VANCOUVER, Oct. 28,
2014 /CNW/ - Gungnir Resources Inc. (GUG: TSX-V) ("Gungnir"
or the "Company") is pleased to report two new developments on its
100% owned Knaften property in northern Sweden. First, discovery of additional
gold-arsenic mineralized boulders proximal to the earlier reported
8.52 g/t Au discovery (see NR dated September 3, 2014), and second, identification of
massive sulphides with a VMS base metal signature. See attached
figures.
Jari Paakki, CEO
of Gungnir commented "in addition to our developing gold story, the
Company has uncovered what it believes to be part of a potential
volcanogenic massive sulphide (VMS) system. Our sampling of an
exposed massive sulphide zone has returned elevated combined zinc,
lead, copper, as well as silver and anomalous gold which
collectively are characteristic VMS metals. This is a pleasant
bonus, however not totally unexpected as we are next to the
prolific Skellefte VMS belt, host to current and past producing
base and precious metal mines. On the gold side, follow-up sampling
on Knaften has confirmed that our initial gold boulder discovery is
not a one-off as we uncovered additional gold-arsenic boulders in
the area which further supports the belief of a proximal bedrock
source. Both initial targets occur within a 5 sq. km area in the
south half of the 60 sq. km property. The potential for discovery
of additional targets on this largely unexplored property is
considered excellent."
The new mineralized boulders were uncovered
within 150 metres of Gungnir's 8.52 g/t Au boulder. Follow-up
prospecting located four additional boulders with gold and arsenic
including 0.80 g/t Au with 3,010 ppm As; 0.24 g/t Au with 2,460 ppm
As; 0.18 g/t Au with 1.4 % As; and 0.14 g/t Au with 6,630 ppm As.
The mineralized boulders consist of altered felsic volcanic rocks
containing up to 15% disseminated pyrrhotite along with
arsenopyrite. The disseminated style of the gold mineralization is
a very attractive target as it will respond to geophysics and as
with many disseminated style deposits it can offer excellent
potential for continuity and size. The boulders are believed to be
fairly locally derived and are similar to an outcrop with anomalous
gold (0.3 g/t Au) located 2.2 km to the northwest. Notably the area
hosting the mineralized boulders has not been staked in the past
according to government maps, and has not been drilled.
The exposed massive sulphides are situated along
a regional volcanic-sedimentary transitional contact approximately
1.5 km northwest of the arsenic-gold boulder area. The massive
sulphide zone, consisting of mainly massive pyrrhotite and pyrite,
is approximately 2 metres wide with about 50 metres exposed
intermittently along strike. The sulphides are elevated in zinc,
lead, copper (combined 0.1 to 0.3%), silver (2.29 to 3.75 g/t), and
anomalous gold (50 to 97 ppb), arsenic and antimony. The Fe-rich
nature of the massive sulphides along with elevated metals suggests
a possible marginal phase of a VMS system and thus offers potential
for discovery of a nearby polymetallic deposit, and perhaps others
on this large property as these deposit types tend to occur in
clusters. There are some small historic excavations on the exposed
massive sulphides dating back to the late 1700's according to some
documented Swedish chronicles, but there is no record of
drill-testing in government files.
The Company is currently assessing the next phase
of exploration on this promising project. Immediate plans will
include acquisition of all relevant detailed geophysical data for
our project area from regional airborne surveys completed by the
SGU (Swedish Geological Survey). Data will be re-processed and our
prospecting results will be incorporated into a geophysical
framework to assist in target definition.
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.
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.
Sweden has excellent
infrastructure and most areas offer year round access and
cost-efficient exploration. Further information about the Company
may be found at www.gungnirresources.com or at www.sedar.com.
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. 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.
SOURCE Gungnir Resources Inc.