Gungnir drills two m of 5.39 g/t Au at Knaften

Nov 6, 2019

2019-11-05 11:33 ET – News Release

Mr. Jari Paakki reports

GUNGNIR RESOURCES REPORTS MORE GOLD AT KNAFTEN

Gungnir Resources Inc. has released the final results of the 2019 drill program at its Knaften project in northern Sweden. Results from holes KN19-08, KN19-09 and KN19-10 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 grams per tonne gold over two metres (including 9.21 grams per tonne gold over one metre) and 4.94 grams per tonne gold over 0.9 metre in the lower zone in hole KN19-09.

Jari Paakki, Gungnir’s chief executive officer, commented: “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 (59.6 grams per tonne gold). 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 subparallel gold zones (upper and new lower zone) hosted within 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 zones (mineralized thrust faults) at depth. Farther out, areas to the north, south and west of Knaften 300 also remain untested.

All intersections are estimated to be about 80 per cent to 90 per cent of core lengths reported.

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 were completed by ALS in Mala, Sweden. A 51-element package (ultratrace-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. Overlimit gold (greater than 10 grams per tonne) 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, PGeo, chief executive officer and a director of the company. Mr. Paakki is a qualified person under National Instrument 43-101.

About Gungnir Resources Inc.

Gungnir Resources is a Canadian-based, TSX Venture Exchange-listed mineral exploration company with gold and base metal permits in northern Sweden.

We seek Safe Harbor.

https://www.gungnirresources.com/