VANCOUVER, Sept. 3, 2014 /CNW/ - 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.
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