Gungnir Receives $500,000, Drilling to Start at Rodingtrask Sweden
Surrey BC – May 29, 2019 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to report that the Company has now, upon regulatory approval, received the $500,000 initial cash payment related to the sale of the Company’s remaining royalty interest in the Kenville Gold Mine property in BC, Canada. In Sweden, drilling is scheduled to commence on June 3, 2019 on the Company’s new targets.
The royalty option agreement is between the Company and Ximen Mining Inc. (“Ximen”) whereby Ximen has the option to acquire the remaining interest in a 4% gross metal royalty over the Kenville Gold Mine property for $1,500,000 and 285,918 common shares of Ximen. The remaining consideration includes the share issuance and $1,000,000 in cash due to the Company on or before October 31, 2019 (see news release dated April 26, 2019 for further details).
Gungnir’s initial drilling focus is planned on the Rodingtrask volcanogenic massive sulphide (VMS) target on the Company’s Knaften property. Rodingtrask was discovered in 2018 with Gungnir’s first hole testing a large geophysical conductor. The discovery consists of a 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 four holes have tested this target so far, and the goal now is to locate the core of the mineralized system targeting higher-grade massive sulphide mineralization with additional drilling. Gungnir plans to also test the new copper-nickel target discovered by the Company in 2017 and extensions of the Knaften 300 Gold Zone, both on the Knaften property.
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