Gungnir Resources, Inc. (ASWRF)

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Gungnir Resources Reports More Gold at Knaften

http://www.gungnirresources.com/news/gungnir-resources-reports-more-gold-at-knaften

Surrey, BC – November 5, 2019 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to report final results of the 2019 drill program at its Knaften project in northern Sweden. Results from holes KN19-08, -09 and -10 continue to demonstrate continuity of two gold zones at Knaften (Knaften 300 Gold Zone) and further discovery potential. New assays include an upper zone intercept of 5.39 g/t Au over 2 metres (includes 9.21 g/t Au over 1 metre) and 4.94 g/t Au over 0.90 metres in the lower zone in hole KN19-09. Please see Figure 1.

Jari Paakki, Gungnir’s CEO, "We were five-for-five with our drilling this year testing a new structural model at the Knaften 300 Gold Zone. Each of the five holes cut two mineralized zones including discovery of a new lower zone with high-grade gold (59.60 g/t Au). With our recently received cash payment of $1 million we are in good financial shape and plan to continue drilling at Knaften in 2020.”

Knaften 300 Gold Zone
Knaften 300 consists of two sub-parallel gold zones (Upper and new Lower Zone) hosted within disseminated arsenopyrite mineralization. The shallow-dipping zones extend down-dip for close to 250 metres to the east, beyond historic drilling, and are open for expansion. With a working thrust-fault model, there is a possibility of additional stacked zones (mineralized thrust faults) at depth. Further out, areas to the north, south and west of Knaften 300 also remain untested.