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Gungnir Resources receives initial $500,000 from royalty sale and starts drilling at Rodingtrask, Sweden

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Gungnir has commenced drilling at the Rodingtrask volcanogenic massive sulphide, or VMS, target on the company’s Knaften property, in Sweden’s Vasterbotten District located in a prime Nordic region hosting new discoveries and recent large investment interests.

Additional Information:

Company: Gungnir Resources
Website: http://www.GungnirResources.com
Stock Symbol: TSXV: GUG
Date Published: Jun 4, 2019
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Gungnir Resources, a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden, has received the initial $500,000 cash payment from the sale of the company’s remaining royalty interest in the Kenville Gold Mine Property in British Columbia, Canada.

Ximen Mining has the option to acquire Gungnir’s 4% royalty on the Kenville Gold Mine property for $1,500,000 and 285,918 common shares of Ximen.

The balance of $1 million in cash and the share issuance is due to Gungnir on or before October 31, 2019.

Gungnir has commenced drilling at the Rodingtrask volcanogenic massive sulphide, or VMS, target on the company’s Knaften property, in Sweden’s Vasterbotten District located in a prime Nordic region hosting new discoveries and recent large investment interests.

The Vasterbotten District hosts 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing VMS base metal mines.

In addition to the key Knaften project, the company holds permits covering two nickel deposits, which collectively host 70 million pounds of nickel in historic resources, and the recently staked Norrbotten gold and base metal permits.

The Knaften project, which includes the new Rodingtrask VMS target and a separate new copper-nickel target, is situated at the south end of a regional structure known as the “Gold Line” located within a prolific VMS region including the Skellefte Belt in Sweden and numerous VMS deposits in Finland.

The Rodingtrask VMS and copper-nickel targets were back-to-back new target discoveries in 2017 and 2018 in Gungnir’s first two rounds of drilling in Sweden, adding significant up-side to the previously gold-only Knaften project.

All three targets on Knaften are wide-open for expansion and further discovery.

The new Rodingtrask VMS target was discovered in 2018 with Gungnir’s first hole testing a large geophysical conductor.

The discovery includes broad zone of base metal enrichment (zinc and copper) in core lengths over 100 metres starting just below surface, and favourable VMS geology and alteration.

Only 4 holes have tested this target so far, all into the edges or halo of a large hydrothermal system.

The copper-nickel target is a new discovery by Gungnir in 2017, with a second hole drilled near-by in 2018 which intersected a core length of magmatic sulphides assaying 0.38% copper equivalent over 14.4 metres.

The near-surface intersections are located 400 metres east of Rodingtrask.

The next phase of exploration is being planned on the new discovery targets at Knaften to test for two distinct massive sulphide types, VMS and copper-nickel.

Jari Paakki, CEO, stated: "At Rodingtrask, drill results received continue to demonstrate that we have encountered a large hydrothermal VMS system. With the right characteristics for deposit discovery, additional drilling is clearly warranted on this brand-new target. We are in the halo (or edge) of this mineralized system, and the goal now is to get into the core of it to test for higher grade massive sulphides. We have had successful drill programs with back-to-back new discoveries in 2017 and 2018 at Knaften, and in fact, these were the Company's first two drill programs it has conducted Sweden. The new discovery targets (Rodingtrask VMS and a Cu-Ni target) add significant up-side to the previously gold-only Knaften project, and now we have multiple opportunities at deposit discovery by way of multiple targets and metals. All three targets on Knaften are wide-open for expansion and further discovery.”

Management cautions that a qualified person for Gungnir Resources has not done sufficient work to classify the historical estimates as current resources and Gungnir is not treating the historical estimates as current mineral resources.

The shares are trading at $0.065.

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