VANCOUVER,
Sept. 3, 2014 /PRNewswire/ - Gungnir
Resources Inc. (GUG: TSX-V) ("Gungnir" or the "Company") is pleased
to provide an update from its first phase exploration program on
its newly acquired Sweden gold
properties. The properties, Knaften and Nordanas, cover 225 sq. km
in a highly under-explored part of the Vasterbotten district of
northern Sweden, a region hosting
12 million ounces of gold delineated in existing and mined
resources plus several past-producing and producing poly-metallic
mines. Gungnir's primary target is an intrusion-related gold
deposit.
Initial work consisted of prospecting and
geochemical rock sampling on the Knaften property building on
results by its predecessor. The goal is to identify target areas
for geophysics and drilling. New results are highlighted by an 8.52
g/t Au boulder discovery within a developing 8 km long Au-As-(Mo)
geochemical-magnetics trend that covers the western contact of a
granitic intrusion. The high grade boulder is believed to be
locally-derived based on its size and angularity. It is situated
2.2 km southeast and down-ice of outcropping anomalous Au
mineralization (0.32 g/t Au) and close to historic sulphide
occurrences (see attached figures).
Jari Paakki, CEO
of Gungnir commented "although still in its early days, results
continue to demonstrate the prospectivity of the Knaften property
which has been barely scratched at surface. As with many regions in
Sweden there is an extensive but
thin layer of glacial till that masks bedrock and potential new
mineral discoveries. Boulder prospecting has proven to be a very
successful exploration technique in locating mineral deposits in
this part of northern Sweden as
ancient glacial ice flow is relatively straight forward. The
Knaften area is particularly interesting as it is believed to be
the main source of a very large, distal Au-in-till anomaly located
down-ice to the southeast. As first priority follow-up, prospecting
will focus in an area between the new high grade boulder and
outcropping anomalous Au mineralization in the south half of
property. Work is anticipated to re-commence mid-September."
Intrusion-Related Gold Model:
These deposit types tend to be large with open pit to high-grade
gold and thus an attractive target. An intrusion-related gold model
is a relatively recently documented gold deposit type with more
than 50 Moz Au defined in last 15 years (US Geological Survey).
Styles of mineralization are varied and include disseminations,
greisens, veins, breccias and skarns in and around granite plutons
and related dykes. Gold occurs variably with +/- Bi, As, W, Mo, Sb,
Te (pathfinder elements). Circular magnetic features can be
characteristic and represent concentration of magnetic minerals
along outer margins of gold mineralizing plug-like granitic
intrusions. Gold can occur within the granite intrusion or outboard
several kilometres.
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.
Prospecting grab samples were prepared at ALS Minerals' laboratory
in Pitea, Sweden and shipped to
their Galway, Ireland facility for
gold analysis by fire assay and other elements by ICP analysis. ALS
is a certified and accredited laboratory service. All samples
collected were grab samples, and due to their selective nature,
assay results from grab samples may not be indicative of the
overall grade and extent of mineralization on the property. Gold
results varied from below detection to 8.52 g/t Au (lab check
assayed 7.98 g/t Au).
About Gungnir Resources:
Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral
exploration company (V-GUG) focused on discovery of meaningful
mineral deposits in favorable geo-political jurisdictions. The
Company is currently working to advance its newly acquired gold
exploration projects in northern Sweden. Northern Sweden is Europe's most mineralized region yet remains
highly under explored and offers excellent potential for new
discoveries particularly under extensive but thin layer of glacial
till that masks bedrock over large portions of Sweden. The region has excellent
infrastructure and offers year round access. The Company is
financed into 2015 and holds a $5M
royalty stream set at five (5) annual $1M advanced payments starting in 2017. Gungnir
is seeking partners to advance its other projects in Canada. Further information about the Company
may be found at www.gungnirresources.com or at www.sedar.com.
Cautionary Note Regarding Forward-Looking
Statements: Certain statements made herein may contain
forward-looking statements or information within the meaning of
Canadian securities laws. Such forward-looking statements or
information include, but are not limited to, statements or
information with respect to Gungnir Resources' plan for future
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 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.
Neither 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
SOURCE Gungnir Resources Inc.
PDF available at:
http://stream1.newswire.ca/media/2014/09/03/20140903_C8427_DOC_EN_42613.pdf