Gungnir drills 33.15 metres of 0.98% nickel at Lappvattnet project, Sweden

Drill Core from Lappvattnet Project, includes: 50.91 g/t PGE’s (39.0 g/t platinum, 11.8 g/t palladium, 0.11 g/t gold) and 2.13% nickel over 0.45 metres

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Gungnir Resources Inc. [GUG-TSXV; ASWRF-OTC; AMO-Berlin] reported more nickel results at its Lappvattnet nickel deposit in northern Sweden. Lappvattnet is located approximately one hour south of the major industrial centres of Boliden and Skelleftea where mining and smelting are well established and where a new battery manufacturing plant is under construction.

Assays are for the remainder of holes LAP21-05 and LAP21-06. Highlights include 33.15 metres grading 0.98% nickel, including recently reported high-grade upper portion grading 2.62% nickel over 5.65 metres in hole LAP21-05. Drill hole LAP21-06 returned 5.61% nickel over 0.85 metres within a 5.0-metre interval grading 1.5% nickel. Assays are pending for eight more drill holes.

Holes LAP21-05 and -06 are part of a 15-hole phase 1 drill program covering a strike length of 140 metres across the Lappvattnet deposit. The goal of the program is to test the shallow western part of the deposit with a series of tight-spaced holes to better define the geometry of the mineralized zone.

New drilling and assays are expected to be incorporated into future resource upgrades. The Lappvattnet deposit covers a strike length of about 700 metres. The sulphide zone dips steeply to the south and plunges shallowly to the east. The deepest vertical eastern part of the 2020 resource is less than 200 metres below surface. Drill density decreases considerably to the east.

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 has Inferred Resources of 780,000 tonnes grading 1.35% nickel for 23.1 million pounds (10.5 million kilograms) of nickel. Rormyrberget has Inferred Resource of 36.8 million tonnes grading 0.19% nickel for 154 million pounds (70 million kg) of nickel.

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.

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