Markets overseer IIROC on Friday asked Gungnir Resources (TSX-V: GUG, OTC PINK: ASWRF) to comment after the Sweden-focused explorer’s shares surged more than 40%.
Management of the small cap, now worth $8m in Toronto, said it’s “unaware of any material change in the Company’s operations that would account for the recent increase in market activity.”
Surrey, BC-based Gungnir said it recently commenced drilling on its Knaften property in Sweden, where it initially focused only on gold at the Rodingtrask volcanogenic massive sulphide (VMS) target.
According to the press release Gungnir also plans to test the new copper-nickel target discovered in 2017 and extensions of the Knaften 300 Gold Zone, both on the Knaften property.