SURREY, BC / ACCESSWIRE / June 20, 2022 / Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to provide an update from on-going drilling at its Lappvattnet high-grade nickel project in northern Sweden.
Gungnir commenced drilling at Lappvattnet during the first week of May and has completed eight holes, LAP22-01 to -08 for 1,130 metres. To date, two shipments of drill core from six holes have been sent to ALS Geochemistry in Mala, Sweden for cutting and assay preparation. A total of 223 samples, including certified standards, blanks and duplicates will then be sent to ALS Geochemistry in Ireland for analysis. Assay results are expected late-July or early-August.
Drilling is currently targeting areas below and down-plunge of Gungnir's 2021 drill program which produced several hits of high-grade and wide grade nickel mineralization over a strike length of approximately 140 metres (see below). Seven of the holes logged to date (LAP22-01 to LAP22-05, and LAP22-07 to -08) cut variable amounts of mainly disseminated sulphides with local narrow semi-massive and massive sulphide sections hosted in peridotite and enclosing sedimentary gneisses. Sampled core intervals range from 12 to 37 metres.
2021 Highlight Drill Results:
- 3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in drill hole LAP21-02 (from 45 metres)
- 2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in drill hole LAP21-05 (from 60 metres)
- 1.74% Nickel over 10.00 metres in drill hole LAP21-13 (from 21 metres)
- 36.00 metres grading 0.93% Nickel in drill hole LAP21-04 (from 49 metres)
- 6.50 metres grading 1.58% Nickel and 4.75 g/t PGEs (Pt+Pd+Au) including 45.53 g/t PGEs over 0.65 metres in drill hole LAP21-14 (from 41 metres)
Nickel Resources:
Gungnir's nickel sulphide resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Company updated both resources which collectively total 177 million pounds of nickel. The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities and are located about an hour drive from Boliden's mill complex.
- Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs (10.5 million kg) of nickel.
- Rormyrberget: Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs (70 million kg) of nickel.
The NI 43-101 Technical Report entitled "TECHNICAL REPORT on the LAPPVATTNET and RORMYRBERGET
DEPOSITS, NORTHERN SWEDEN" was prepared by Reddick Consulting Inc. Qualified Persons are John Reddick, M.Sc., P.Geo., and Thomas Lindholm, M.Sc., Fellow AusIMM. The Effective Date is November 17, 2020.
The technical information in this news release has been prepared and approved by Jari Paakki, P.Geo., CEO, and a director of the Company. Mr. Paakki is a Qualified Person under National Instrument 43-101.
About Gungnir Resources
Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V, ASWRF: OTCPK) with gold and base metal projects in northern Sweden. Gungnir's assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and the Knaften project which hosts a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery. The Company has also recently added the Hemberget property to its Swedish Property Portfolio which covers an 11 km long gabbro-ultramafic intrusion, a greenfield copper-nickel target. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.
On behalf of the Board,
Jari Paakki, CEO and Director
For further information contact:
Head Office/Investor Relations
Phone: +1-604-683-0484
Jari Paakki, CEO
Email: jpaakki@eastlink.ca
Chris Robbins, CFO
Email: robbinscr@shaw.ca