Company
CVE:GUG
Gungnir Resources Inc is a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden. The company’s key project, Knaften, hosts high-grade gold, VMS (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery. It also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften.
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In addition to Altius' lead order in the private placement, the company has entered into a royalty option agreement with Altius in exchange for $250,000 cash
The net proceeds of the offering will be used to continue the exploration program, inclusive of drilling, at the company's 100% owned projects in Sweden, concentrating on its nickel resources, as well as for general corporate purposes
The company said net proceeds of the offering will be used to continue exploration on its projects in Sweden, as well as for general corporate purposes
Jari Paakki, Gungnir CEO, commented: "Our plan for 2022 is to build upon Gungnir's 2021 high-grade nickel results which were some of the top, near-surface nickel drill intercepts reported in the junior-sector last year"
"Outlining a compelling EM target right beside a high-grade nickel sulphide deposit is definitely a nice bonus adding further upside potential at Lappvattnet,” CEO Jari Paakki said
The company holds gold and base metal exploration permits in Sweden’s prolific Vasterbotten District which hosts 12 million ounces of gold delineated in existing and mined resources
The company said Rormyrberget is a larger, lower grade nickel deposit and is considered to be a resource with potential open pit, bulk mineable characteristics, plus it includes internal zones of high-grade nickel mineralization
The anomaly is in an unexplored area within the southern half of a quartz diorite intrusion, entirely held by Gungnir, and about 3km southeast of its disseminated-style Knaften 300 Gold Zone
The survey is targeting disseminated style mineralization similar to the Knaften 300 Gold Zone
The work will initially focus on the Knaften property and the Knaften 300 Gold Zone (Knaften 300)
The work is expected to kick off in the second quarter, once approvals are received and ground conditions allow
The company's main focus is the Knaften project, which lies at the south end of the so-called Knaften-Barsele Arc (Gold Line), which hosts a number of gold deposits
The company has been granted new permits such that the site now comprises 4,887 hectares, or nearly 50 square kilometres
Rormyrberget, for example, was shown to contain three times the amount of contained nickel than was reported in 2009
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
The placing consists of Gungnir units priced at C$0.06 each. The units consist of one common share and one common share purchase warrant
Palisades is to purchase over 6.66 million units of the company at C$0.06 each for total gross proceeds of C$400,000
Multiple zones of disseminated arsenopyrite, a key indicator of gold mineralization on the property, were found
