Gungnir Resources Inc.

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Market Cap:
$5.75 m
0.08 CAD
52 weeks high
52 weeks low

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (TSX-V: GUG; OTCPK: ASWRF) focused on discovery in mineral-rich Sweden. 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 plus several past-producing and producing volcanogenic massive sulphide (VMS) base metal mines.

The Company’s key focus is the Knaften project located at the south end of the “Gold Line” (Knaften-Barsele Arc) which hosts a number of gold deposits including Faboliden and Svartliden (Dragon Mining), and the Barsele Gold-VMS project (Agnico Eagle).


The Knaften property, originally staked for its gold potential, was upgraded with two base metal target discoveries in 2017 and 2018. The Rodingtrask VMS Zn-Cu and a separate Cu-Ni target add significant exploration up-side to the previously gold-only Knaften project (Knaften 300 Gold Zone), and now the Company has numerous opportunities at deposit discovery by way of multiple targets and metals. All three targets on Knaften are wide-open for expansion and further discovery.

The property covers 39.1 sq. km at the south end of a highly under-explored and prospective area ("Gold Line”) or Knaften-Barsele Arc in the Vasterbotten District of northern Sweden. The region hosts more than 12 million ounces of gold delineated in existing and mined resources plus several producing and past-producing VMS base metal mines.


The Rormyrberget and Lappvattnet nickel deposits are located in the eastern part of the Vasterbotten District, 60 km and 100 km respectively east of the Company’s Knaften gold exploration project. The deposits are held 100% by Gungnir under two separate permits covering an area of 471.3 hectares. The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities as there are a number of active mines in the area. They collectively host 70 million pounds of nickel in historical resources.

The deposits were discovered in the 1970’s by the Swedish State Mining Property Commission (NSG) and were subsequently held by Outokumpu Mining. Exploration included geophysical surveying, extensive drilling (~35,000 metres), metallurgical test work as well as development of an exploration shaft and drifting on the 120-metre level at the Lappvattnet deposit and initial resource estimates for both deposits in 1987. Most recent work (from 2003) includes geophysical surveys and drilling by North Atlantic Natural Resources or NAN (owned by Lundin Mining) and Blackstone Ventures Inc. under an option agreement with NAN in 2006. Following confirmation drilling at both deposits, Blackstone contracted Reddick Consulting Inc (“RCI”) to up-grade the 1987 historic resources. (RCI report; see Note 1). Shortly after completion of the RCI report, Blackstone shelved the projects due to the major collapse in the price of nickel in 2007 through 2009. The permits were finally cancelled by the Swedish mining authority and both deposits came open for staking.

The Lappvattnet and Rormyrberget deposits are both magmatic nickel sulphide accumulations with tectonic, structural, and geological similarities to documented Ni-Cu mines. The deposits occur in ultramafic intrusions hosted by metagreywackes and biotite-graphite gneisses. Sulphides consist of pyrrhotite, pentlandite and chalcopyrite. The Lappvattnet is largely a massive sulphide body that dips steeply to the south and plunges shallowly eastward. Mineralization at Rormyrberget consists of both massive sulphide and wider disseminated zones.

Note: A qualified person for Gungnir Resources has not done sufficient work to classify the historical estimates as current resources and Gungnir is not treating the historical estimates as current mineral resources.


Gungnir’s Norrbotten gold and base metal claims consist of five permits totalling 25 sq. km in northern Sweden in the Norrbotten District. The permits cover significant gold, silver and copper mineralized boulders/blocks along a north-west trending corridor located approximately 200 km north of the Company’s Knaften project.


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Mr. Paakki is a Professional Geologist with 25 years-experience in gold and base metal exploration in Canada, Scandinavia and Brazil, including twelve years with Teck Resources. Jari has spent the past dozen years in the junior exploration market in senior management roles and as a director. Mr. Paakki is the Company’s qualified technical person.


Mr. Robbins holds the position of CFO, as well Chris has the role of the Company’s investor relations lead. Mr. Robbins has 30 years-experience in public relations, corporate governance & financing, both in public and private sectors, including 20 years with Gungnir’s predecessor.


Mr. Keast is a Professional Geologist with over 25 years-exploration experience, combined with numerous years of senior management and public company experience. Todd was part of the original team prior to the re-branding of Gungnir in 2014. Mr. Keast is the co-founder of Manitou Gold.


Garett is a professional mining engineer with extensive experience in project development and mine operations with over 22 years of industry experience. He has managed large technical programs through the concept, feasibility and into construction stages and has senior management and board level experience with several public companies. Most recently as Vice President of Project Development for JDS Energy and Mining, Garett was responsible for leading the Curraghinalt Feasibility Study for Dalradian Resources, a high grade, narrow vein Curraghinalt gold project in Northern Ireland, recently acquired by Orion Mine Finance for $537M. Garett also held roles in mine operations and engineering earlier in his career with senior Canadian mining firms Suncor Energy, and Placer Dome Inc. From 2009 to 2013 he served as Vice President of Operations for Rainy River Resources prior to the $310M sale of Rainy River to New Gold Inc. Garett is currently the President & CEO of Maritime Resources and a director of First Cobalt and Aurelius Minerals.  He holds a Master of Business Administration degree from Western University's Ivey Business School and a Bachelor of Engineering (Mining) from Laurentian University in Sudbury.

Corporate Contacts

Head Office/Investor Relations
Phone: +1-604-683-0484
Fax: +1-604-683-7497

Jari Paakki, CEO
Cell: +1-705-507-4470
Email: [email protected]

Chris Robbins, CFO
Cell: +1-604-240-9232
Email: [email protected]