Gungnir Resources to begin drill program at Lappvattnet

Apr 27, 2022

2022-04-27 09:15 ET – News Release

Mr. Jari Paakki reports

GUNGNIR ANNOUNCES START OF SECOND PHASE DRILL PROGRAM AT LAPPVATTNET HIGH-GRADE NICKEL PROJECT

Gungnir Resources Inc. expects drilling to commence early next week at the company’s Lappvattnet high-grade nickel project in northern Sweden. Drilling will continue to focus on upgrading and expanding the existing nickel resource. Approximately 4,000 metres of drilling is planned.

“Our first phase program at Lappvattnet, completed in Q4 2021, was highly successful, delivering consistent shallow drill hits of high-grade and wide-grade nickel sulphide mineralization,” commented Jari Paakki, CEO of Gungnir. “This year we are planning to expand our drill efforts with more metres to further define potential high-grade nickel shoots along the deposit plus drill-testing the “twin” north EM geophysical conductor we identified late last year.”

Lappvattnet Project Highlights from 2021:

Phase one drill program covered 20% of the total strike length of Lappvattnet
Shallow drill hits of high-grade and wide zones of nickel mineralization, include:
- 3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in drill hole LAP21-02 (from 45 metres)
- 2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in drill hole LAP21-05 (from 60 metres)
- 1.74% Nickel over 10.00 metres in drill hole LAP21-13 (from 21 metres)
- 36.00 metres grading 0.93% Nickel in drill hole LAP21-04 (from 49 metres)
EM (electromagnetic) geophysical survey outlined a near-surface untested EM conductor located 100 metres north of the Lappvattnet nickel resource

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 an hour drive from Boliden’s mill complex.

Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs (10.5 million kg) of nickel.
Rormyrberget: Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs (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, M.Sc., P.Geo., and Thomas Lindholm, M.Sc., Fellow AusIMM. The Effective Date is November 17, 2020.

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 (TSXV:GUG)(OTC PINK:ASWRF) 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. The Company has also recently added the Hemberget property to its Swedish Property Portfolio which covers an 11 km long gabbro-ultramafic intrusion, a greenfield copper-nickel target.

We seek Safe Harbor.

https://www.gungnirresources.com/