GUNGNIR DRILLS 2.14% NICKEL OVER 3.3 METRES, 5.15% NICKEL OVER 0.73 METRES, 9.8 METRES OF 0.82% NICKEL AND 349 G/T SILVER OVER 1.72 METRES AT LAPPVATTNET
Gungnir Resources Inc. has released further assays from drilling at the Lappvattnet nickel deposit in northern Sweden. Results are for three drill holes, LAP22-06B, -08 and -09. To date in 2022, the company has drilled a total of approximately 2,800 metres in 18 holes with further results to follow from drill hole LAP22-10 onward.
"Our nickel resource drill-off at Lappvattnet continues. Holes reported today were drilled to further define the limits and trend of the main peridotite body in the western part of the deposit. All three holes recorded a 5 per cent or better nickel assay and a bonanza silver hit of 349 grams per tonne in hole LAP22-09. Initial indications suggest both upper and lower contacts of the peridotite could be favourable sites for higher-grade concentrations of precious metals, silver as well as platinum group metals, including previously reported 44.9 g/t platinum, and 39 g/t platinum with 11.8 g/t palladium, all of which can be valuable byproducts in massive nickel sulphide deposits," commented Jari Paakki, chief executive officer.
Results are from 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.
Drilling has now progressed to the sparsely drilled eastern two-thirds of the deposit where the resource is based on just 13 drill intercepts, six of which contain individual assays of greater than 5 per cent Ni. Gungnir's current drilling in this area to date includes holes LAP22-16 to -19, which are currently being logged and prepped for cutting. Holes LAP22-12 to LAP22-15 tested the Lappvattnet north target. Hole LAP22-11 was not drilled. All assays are pending.
Holes LAP-06B, -08 and -09 were drilled between sections 10E and 12E to define part of the upper contact of the main peridotite body, the key source rock for nickel. Peridotite was intersected in two of the three holes, LAP22-6B (1.6-metre core length) and LAP22-08 (six-metre core length), the latter of which produced the wider nickel interval of 9.8 metres grading 0.82 per cent Ni. Nickel intersections of 3.3 metres of 2.14 per cent Ni and 2.45 metres of 1.87 per cent Ni in holes LAP22-06B and LAP22-08, respectively, occur at the upper contact of the peridotite. The high-grade silver of 349 g/t Ag, including 0.48 per cent Ni over 1.72 metres in hole LAP22-09, was intersected immediately before a massive sulphide interval which graded 5.15 per cent Ni over 0.73 metre, both within sedimentary gneisses. All nickel intersections are within 80 metres vertically below surface.
The company also reports that it has received final drilling approvals to the end of 2023 for up to 10,000 metres.
Drill core was logged and tagged for sampling at the company's core logging facility in Lycksele then shipped to ALS Minerals' core services laboratory in Mala. Core was sawed on site in Mala by ALS staff and prepped sample material was sent to ALS's lab in Ireland. Core was analyzed for multielements using code ME-MS41, CuOG46 analysis for over 10,000 parts per million Cu, NiOG46 analysis for over 10,000 ppm Ni, and Pt, Pd and Au were analyzed using fire assay method PGM-ICP27. Blanks, certified standards and duplicates are routinely included in sample batches for quality assurance and control.
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 pounds (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 Mr. Paakki, PGeo, CEO 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.