Vancouver, British Columbia--(Newsfile Corp. - August 25, 2021) - Today's feature company is Gungnir Resources (TSXV: GUG) (OTC Pink: ASWRF), a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden. The company has three projects, with Knaften, hosting a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery. East of Knaften, the company holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with updated nickel resources.
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On-going drilling at the Lappvattnet nickel deposit continues to intersect sulphide mineralization including a 10-metre core interval containing several narrow sections of massive and semi-massive sulphides in hole LAP21-02. Drilling continues to focus on the shallow, western part of the Lappvattnet deposit, where the program will consist of 10 or more holes, for approximately 1,200 metres. To date, the company has completed 4 short drill holes, totaling 350 meters, along two sections spaced about 40 metres apart at the western part of the Lappvattnet deposit.
LAP21-01 and LAP21-02 were drilled on Section 8E up-dip of previous drilling, where hole 2007-02 returned 3.21% nickel over 4.97 metres from 76.43 metres. Following re-sampling within this interval, the company reported 50.91 grams per tonne PGEs, with 39.0 grams per tonne platinum, 11.8 grams per tonne palladium, and 0.11 grams per tonne gold over 0.45 metres. Holes LAP21-03 and LAP21-04 were drilled 40 metres east on Section 9E. Core logging has been completed for the first three holes which have all encountered variable amounts of sulphides.
Jari Paakki, CEO, stated: "We are off to a great start at Lappvattnet which is highlighted so far by hole LAP21-02. We have submitted samples from this hole for priority assaying for nickel and PGEs and expect assay results in the next couple of weeks."
In 2020, the company outlined an Inferred Resource of 177 million lbs of nickel at Lappvattnet along with its other nickel asset Rormyrberget. At Lappvattnet, an Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs of nickel. At Rormyrberget, an Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs of nickel.
The company recently completed drilling and geophysics at its Knaften gold target. Three step-out holes, totaling 700 metres, were drilled east, south and north of the Knaften 300 Gold Zone, at the northern edge of the 4 x 5 kilometre host quartz diorite intrusion, with all three holes intersecting zones of disseminated arsenopyrite. The most abundant mineralization was encountered in hole KN21-03, the furthest hole to the north, a 250-metre hole which cut three separate zones of disseminated arsenopyrite, with the widest zone over a core length of 12 metres. Assays are pending.
In addition to Induced Polarization geophysical survey results reported on July 7th, in the southern unexplored part of the Knaften project, the company has received final survey results which includes a new IP anomaly in the southwestern part of survey block "B". This anomaly is located approximately one kilometre west of the largest and strongest IP anomaly in the survey, which measured 1,200 metres by at least 700 metres. In all, four IP anomalies were identified which are all open-ended. As a first step, the company is planning prospecting in the areas of the new IP anomalies.
Jari Paakki, CEO, added: "Our exploration work continues to advance the large, Knaften intrusion-hosted gold target which has potential for broad zones of disseminated style gold mineralization, as well as high-grade gold. Not only have we recently outlined significant IP targets in the southern unexplored half of the intrusion, our current drilling along the northern edge of it continued to expand zones of disseminated arsenopyrite, a key indicator of gold at Knaften. Prior drill results in this area include 3.45 g/t Au over 10.75 metres and 59.6 g/t Au over 1.00 metre."
The company recently announced a non-brokered private placement and is looking to raise gross proceeds of up to $250,000 from the placement of up to 5 million units priced at $0.05 per unit. Each unit consists of one share and one warrant, with the warrant exercisable at $0.08 for 24 months, subject to an acceleration clause. The shares are trading at $0.05. Net proceeds will be used for on-going exploration activities and for general working purposes.
For more information, and to view the company's new presentation, please visit the company's website, www.GungnirResources.com, contact Jari Paakki, CEO, by email at jpaakki@eastlink.ca or Chris Robbins, CFO at 604-683-0484 or email robbinscr@shaw.ca.
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