Gungnir Resources Inc. reported that it has received approval from Sweden's Inspector of Mines to extend a key licence, Knaften nr 600, for a further three years. The 18.8 km2 licence covers the southern part of a gold-hosting intrusion and strong, untested Induced Polarization (IP) chargeability anomalies up to 40 mV/V. All of Gungnir's projects (115 km2) are situated in Sweden's Vasterbotten District which hosts over ten million ounces of gold delineated in existing and mined resources, including several past-producing and producing volcanogenic massive sulphide (VMS) base metal mines in the well-known Skellefte Belt. Other gold-in-till anomalies in the district are related to either current and past-producing gold mines or known gold resources.

The Knaften-Hemberget area is interpreted to represent a partially preserved structural dome where geologic units, and importantly potential mineralization, may be repeated along its current outer margins. This new geological model bodes well for potential new discoveries at Hemberget, including gold and base metals. At present, four zones/occurrences are known on the Knaften property, three of which were discovered by Gungnir.

The Knaften 300 Gold Zone ("Knaften 300") is an intrusion-hosted gold zone situated within the northern part of a 4 x 5-km quartz diorite. It consists of apparently shallow-dipping, stacked disseminated arsenopyrite zones extending from near-surface down-dip for more than 400 metres, and remains open in all directions. It was originally discovered in 1996, followed by further drilling in the mid-2000's by Lappland Goldminers.

Gungnir staked the licence in late-2016 and proceeded to commence drilling in 2017, completing 20 holes for 4,089 metres from 2017 to 2021. Recognizing larger intrusion-hosted gold potential, Gungnir staked Knaften 600 (the newly extended licence) to cover the entire quartz diorite intrusion in 2020. The Company initiated an IP survey over just a portion of the Knaften 600 licence resulting in new, significant IP chargeability anomalies; the strongest anomalies in the survey (up to 40 mV/V) are first-priority targets.

Knaften 300 Gold Zone intersections by prior operators and Gungnir (2017 to 2021) include: 14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06: includes 59.6 g/t Au over 1.00 m; 5.39 g/t Au over 2.00 m (from 98.00 to 100.00 m) in hole KN19-09; 3.45 g/t Au over 10.75 m (from 67.05 to 77.80 m) in hole 96009; 3.20 g/t Au over 10.00 m (from 83.50 to 93.50 m) in hole 200707; 2.92 g/t Au over 13.00 m (from 81.5 to 94.50 m) in re-sample 200707; 3.11 g/t Au over 8.00 m (from 135.80 to 143.80 m) in hole 200714; 2.13 g/t Au over 14.45 m (from 55.00 to 69.45 m) in hole KNA01001; 2.01 g/t Au over 6.70 m (from 190.50 to 197.20 m) in hole 200710; 2.89 g/t Au over 5.00 m (from 118.80 to 123.80 m) in hole 200715. Gabbro-hosted, copper-nickel mineralization was discovered at Knaften by Gungnir drill-testing ground electromagnetic/magnetic anomalies. Thick intervals of gabbro were cut in two drill holes in 2017 and 2018 yielding up to 0.38% CuEq over 14.4m.

Mineralization consists of disseminated, blebby, patchy and erratically banded pyrrhotite with lesser chalcopyrite. At Hemberget, a much larger-scale gabbro unit (11-km strike length as mapped by the Swedish Geological Survey, SGU), and presumed same magmatic suite, offers an expansive exploration target. Unsourced, larger cluster of gold bearing boulders discovered by Gungnir's prospectors in 2014.

Assays up to 8.52 g/t Au were yielded from disseminated pyrrhotite and arsenopyrite mineralized felsic volcanic breccias. Although no felsic volcanics are mapped on a regional-scale at Knaften, ample felsic rock units, including fragmentals, are mapped on Hemberget which are planned to be the prime prospecting targets for this style of mineralization. Volcanogenic Massive Sulphide (VMS) style mineralization was discovered by Gungnir in 2018 testing new ground electromagnetic (EM) anomalies.

Drilling encountered widespread metal-enrichment (Zn, Cu, Ag) with associated hydrothermal alteration, a traceable marker horizon containing sphalerite (zinc sulphide), decimetre-scale bedded compact Fe-sulphides and occasional sphalerite clasts. Felsic volcanics rocks mapped on Hemberget may offer potential to host new VMS mineralization as well as gold-bearing targets noted above.