”
The Company viewed several drill holes archived at the SGU (Swedish Geological Survey) core facility in Mala Sweden. The gold
mineralized zone is visually very distinct with disseminated sulphides (mainly arsenopyrite) throughout. Drill hole 2007-07 was
one of the only complete core sections of mineralization available for re-sampling. Assays for drill hole 2007-07 returned 2.92
g/t Au over 13 m starting a down hole depth of 81.5 m. The original reported original assay interval for 2001-07 was 3.2
g/t Au over 10 metres (83.5 to 93.5m). True widths of the drill hole intersections reported cannot be determined from the
information available.
Hole ID
|
From (m)
|
To (m)
|
Length (m)
|
Au (g/t)
|
2007-07
|
81.5
|
94.5
|
13.0
|
2.92
|
includes
|
81.5
|
82.5
|
1.0
|
6.47
|
and
|
84.5
|
90.5
|
6.0
|
3.71
|
includes
|
86.5
|
87.5
|
1.0
|
9.53
|
Additionally, the Company re-sampled drill core from drill hole 2008-18 located approximately 2 km south west of drill hole
2007-07. Three spot samples were collected from a 50-metre drill section of highly altered sedimentary rocks to determine gold
levels, and potential southern extension of the gold mineralizing system. All three samples returned highly anomalous gold
including 1.37 g/t Au over 0.10m (at 91.9m), 0.34 g/t Au over 0.5m (at 102.75m) and 0.09 g/t Au over 0.5m (at 124.25m). Original
assays from this drill hole are not available, but drill core has been split. Drill core and assays for 10 drill holes that were
drilled in 2010 in the immediate vicinity of drill hole 2007-07 are not in the drill core archives.
Photos of drill core and maps are available in the Company’s updated corporate presentation, which may be accessed directly
with this link “Gungnir Presentation Q1
2017”.
Drill core samples represent one-quarter drill core which was halved by sawing already split drill core. Drill core is
archived drill core stored at the SGU core facility in Mala. Core was logged and tagged for sampling at the core facility, then
brought to ALS Minerals’ Core Services Laboratory also in Mala. Core was sawn on site by ALS staff and sample material was sent
to ALS’s Lab in Pitea Sweden. Gold was analyzed using fire assay procedure Au-ICP21.
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, ASWRF: OTCBB) 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
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 Minerals). The Company additionally holds a $5,000,000 royalty stream with five annual
advance cash payments of $1,000,000 expected to commence on or before May 1, 2017. 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
jpaakki@eastlink.ca
Chris Robbins, CFO
Tel: 604-683-0484
robbinscr@shaw.ca
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 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 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 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/GungnirPRMar32017.pdf
Source: Gungnir Resources Inc. (TSX Venture:GUG)
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