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Gungnir drills 21.65 meters of 1.09% nickel at Lappvattnet

SURREY, BC / ACCESSWIRE / September 15, 2021 / Gungnir Resources Inc. (TSXV: GUG) (OTC PINK: ASWRF) (“Gungnir” or the “Company”) is pleased to report a wide interval of nickel mineralization resulting from ongoing drilling on the Lappvattnet nickel deposit of the Company in Sweden. New results reported today significantly expand nickel mineralization in hole LAP21-02.

Strong points:

  • Large near-surface nickel mineralization, starting within 30 meters of the surface
  • 1.09% nickel over 21.65 meters including the recently reported high grade lower portion of 3.19% nickel over 4.25 meters in hole LAP21-02 (see NR August 31, 2021)
  • The initial phase of drilling at Lappvattnet has been extended to 15 holes

Table of results:

Hole ID

From (m)

To M)

Length (m)

Ni%

% cu

Co%

EGP (g / t)

LAP21-02

28.00

49.65

21.65

1.09

0.21

0.02

0.28

#

45.40

49.65

4.25

3.19

0.37

0.07

0.21

#

45.40

46.50

1.10

5.05

0.17

0.11

0.25

#

48.15

49.65

1.50

4.25

0.13

0.09

0.19

#

48.15

48.40

0.25

7.38

0.07

0.13

0.21

EGP (g / t) = platinum (Pt) + palladium (Pd) + gold (Au)
# Previously reported (NR August 31, 2021)

Seventeen additional assay results were received from the LAP21-02 hole core above the previously reported high grade nickel results. The new assays come from host rock peridotite containing disseminated pyrrhotite and blistered 28 to 45 meters downhole. Nickel values ​​range from 0.37 to 1.83% Ni with up to 0.72 g / t EGP, with all individual samples over a one meter core length.

Drilling continues with closer holes in the shallow western portion of the Lappvattnet deposit. Ten holes have been completed to date. With sulphide mineralization encountered in nine of the ten holes completed, the Company has extended the current drill plan to fifteen holes instead of ten. All tests received to date from Lappvattnet have now been reported.

Gungnir’s nickel resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Society updated the two resources which collectively total 177 million pounds of nickel (see the technical report with an effective date of November 17, 2020). The properties are accessible year round with good transport and industrial infrastructure, including shipping facilities, and are located approximately an hour’s drive from the Boliden factory complex.

Nickel Resources:

  • Lappvattnet: Inferred resource of 780,000 tonnes grading 1.35% nickel for 23.1 million pounds (10.5 million kg) of nickel.
  • Rormyrberget: Inferred resource of 36,800,000 tonnes grading 0.19% nickel for 154 million pounds (70 million kg) of nickel.

The Company also reports the results of the Knaften project where three 100-meter extension holes were drilled to the east (hole KN21-01), south (hole KN21-02) and north (hole KN21-03) of the Knaften 300 gold zone. The three holes intersected zones of disseminated arsenopyrite and continue to extend the mineralized zone. Analysis results include: KN21-01 (0.26 g / t Au over 3 meters from 156 meters); KN21-02 (1.43 g / t Au over 6.0 meters over 136 meters); and KN21-03 (1.87 g / t Au over 3 meters from 144 meters). Future exploration work planned at Knaften will include a targeted effort on new significant IP geophysical anomalies identified in the southern half of the Knaften project (see NRs of July 7, 2021 and August 3, 2021).

The sample lengths reported in this press release are core lengths; actual widths are estimated to be approximately 80-90% of reported drill intercept lengths. The drill core was recorded and tagged for sampling at the company’s Lycksele logging facility and then shipped to the ALS Minerals base service lab in Mala. The core was sawn on site in Mala by ALS staff and prepared samples were sent to the ALS laboratory in Ireland. Cores were analyzed for multielements using code ME-MS41, Cu OG46 analysis for> 10,000 ppm Cu, NiOG46 analysis for> 10,000 ppm Ni, and Pt, Pd and Au have were analyzed using the pyrotechnic analysis method PGM-ICP27. For Knaften, the Au-ICP21 method, a 30 gram fire assay with ICP-AES finish, was used for the gold analysis. Blanks and certified standards are included with each batch of samples for quality assurance and control.

The technical information contained in this press release has been prepared and approved by Jari Paakki, geologist, CEO and director of the company. Mr. Paakki is a Qualified Person under National Instrument 43-101.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian mining exploration company listed on the TSX Venture Exchange (GUG: TSX-V) with gold and base metals projects in northern Sweden. Gungnir’s assets include 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 discovery. East of Knaften, the Company owns two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with updated nickel resources. Further information on the Company and its properties can be found at www.gungnirresources.com or to www.sedar.com.

On behalf of the Council,

Jari Paakki, CEO and Director

For more information contact:

Headquarters / Investor Relations
Phone: + 1-604-683-0484

Jari Paakki, CEO
E-mail: This e-mail address is protected from spam. You need JavaScript enabled to view it.

Chris Robbins, Chief Financial Officer
E-mail: This e-mail address is protected from spam. You need JavaScript enabled to view it.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

Certain statements contained in this press release may constitute “forward-looking information” within the meaning of applicable securities laws (also called forward-looking statements). Forward-looking information involves risks, uncertainties and other known and unknown factors, and may cause actual results, performance or achievements or industry results to be materially different from future results, performance or achievements or results of industry expressed or implied by this forward-looking information. information search. Forward-looking information can generally be identified by the use of terms and phrases such as “anticipate”, “believe”, “might”, “estimate”, “expect”, “feel”, “have the intention “,” could “,” plan “,” foresee “,” project “,” subject to “,” will “,” would “, and similar terms and expressions, including references to assumptions. Some of the specific forward-looking information contained in this press release includes, but is not limited to, statements regarding: planned drilling activities and expected timing thereof; expectations of additional high grade nickel assays with the expanded drilling program, and Gungnir’s plan for the development of its properties and timing thereof.

Forward-looking information is based on a number of key expectations and assumptions made by Gungnir, including, but not limited to: the impact of the COVID-19 pandemic on the Canadian and global economy and operations of Gungnir, as well as the extent and duration of this impact; no change in laws or regulations that adversely affect Gungnir’s business; there will be a demand for Gungnir’s services and products in the future; Gungnir will be able to operate as planned; and Gungnir’s plans for the future exploration and development of its properties are reasonable and will be possible on schedule. Although the forward-looking information contained in this press release is based on what Gungnir considers to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.

Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans for the future, and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be interpreted as a guarantee of future performance or results, as actual results may differ materially from those expressed or implied in such forward-looking information. These risks and uncertainties include, among others, risks related to: the lack of certainty that an economically viable mineral deposit will be located on the Gungnir properties; that Gungnir may not be able to complete its planned drilling as planned; the impacts of the COVID-19 pandemic; ability to access capital markets; environmental issues; changes in laws or regulations; receipt of required licenses, permits and approvals; and resource estimates may not be exact and may differ significantly from actual mineral resources. Management believes that the expectations reflected in the forward-looking information contained in this document are based on reasonable assumptions and information currently available; however, management cannot guarantee that actual results will be consistent with this forward-looking information. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects the current beliefs of management and is based on information currently available to Gungnir. Forward-looking information is set out as of the date of this press release and Gungnir assumes no obligation to update or revise such information to reflect new events or circumstances, except as required by applicable law.


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