VANCOUVER, Nov. 13, 2014 /CNW/ - Gungnir Resources Inc. (GUG: TSX-V) ("Gungnir" or the "Company") reports that it has acquired an existing airborne survey and identified geophysical anomalies coincident with gold and massive sulphide targets on its Knaften property in northern Sweden. See attached figures.
- A 1.5 km long magnetic high coincident with Gungnir's newly discovered cluster of gold-arsenic boulders including assays up to 8.52 g/t Au. The mineralized boulders contain abundant disseminated pyrrhotite (magnetic Fe-sulphide) and thus a good match with this magnetic trend.
- A discrete 500 x 500 metre magnetic high showing excellent correlation with exposed massive sulphides (massive pyrrhotite with pyrite and elevated VMS base metals). The showing also occurs along the edge of a VLF-EM conductor measuring approximately 800 metres in length.
The data was purchased from the Swedish Geological Survey then re-processed and re-imaged to incorporate the Company's new prospecting results into a geophysical framework. It includes magnetics and electromagnetics (VLF-EM) data which was extracted from a regional airborne survey (200 metre spaced flight lines) completed in the 1980's. Results presented are for a 20 sq. km area covering the undrilled gold and massive sulphide showing area reported earlier (see GUG news release dated October 28, 2014). The complete survey over the entire 60 sq. km property, which includes several other anomalies to be investigated, will be posted on the Company's website.
Jari Paakki, CEO of Gungnir commented "as bedrock on the property is largely covered with a layer of glacial till, geophysics will play an important role in outlining targets. Re-processed results from this survey indicate potentially sizeable exploration targets based on magnetics data which provides a solid first-pass targeting tool. A new modern high-resolution EM survey will be needed to verify and pin-point potential base metal massive sulphide conductors. A local Induced Polarization (IP) geophysics grid will be highly beneficial and a cost-effective technique to prioritize initial drill targets for gold."
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.
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 and base metal 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. Sweden has excellent infrastructure and most areas offer year round access and cost-efficient exploration. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.
Neither the 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.
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.
SOURCE: Gungnir Resources Inc.
For further information: Jari Paakki, CEO, Tel: 705-507-4470, [email protected]