Gungnir Resources Provides an Update on Properties in Sweden

Gungnir Resources Inc. (TSXV-GUG) is pleased to provide an update from its first phase exploration program on its newly acquired Sweden gold properties. The two 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.

Jari Paakki, CEO 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.

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