GUG Gungnir Resources Inc

Gungnir Resources (TSXV:GUG) (OTCPink:ASWRF) (FSE:AMO1), a Canadian-based mineral exploration company with gold and base metal projects in northern Sweden, has added the Hemberget Property to its package of polymetallic projects in northern Sweden. Hemberget is located approximately 6 km north of Gungnir's Knaften project in the Vasterbotten region of northern Sweden hosting the prolific Skellefte VMS-gold belt, "Gold Line" and "Nickel Line".

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Hemberget is situated with the broader Gold Line along with Knaften and the Company's two nickel deposit, Lappvattnet and Rormyrberget which collectively containing 177 million pounds of nickel, are located along the Nickel Line to the east. The 29.4 square kilometre property was acquired by staking in order to evaluate potential for intrusion hosted copper-nickel and volcanogenic massive sulphide mineralization.

Based on information on hand, including the Swedish Geological Survey website, the property has seen minimal exploration. The property covers the northern part of the Knaften greenstone belt, covering a thick package of dacite and rhyolite volcanics, including fragmentals, along side mafic pillow lavas, straddling the large magnetic anomaly which corresponds to the "Hemberget" gabbro-ultramafic intrusion. The company plans detailed compilation work as well as initial prospecting and mapping at Hemberget.

Jari Paakki, CEO, stated: "The Hemberget area has been on our radar for a few years now after we made new copper-nickel and VMS discoveries on our Knaften project, which was previously regarded as a gold-only area. The striking feature on the newly acquired Hemberget permit is an impressive, 11-km long magnetic anomaly which maps out a gabbro-ultramafic intrusion similar to much smaller bodies on the Knaften project that we now know are copper-nickel mineralized. In addition to potential copper-nickel mineralization, the property covers some text-book VMS geology which adds further potential at Hemberget.”

The bulk of the company's 2022 exploration program will be devoted to drilling nickel projects as well as the company’s new, large gold target at Knaften. At Knaften, one of the largest gold-in-till anomalies in Sweden, the company expanded the property to cover the entire favourable host rock, a 4 by 5-kilometre intrusion.

The company’s two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and the Knaften project, which hosts a developing intrusion-hosted gold system, along with zinc-copper and copper-nickel VMS targets, are all open for expansion and further discovery. The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities and are located about an hour drive from Boliden's mill complex.

In 2020, the company updated resources at both nickel-copper-cobalt deposits, which collectively total 177 million lbs of nickel. Lappvattnet hosts an Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs of nickel. Rormyrberget hosts an Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs of nickel.

The company is well funded, having recently raised gross proceeds of $2,558,200 from a non-brokered private placement of 21,318,336 units priced at $0.12 per unit. The shares are trading at $0.145.

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.

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