Gungnir drills 4.25 metres of 14.07 g/t Au at Knaften 300

Oct 2, 2019

2019-10-02 10:00 ET – News Release

Mr. Jari Paakki reports

GUNGNIR DRILLS 59.6 G/T GOLD AT KNAFTEN, SWEDEN

Gungnir Resources Inc. has found a new, high-grade gold discovery at Knaften. Assay results include 59.6 grams per tonne gold (1.92 ounces per tonne Au) over one metre (3.28 feet) within the newly discovered lower zone at the Knaften 300 gold zone.

Highlights:

New high-grade gold (59.6 g/t Au) discovery in hole KN19-06;
Highest gold grade drilled to date on the Knaften project’
Assays pending for three additional holes.

Jari Paakki, Gungnir’s chief executive officer, said: “With discovery of high-grade gold and the predictability of the Knaften 300 mineralized zones, we have now moved this target to the top of our list. We believe we have a great chance for further discoveries down dip and to potentially find additional stacked zones at depth. We eagerly await further assays from our 2019 drill program.”

Knaften 300 gold zone

Knaften 300 consists of two shallow-dipping, subparallel arsenopyrite mineralized zones (upper and new lower zone). Zones vary in core length from about three m to 8.5 m and now extend down dip for close to 250 m and are open for expansion. Intersections start just 60 m below surface. With a working thrust-fault model, there is a possibility of additional stacked zones (mineralized thrust faults) at depth and in the western part of the Knaften property.

Results have been received for holes KN19-06 and KN19-07, and are highlighted by high-grade gold mineralization in hole KN19-06. The high-grade gold occurs within a 4.25 m wide lower zone defined by disseminated arsenopyrite and minor amounts of chalcopyrite. Assays for three more holes (KN19-08, KN19-09 and KN19-10) are pending.

KNAFTEN 300 GOLD ZONE RESULTS (KN19-06 AND KN19-07)

Hole ID  Zone      From (m)  To (m)  Length (m)  Au (g/t)  Au (opt)

KN19-06  Upper        62.50   67.50        5.00      0.49            
         Lower **    138.75  143.00        4.25     14.07      0.45    
         includes    142.00  143.00        1.00     59.60      1.92    
         and         177.00  178.00        1.00      0.93            
KN19-07  Upper        70.65   78.15        7.50      1.00            
         includes     75.00   76.05        1.05      2.14            
         Lower       182.00  182.65        0.65      0.81            
         and         183.00  184.00        1.00      1.29            

** The 4.25-metre interval of 14.07 g/t Au is the weighted 
average (within an arsenopyrite zone) of five separate 
assays ranging from 0.028 to 59.6 g/t Au. 
Additional notes: All intersections in the table are core 
lengths; true widths are not known at this time but are 
believed to be 80 to 90 per cent of core lengths. Grams per 
tonne are converted to troy ounces per tonne at a ratio 
31.1035 to one.

Rodingtrask target

At the Rodingtrask target, five holes were completed. Holes KN19-01 to KN19-05 all encountered variably anomalous base metals. To date, Gungnir has completed just nine holes in this large area of the property and the company is now in a position where it can start utilizing drill results (for metal vectors) to tighten the search area for a potential massive sulphide deposit at Rodingtrask.

Analyses and quality assurance/quality control

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 (ultratrace-level method ME-MS41) by aqua regia and inductively coupled plasma atomic emission spectroscopy/inductively coupled plasma mass spectrometry was employed and method Au-ICP21, a 30-gram fire assay with ICP-AES finish, was used for gold analysis. Overlimit gold (greater than 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 Mr. Paakki, PGeo, CEO and a director of the company. Mr. Paakki is a qualified person under National Instrument 43-101.

About Gungnir Resources Inc.

Gungnir is a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden. The company’s key project, Knaften, includes five separate targets: the Knaften 300 gold zone, the Rodingtrask volcanogenic massive sulphide, and an adjacent copper-nickel target, an 8.5 g/t Au boulder cluster and a southwest gold target. All targets on Knaften are wide open for expansion and further discovery.

We seek Safe Harbor.

https://www.gungnirresources.com/