Gungnir Resources intersects 1.16% nickel over 7 metres at Lappvattnet, Sweden

Gungnir Resources Inc. [GUG-TSXV; ASWRF-OTCPK] reported further near-surface drill results and visuals at the company’s Lappvattnet nickel deposit in northern Sweden.

Highlighted holes include LAP22-10 which cut 7.0 metres of 1.16% nickel and LAP22-19 which intersected a new footwall nickel target approximately 75 metres below the main Lappvattnet deposit. Assays are pending for 13 holes.

“It looks like we may have the beginnings of a new footwall nickel target in the central part of the deposit, adding further potential at Lappvattnet. Historic holes in this area from the 1970s appear to have been drilled just short of this new target. So far, with longer drill holes, we have six footwall hits over a strike length of approximately 100 metres in the central part of Lappvattnet where it remains mostly open along strike and at depth. Assays are pending for five of these six holes”, commented Jari Paakki, CEO.

The new footwall target was encountered in holes LAP22-16, -17, -19, -26, -27, and -28 drilled on sections 15E to 16.5E. The intercepts range from core lengths of 2 to 15 metres consisting of variably mineralized peridotite, local sulphide pods and disseminated sulphides in enclosing sedimentary gneisses. Assays from the lower part of LAP22-19 returned 5.0 metres of 0.30% nickel (or 2.4 metres of 0.40% nickel) from 149 metres, including 0.96% nickel over 0.42 metres from 150 metres down-hole. Assays for the other five holes are pending. Notable “ball-textured” peridotite/pyroxenite (previously not observed) with local matrix sulphides was encountered in hole LAP22-28 and may represent part of a conduit and source site for the nickel-bearing magma. Modelling and evaluations continue.

Also reported today are the final assay results from the western part of Lappvattnet. Hole LAP22-10, drilled on section 12E, returned 7.0 metres of 1.16% nickel starting at a down-hole depth of 98 metres, including 0.53 metres of 5.31% nickel at 103.9 metres. LAP22-10 also includes 6.0 metres of 0.30% nickel starting at 109 metres down-hole. Scout holes, LAP22-12 to -15 testing a small area to the north, encountered weakly anomalous nickel.

Assays are pending for holes LAP22-16, -17, -20 to -23, and -25 to -31. All of these holes are located within the central part of Lappvattnet and include mineralized intervals from the main Lappvattnet deposit and the new footwall target.

All lengths noted are core length; true width has not been determined.

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 has 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.