Gungir drills 4.45 m of 2.04% Ni at Lappvattnet

Dec 3, 2021

2021-12-02 12:54 ET – News Release

Mr. Jari Paakki reports

GUNGNIR DRILLS 6.52% NICKEL OVER 0.8 METRES WITHIN 4.5 METRES OF 2.04% NICKEL PLUS 12 METRES OF 1.13% NICKEL AT LAPPVATTNET

Gungnir Resources Inc. has released final 2021 drill results at the company’s Lappvattnet nickel deposit in Sweden. Ground electromagnetic (EM) geophysics is currently underway.

Jari Paakki, chief executive officer (CEO), commented: “This was a very successful first-phase drill program for the Company at Lappvattnet where we delivered consistent shallow drill hits of high-grade and wide-grade nickel mineralization. Fourteen of the fifteen holes drilled demonstrated continuity of the inferred resource, ten of which expanded nickel mineralization outside of the 2020 resource block. The drill program also importantly provided key structural information to guide the next phase of expansion drilling along with surface electromagnetic (EM) geophysics which is currently ongoing at Lappvattnet. Work plans for 2022 will be detailed in the early part of the new year.”

Drilling details

Results are the final two holes of the company’s recently completed initial 2021, 15-hole (1,300 metre) drill program at Lappvattnet. The program was designed to test the western part of the deposit with a series of tighter-spaced holes to better define the geometry of the mineralized zone. Drilling covered a strike length of 140 metres (sections 7.5E to 11E) which represents approximately 20 per cent of the total strike length of the nickel deposit with the depth extent largely unexplored below 200 metres. New drilling and assays are expected to be incorporated into future resource upgrades.

Drill holes LAP21-14 and -15 were drilled on Section 9.5E, 20 metres east of Section 9E which included Gungnir’s drill results of 0.93 per cent Ni over 36.0 metres in hole LAP21-04 and 0.98 per cent Ni over 33.15 metres in hole LAP21-05 (see news releases dated Sept. 30 and Oct. 8, 2021). The intersection in hole LAP21-14 includes a 0.8 metre interval of massive sulphide (6.52 per cent Ni). Immediately below the massive sulphide, assays for a 0.65 metre interval of mineralized peridotite returned 44.90 grams per ton (g/t) Pt along with 1.65 per cent Cu and 1.2 per cent Ni. In hole LAP21-15, nickel mineralization is hosted mainly within sulphide mineralized peridotite and includes a lower zone hosted in a separate peridotite unit. Hole LAP21-14 was drilled 101.70 metres at a dip of negative 60 degrees and LAP21-15 was drilled 124.4 metres at a dip of negative 80 degrees, both at location 1,741,571 m east and 7,165,176 m north at an azimuth of 340 degrees. Co-ordinates are in Swedish co-ordinate system RT90-2.5.

Sample length reported is core length; true width is estimated to be approximately 70 per cent based on more complete geology on the adjacent, section 9E. 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 multi-elements using code ME-MS41, CuOG46 analysis for over 10,000 parts per million (ppm) Cu, NiOG46 analysis for over 10,000 ppm Ni, and Pt, Pd, and Au were analyzed using fire assay method PGM-ICP27. Blanks and certified standards are routinely included in sample batches for quality assurance and control.

Nickel resources:

Gungnir’s nickel 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 per cent nickel for 23.1 million lb (10.5 million kg) of nickel.
Rormyrberget: inferred resource of 36,800,000 tonnes grading 0.19 per cent nickel for 154 million lb (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, 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 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-V 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 (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery.

We seek Safe Harbor.

https://www.gungnirresources.com/