The company has 3 projects, with its key project, Knaften, hosting high-grade gold, VMS and copper-nickel targets, all of which are open for expansion and further discovery.
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I’m Megan Edwards for Investmentpitch Media
Today’s feature company is Gungnir Resources, a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden.
The company has 3 projects, with its key project, Knaften, hosting high-grade gold, VMS and copper-nickel targets, all of which are open for expansion and further discovery.
The company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften.
The Knaften project, situated at the south end of a regional structure known as the “Gold Line” and originally staked for its gold potential, was upgraded with two base metal target discoveries in 2017 and 2018.
The Rodingtrask VMS zinc-copper and a separate cobalt-nickel target add significant exploration up-side to the previously gold-only Knaften project.
Known mineralization is centred on a magnetic high anomaly with several similar magnetic highs clustered on 10+ kilometer trend north and south of Rodingtrask.
Only nine holes have tested the Rodingtrask target to date, all into the edges or halo of a large hydrothermal VMS system, leaving the target wide open for expansion.
Last November the company reported the final results from its 2019 drill program at its Knaften gold project.
Results from holes KN19-08, 09 and 10 continued to demonstrate continuity of two gold zones at Knaften.
Further out, areas to the north, south and west also remain untested, offering the potential for additional discoveries.
Assays released at that time include an upper zone intercept of 5.39 gpt gold over 2 meters, including 9.21 gpt gold over 1 meter, and 4.94 gpt gold over 0.90 meters in the lower zone in hole KN19-09.
A new, approximately 1,200 meter drill program, which started in mid-June, will focus on expanding the company’s 2019 high-grade gold discovery at the Knaften 300 Gold Zone.
Jari Paakki, CEO, stated: "We are very excited to re-start drilling at Knaften 300 where last year we tested a new thrust fault model and successfully hit two stacked gold zones in each of the five holes we drilled across 200 meters, including discovery of a new lower zone with high-grade gold (59.60 g/t Au). With a working structural model, this year we are taking some bigger step-outs to test for extensions of these two zones and targeting additional stacked gold zones at depth and laterally where no previous drilling has taken place.”
The company recently reported up to 4.64% nickel over 0.65 meters from re-sampling of archived drill core at the Lappvattnet nickel deposit.
Since many of the 1970’s holes had only a section or two of core available for sampling, the missing intervals were assigned a value of zero 0% nickel and zero grams per tonne for the PGE’s.
Gungnir's earlier re-sampling of Lappvattnet core returned up to 50.91 grams per tonne PGE's, consisting of 39.0 grams per tonne platinum, 11.8 grams per tonne palladium, 0.11 grams per tonne gold, along with 2.13% nickel over 0.45 meters.
The company also re-sampled archived drill core from the Rormyrberget nickel deposit with results including 2.33% nickel over 12.50 meters, including 3.00% nickel over 5.10 meters and 1.51% nickel over 13.05 meters, including 3.01% nickel over 3.85 meters.
Together, the Lappvattnet and Rormyrberget nickel deposits contain more than 70 million lbs nickel, 10 million lbs of copper and 2 million lbs of cobalt in historical estimates.
Management cautions that the company has not done sufficient work to classify these historical estimates as current resources.
Although most of the historic core was not assayed for platinum group metals, the company continues to evaluate archived drill core for PGE’s, which have been reported in select drill holes.
Jari Paakki, CEO, added: "The next planned step at our nickel projects is to update the historic estimates to current resources with a view of strengthening nickel prices in the near-future. Results of our exploration work will be made available through the summer and fall."
Following a cash payment of $1 million last November from the sale of the royalty option agreement on the Kenville Mine, the company is well funded, with no debt.
The shares are trading at $0.075
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.
I’m Megan Edwards for Investmentpitch Media
