Gungnir drills 7.38% nickel within 4.25 metres of 3.19% nickel at Lappvattnet, Sweden

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Gungnir Resources Inc. [GUG-TSXV; ASWRF-OTC; AMO-Berlin] reported high-grade nickel assays from its Lappvattnet nickel deposit in Sweden. Last drilled in 2007, results reported today from hole LAP21-02 are the initial batch of assays from Gungnir’s first drill program at Lappvattnet.

For drill Hole LAP21-02 highlights included 3.19% nickel over 4.25 metres within a 10.4-metre interval grading 1.51% nickel; peak of 7.38% nickel over 0.25 metres, highest nickel assay reported at Lappvattnet;  high-grade Nickel intercept 30 metres below surface.

Jari Paakki, CEO, commented, “Clearly we are in a very nickel-rich system and have an opportunity to define further high-grade nickel shoots and to build upon our 2020 nickel resource. With hole LAP21-02 we have already identified nickel mineralization outside of the current resource block with the high-grade nickel intercept at just 30 metres below surface. Near-surface drilling continues at Lappvattnet and we look forward to reporting further results over the next several weeks.”

Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs (10.5 million kg) of nickel;The high-grade nickel intercept in hole LAP21-02 occurs within a 10.4-metre interval containing several narrow sections of massive and semi-massive sulphides, consisting of mainly pyrrhotite, local pentlandite and chalcopyrite. Mineralization is hosted at the base of a peridotite intrusion and within underlying sedimentary gneisses. LAP21-01 (assays pending) and LAP21-02 were drilled on Section 8E up-dip of previous drilling including hole 2007-02 which returned 3.21% Nickel over 4.97 metres (from 76.43 metres) and Gungnir re-sampling within this interval returned 50.91 g/t PGEs (39.0 g/t platinum, 11.8 g/t palladium, 0.11 g/t gold) over 0.45 metres. Drilling continues with tighter spaced holes at the shallow western part of the Lappvattnet deposit. The current work plan consists of 10 or more holes for approximately 1,200 metres. Assays are pending for LAP21-01 and the upper parts of LAP21-02. Holes LAP21-01 and 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:

Rormyrberget: Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs (70 million kg) of nickel.

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 further discovery. East of Knaften, the Company holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with updated nickel resources.


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