Gungnir drills massive sulphides at Lappvattnet GUNGNIR DRILLS MORE MASSIVE SULPHIDES AT LAPPVATTNET
Gungnir Resources Inc. has hit an impressive drill intercept of massive sulphides in drill hole LAP22-19 from continuing drilling at the Lappvattnet nickel deposit in northern Sweden.
Notable massive sulphide intersection previously reported at Lappvattnet by the company includes hole LAP21-02, which assayed 3.19 per cent Ni over 4.25 metres within a 10.4-metre interval grading 1.51 per cent Ni, and hole LAP21-05 which graded 2.62 per cent Ni over 5.65 metres within a 14-metre interval grading 1.40 per cent Ni. Hole LAP21-02 and LAP21-05 are located 320 and 280 metres west of hole LAP22-19, respectively.
Visually the best mineralization in drill hole LAP22-19 occurs in box 9, consisting of massive, semi-massive, net-textured, veined and disseminated sulphides. The mineralized zone extends from about 64 to 75 metres. Assays pending.
Hole LAP22-19 was drilled on section 16E in the sparsely drilled central part of the Lappvattnet resource. It is part of the continuing, systematic drilling of the Lappvattnet nickel deposit with the goal of upgrading and expanding the existing resource with a focus on defining further high-grade nickel shoots. Hole LAP22-19 was drilled at an azimuth of 335 degrees at location 1,741,809mE and 7,165,274mN (RT90-2.5 co-ordinates). The 195-metre-long hole was drilled at a dip of minus 75 degrees.
See earlier news releases regarding above-referenced high-grade nickel intersection in drill hole LAP21-02 (Aug. 31, 2021) and drill hole LAP21-05 (Sept. 21, 2021). Hole LAP21-02 was drilled on section 8E and LAP21-05 was drilled on section 9E. Please also refer to the company's most recent news release dated Sept. 7, 2022, for Lappvattnet long section, which includes reference section lines.
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 a one-hour drive from Boliden's mill complex.
- Lappvattnet: Inferred resource of 780,000 tonnes grading 1.35 per cent nickel for 23.1 million lb (10.5 million kilograms) of nickel;
- Rormyrberget: Inferred resource of 36.8 million tonnes grading 0.19 per cent nickel for 154 million lb (70 million kg) of nickel.
The National Instrument 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, MSc, PGeo, and Thomas Lindholm, MSc, fellow AusIMM. The effective date is Nov. 17, 2020.
The technical information in this news release has been prepared, verified and approved by Jari Paakki, PGeo, chief executive officer and a director of the company. Mr. Paakki is a qualified person under National Instrument 43-101.
About Gungnir Resources Inc.
Gungnir Resources is a Canadian-based TSX Venture Exchange-listed mineral exploration company 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 (volcanogenic massive sulphide) (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-kilometre-long gabbro-ultramafic intrusion, a greenfield copper-nickel target.