SURREY, BC / ACCESSWIRE / July 26, 2022 / Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to report discovery of a new ultramafic unit, specifically, characteristic "jack-straw" textured peridotite which is host to the high-grade Lappvattnet nickel deposit. Please see attached maps and photos (see Figure 1).
"Encountering jack-straw peridotite outside of the known nickel deposit opens up further potential on the property, in particular in the untested area north of the deposit which was highlighted earlier as having a geophysical signature similar to the Lappvattnet deposit itself. The north target area is highlighted in the accompanying maps," commented Jari Paakki, CEO of Gungnir.
The new ultramafic unit was intersected approximately 150 metres north of the Lappvattnet nickel deposit in two holes, LAP22-12 and LAP22-13, drilled from the same set-up on Section 8E testing the western part of a string of near-surface electromagnetic (EM) anomalies defined in late 2021 (see news release dated February 9, 2022). A 3.5-metre interval of jack-straw peridotite with minor sulphides was intersected almost near the end of hole LAP22-13, and a 0.30-metre finer grained peridotite unit with minor disseminated sulphides was cut in hole LAP22-12, also close to the end of the hole. Both holes will be extended. All assays and analyses pending. Two additional holes are also being drilled 40 metres to the east on Section 9E.
To date in 2022, the Company has completed 13 holes from 9 sites for 1,850 metres at Lappvattnet with drilling continuing. Initial assays from 2022 are expected in the coming weeks. Most of the drilling has been directed at 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).
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)
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