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Gungnir Resources says drilling has significantly expanded mineralization at its flagship Sweden project

Multiple zones of disseminated arsenopyrite, a key indicator of gold mineralization on the property, were found

Gungnir Resources Inc. -
Gold mineralization at Knaften 300 is associated with disseminated arsenopyrite zones ranging from about two to 20 metres wide, typically five metres, the firm said

Gungnir Resources Inc (CVE:GUG) (OTCPINK:ASWRF), the Sweden-focused metals explorer, told investors it had "significantly" expanded mineralization via on-going drilling at the Knaften 300 gold zone at its flagship Knaften asset.

Multiple zones of disseminated arsenopyrite, a key indicator of gold mineralization on the property, were found, the group said in a statement on Friday. Assays are pending.

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"We are now seeing potentially four stacked zones of arsenopyrite at Knaften 300, all of which are interpreted to extend to the top of bedrock immediately below overburden," said Jari Paakki, Gungnir's CEO.

"As such, we are considering an induced polarization (IP) geophysical test survey over the current drill area to evaluate its effectiveness to target further shallow mineralization along strike and elsewhere on the property more cost effectively," he added.

Mineralization now extends down-dip for a distance of more than 400 metres and remains completely open in all directions, the firm highlighted.

Gold mineralization at Knaften 300 is associated with disseminated arsenopyrite zones ranging from about two to 20 metres wide, typically five metres.

Previous drill highlights by Gungnir and other operators include 14.07 grams per ton (g/t) of gold over 4.25 metres (m) from 138.75 m to 143 m in one hole, and 2.13 g/t of the yellow metal over 14.45 m, from 55 m to 69.45 m in another.

Knaften hosts high-grade gold, VMS (zinc-copper) and copper-nickel targets, all open for expansion. Gungnir also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften.

Contact the author at giles@proactiveinvestors.com

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Price: 0.075 CAD

TSX-V:GUG
Market: TSX-V
Market Cap: $4.96 m
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