Gungnir Resources drills 2.35% nickel over 9 metres at Lappvattnet, Sweden

Gungnir Resources Inc. [GUG-TSXV; ASWRF-OTC] has made one of the top drill intersections at the company’s Lappvattnet nickel deposit in northern Sweden. Results reported today are partial results for hole LAP22-19 which was drilled in the central part of the Lappvattnet nickel resource.

Drill hole LAP22-19 returned 9.00 metres of 2.35% nickel, 0.27% copper, 0.04% cobalt and 0.23 g/t PGMs, including 5.66 metres of 3.02% nickel, 0.33% copper, 0.05% cobalt and 0.33 g/t PGMs, including 2.47 metres of 4.10% nickel, 0.19% copper, 0.07% cobalt and 0.29 g/t PGMs, including 0.41 metres of 6.74% nickel, 0.08% copper, 0.11% cobalt and 0.40 g/t PGMs.

“With just 14 months of recently focused work at Lappvattnet, we have amassed several impressive nickel drill intersections, all near-surface, and today’s results may be the best to date in our high-grade category. We have lots of assays coming and we look forward to reporting further results as we continue to drill-off the Lappvattnet deposit which I think will look quite different once we complete our planned 2022/23 drill program,” commented Jari Paakki, CEO.

Drilling continues between sections 14E and 18E in the sparsely tested eastern two-thirds of the Lappvattnet deposit. It is part of our systematic drilling at Lappvattnet with the goal of upgrading and expanding the existing resource and a focus on defining further high-grade nickel shoots. So far in 2022, the Company has drilled 28 holes for approximately 3,900 metres. Assays are pending for the lower part of drill hole LAP22-19 and LAP22-10 onwards.

As reported on September 15, 2022, the Company has received final drilling approvals to the end of 2023 for up to 10,000 metres drilling.

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.

Gungnir Resources Inc. is a Canadian-based mineral exploration company 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.