Gungnir drills massive sulphides at Lappvattnet

Aug 19, 2021

2021-08-19 07:23 ET – News Release

Mr. Jari Paakki reports

GUNGNIR HITS MASSIVE SULPHIDES AT LAPPVATTNET NICKEL DEPOSIT

Continuing drilling at Gungnir Resources Inc.’s Lappvattnet nickel deposit in Sweden continues to intersect sulphide mineralization including a 10-metre core interval containing several narrow sections of massive and semi-massive sulphides in hole LAP21-02.

Jari Paakki, chief executive officer, commented: “We are off to a great start at Lappvattnet which is highlighted so far by hole LAP21-02. We have submitted samples from this hole for priority assaying for nickel and PGEs [platinum group elements] and expect assay results in the next couple of weeks.”

To date, the company has completed four short drill holes (totalling 350 metres) along two sections spaced about 40 metres apart at the western part of the Lappvattnet deposit. LAP21-01 and LAP21-02 were drilled on Section 8E up dip of previous drilling including hole 2007-02 which returned 3.21 per cent nickel over 4.97 metres (from 76.43 metres) and Gungnir resampling within this interval returned 50.91 g/t PGEs (39.0 grams per tonne platinum, 11.8 g/t palladium, 0.11 g/t gold) over 0.45 metre. Holes LAP21-03 and LAP21-04 were drilled 40 metres east of LAP21-01 and LAP21-02 on Section 9E. Core logging has been completed for the first three holes which have all encountered variable amounts of sulphides (mainly pyrrhotite, local chalcopyrite and possible pentlandite, a nickel sulphide mineral) hosted in both peridotite and enclosing sedimentary gneisses. Drill co-ordinates and cross-sections will be provided once assays are received.

Continuing drilling is planned to continue to focus on the shallow, western part of the Lappvattnet deposit. The work plan consists of 10 or more holes, for approximately 1,200 metres, along six to seven sections spaced about 40 metres apart. Along sections, planned hole intercepts are positioned roughly 20 to 70 metres from historic intersections of massive sulphide. In addition to assaying for nickel, copper and cobalt, all mineralized sections will importantly be analyzed for PGEs which were not assayed in most of the drilling at the Lappvattnet deposit. New drilling and assays are expected to be incorporated into future resource upgrades.

Lappvattnet is one of two nickel sulphide deposits held by Gungnir in Sweden, the other deposit named Rormyrberget. In 2020, the company updated both resources which collectively total 177 million pounds of nickel (see technical report with an effective date of Nov. 17, 2020):

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 technical information in this news release has been prepared 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 the Knaften project, which hosts a developing intrusion-hosted gold system, and volcanogenic massive sulphide (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery. East of Knaften, the company holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with updated nickel resources. Further information about the company and its properties may be found on the company’s website or on SEDAR.

We seek Safe Harbor.

https://www.gungnirresources.com/