11:23 AM EDT, 06/04/2020 (MT Newswires) -- Gungnir Resources (GUG.V) edged higher after the company said it will resume exploration drilling at its Knaften gold project in Sweden on June 15.

The company said it plans to target the Knaften 300 Gold Zone with the drilling after 2019 exploration at the target showed gold values as high as 59.6 grams per tonne.

"We are very excited to re-start drilling at Knaften 300 where last year we tested a new thrust fault model and successfully hit two stacked gold zones in each of the five holes we drilled across 200 metres, including discovery of a new lower zone with high-grade gold," chief executive Jari Paakki said in a release.

The company said it plans 1,200 meters of drilling in Knaften 300 and well test a step out hole a kilometer away from its original find.

Gungnir shares were last seen up C$0.005 to C$0.07 on the TSX Venture Exchange.

Price: 0.07, Change: +0.01, Percent Change: +7.69