Gungnir samples 0.45 m of 50.91 g/t PGE at Lappvattnet

Mar 30, 2020

2020-03-30 14:47 ET – News Release

Mr. Jari Paakki reports

GUNGNIR SAMPLES 50.91 G/T PLATINUM-PALLADIUM-GOLD OVER 0.45 METRES AT LAPPVATTNET IN SWEDEN

Gungnir Resources Inc. has noted 50.91 grams per tonne PGE (39 g/t platinum, 11.8 g/t palladium, 0.11 g/t gold) and 2.13 per cent nickel over 0.45 m at its Lappvattnet property in Sweden. Results are from initial re-sampling of archived drill core in advance of plans to update the historic resource at Lappvattnet and to evaluate the grade and distribution of PGE’s.

Jari Paakki, CEO of Gungnir comments, “In addition to our Knaften project, where we’ve made three new discoveries over the past three years and plan to continue drilling in early-summer 2020, we have steadily continued to advance our Lappvattnet nickel project. We have completed 3-D modelling and geophysics, and now we are having a closer look at potential value-added precious metals. Today’s results support drill data from 2007 and demonstrate high-grade PGE contents. We have completed further sampling of core from an additional fifteen holes drilled in the mid-1970’s which have no record of being assayed for PGE’s. Assays are pending.”

Along with Lappvattnet, the Company holds the Rormyrberget nickel deposit located in the same general area. The two deposits collectively contain over 70 million pounds (Mlbs) nickel, 10 Mlbs of copper and 2 Mlbs of cobalt in historic resources. At Lappvattnet, the historical estimate is 1,139,000 tonnes @ 0.91% Ni, 0.19% Cu and 0.02% Co for 22.9 Mlbs of Ni, 4.8 Mlbs of Cu and 0.5 Mlbs of Co (see Note 1).

Results Table
DDH_ID            From (m)    To (m)  Length (m)      Ni %   PGE's g/t   Pt g/t      Pd g/t      Au g/t
Gungnir Re-Sampling Results                                                                      
LAP07-001          32.55       34.94       2.39       1.54      0.10       0.01        0.04        0.05
LAP07-002 #        76.43       76.54       0.11       1.77      0.20       0.01        0.12        0.07
                   77.10       77.33       0.23       4.99      0.33       0.03        0.25        0.05
                   79.55       81.00       1.45       1.41      16.51     12.28       4.09        0.14 
includes           79.55       80.00       0.45       2.13      50.91     39.00       11.80       0.11
LAP07-004          94.00       98.00       4.00       1.23      0.17       0.03        0.03        0.11
                   101.00     102.00      1.00        1.05      0.31       0.14        0.03        0.14
                   105.00     106.00      1.00        1.21      0.46       0.06        0.16        0.24
2007 Results                                                                                  
LAP07-001          32.55       34.94       2.39       1.36      0.11       0.02        0.04        0.05
LAP07-002          76.43       81.40       4.97       3.20      4.29       2.70        1.40        0.19
includes           79.00       80.00       1.00       3.13      14.71      9.04        5.37        0.30
LAP07-004          94.00       98.00       4.00       1.24      0.19       0.03        0.03        0.13
                   101.00     102.00       1.00       0.96      0.20       0.01        0.03        0.16
                   105.00     106.00       1.00       1.42      0.46       0.24        0.07        0.15

Sampled drill core is archived at the SGU (Swedish Geological Survey) core facility in Mala Sweden. Drill core samples represent one-quarter drill core which was halved by sawing already split drill core. Core was logged and tagged for sampling at the core facility, then brought to ALS Minerals’ Core Services Laboratory also in Mala. Core was sawed on site by ALS staff and sample material was sent to ALS’s Lab in Ireland. Ni was analyzed using fire assay method Ni-OG46 and Pt, Pd, and Au were analyzed using fire assay method PGM-ICP27. Sample lengths reported in the above table are core lengths.

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) with gold and base metal permits in northern Sweden. The Company’s key project, Knaften, hosts high-grade gold, VMS (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery. The Company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

We seek Safe Harbor.

https://www.gungnirresources.com/