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Gungnir Resources hunting for gold in mining-friendly Sweden, but has nickel in mind too

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  • Newly expanded Knaften project adds to potential of intrusion-hosted gold target
  • Sweden is the leading mining nation in Europe
  • Gungnir is an experienced explorer and knows the Scandinavian country

What Gungnir Resources does:

Gungnir Resources Inc (CVE:GUG) (OTCPINK:ASWRF) is an explorer with gold and base metal permits in the prolific Vasterbotten district of Sweden, which has a long history of mining.

The district hosts 12 million ounces of gold, which has been defined in existing and mined resources. The area is also home to several past-producing and producing volcanogenic massive sulphide (VMS) base metal mines.

For example, there is the Boliden mine, a 4 million ounce (Moz) past-producer, and the Agnico Eagle joint ventured Barsele gold deposit where over 2 million ounces of the yellow metal had been defined as of February last year.

Gungnir’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 including Faboliden and Svartliden (Dragon Mining), and the above-mentioned Barsele Gold-VMS project. The asset hosts high-grade gold, VMS (zinc-copper) and copper-nickel targets, all open for expansion.

In each of the years 2017, 2018 and 2019, the company made three new discoveries via drilling at Knaften. Gungnir also holds permits covering two nickel deposits called Lappvattnet and Rormyrberget, which together host about 71 million pounds of nickel in historic resources, and lie 100 kilometres (km) and 60 km, respectively, from Knaften, covering 471.3 hectares.

It also holds the Norrbotten gold and base metal claims, namely five permits totalling 25 square kilometres (sq km). The permits cover significant gold, silver and copper mineralized boulders/blocks along a north-west trending corridor, which sits around 200 km north of the Knaften project.

How is it doing:

In March 2021, Gungnir Resources outlined what will be a busy year of exploration in Sweden, including  50 line-kilometres of IP geophysics and 2,500 metres (m) of drilling, expected to kick off in the second quarter, once approvals are received and conditions allow.

At Knaften, drilling will test structural extensions of the Knaften 300 gold zone, where previous drilling showed shallow intersections of high-grade gold like 59.6 grams per ton (g/t) gold over 1m and numerous wide zones of gold mineralization.

Induced Polarization (IP) geophysics will also bid to outline potential extensions of Knaften 300 and new targets.

It comes after Gungnir, in January this year, announced that it had expanded its key Knaften project in Sweden by 75%, having been granted new permits such that the site now comprised 4,887 hectares (nearly 50 square kilometres).

This added significantly to the potential of its intrusion-hosted gold target and the project now covers all of this 4 km by 5km prospective area, the company said.

It came after a drill program nearly doubled the extent of the Knaften 300 gold zone, showing that the gold-bearing zone extended down dip for more than 400m, twice the 200m Gungnir had thought.

Significantly, late in 2020, Gungnir revealed that it aimed to increase its spend at the Rormyrberget and Lappvattnet nickel sulphide deposits in Sweden for 2021 after a highly positive updated mineral resource.

Rormyrberget, for example, was shown to contain three times the amount of contained nickel than was reported in the most recent historical estimate in 2009, while estimated at Lappvattnet was 23.1 million pounds of inferred nickel at 1.35%, compared to 22.9 million pounds at 0.91% in the 2009 report.

There is also the potential for significant PGEs demonstrated by Gungnir’s sampling, which has included 50.91 grams per ton (g/t) PGEs – 39.0 g/t platinum, 11.8 g/t palladium, 0.11 g/t gold - with 2.13% nickel over 0.45 metres at Lappvattnet. There is also potential to improve on the 65% nickel recovery, used in the current resource estimates, noted the company.

In 2021, Gungnir said drilling at Lappvattnet and Rormyrberget will test for deposit extensions, and grade and distribution of PGEs (platinum, palladium and gold).

The Lappvattnet and Rormyrberget nickel deposits are located in the same general area as the Knaften property and two deposits collectively contain a newly expanded NI43-101 resource, which outlined 177 million pounds of nickel in the inferred category.

Inflection points:

  • Start of exploration at Knaften
  • More exploration of nickel assets
  • Gold and or base metals price moves

What the boss says:

In November, 2020, when the company reported on the updated resources for its Rormyrberget and Lappvattnet nickel sulphide deposits, Gungnir Resources CEO Jari Paakki commented: “These are significant nickel resources in Sweden with the potential for further resource expansion and to incorporate PGEs (platinum group elements) in the estimates.

“Given the very positive mineral resource update and up-side potential, the Company plans to increase expenditures on these projects including fresh drill holes in 2021.”

Contact the author at [email protected]

Story by ProactiveInvestors


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