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Gungnir Resources builds ground in Sweden after doubling extent of gold zone at Knaften project

The additional permits came as new results from a four-hole, 1,122-metre drill program show that the gold-bearing zone extends down dip for more than 400 metres

Gungnir Resources Inc. -
The gold target at Knaften is the bedrock source of the large gold-in-till anomaly, which Gungnir says is one of the largest in Sweden

Gungnir Resources Inc (CVE:GUG) (OTCPINK:ASWRF) has added more ground along the border of the Knaften project in Sweden after a drill program nearly doubled the extent of the Knaften 300 gold zone.

The new permits will allow Gungnir to explore the entire four kilometre by five kilometre quartz intrusion, which hosts Knaften 300 along the northern edge, the company said Thursday.

"Once the new permits are finalized, Gungnir will control 4,887 hectares (or nearly 50 square kilometres), expanding the size of the Knaften property by over 75% and significantly increasing the potential of Gungnir's Knaften intrusion-hosted gold target,” CEO Jari Paakki said in a statement.

READ: Gungnir Resources upsizes placing due to interest from European institution; closes C$400,000 Palisades investment

The additional permits came as new results from a four-hole, 1,122-metre drill program show that the gold-bearing zone extends down dip for more than 400 metres, twice the expected 200 metre extent that Gungnir thought it would find.

The firm told investors that the disseminated style of mineralization shows “excellent potential for continuity”, while the number of mineralized zones is also increasing at depth with six zones identified. All zones remain open in all directions.

Drilling at Knaften 300 returned grades of up to 59.6 g/t gold in hole KN19-06, according to the results.

The gold target at Knaften is the bedrock source of the large gold-in-till anomaly, which Gungnir says is one of the largest in Sweden.

The Surrey, British Columbia-based firm plans to return to the field in 2021 to complete geophysics, target structural extensions through drilling and initial scout drilling on the newly acquired greenfield permits.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.075 CAD

TSX-V:GUG
Market: TSX-V
Market Cap: $5.75 m
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