RCS - Gungnir Resources - Gungnir Drills 9.0 Metres of 2.35% Nickel
18/10/2022 13:45
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221018:nRSR1804Da&default-theme=true
RNS Number : 1804D Gungnir Resources Inc. 18 October 2022
Gungnir Drills 9.0 Metres of 2.35% Nickel Including 5.66 Metres of 3.02%
Nickel at Lappvattnet
Surrey, BC - October 18, 2022 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF:
OTCPK) ("Gungnir" or the "Company") is very pleased to announce 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. Please click
link for accompanying figures including drill core photo with assay labels
(view figures
(https://storage.googleapis.com/accesswire/media/720717/Figures-Oct-18-2022-FINAL.pdf)
).
Table 1
"With just fourteen 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.
Hole LAP22-19, drilled on section 16E, intersected the nickel zone at
approximately 60 metres vertically below surface where it remains open at
depth. Length reported is the core length; true width has not been determined
due to the lack of information on the drill section. New, preliminary
interpretations suggest structural folding (fold hinges) may control the
localization of thickened high-grade nickel shoots which may be the case for
hole LAP22-19. Geological work continues. See previous news release dated
September 15, 2022 for location and drill collar details for hole LAP22-19.
Also 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.
Drill core was logged and tagged for sampling at the Company's core logging
facility in Lycksele, Sweden, then shipped to ALS Minerals' Core Services
Laboratory in Mala, Sweden. Core was sawed on site in Mala by ALS staff and
prepped sample material was sent to ALS's Lab in Ireland. Core was analyzed
for multi-elements using code ME-MS41, CuOG46 analysis for >10000 ppm Cu,
NiOG46 analysis for >10000 ppm Ni, and Pt, Pd, and Au were analyzed using
fire assay method PGM-ICP27. Blanks, certified standards and duplicates are
routinely included in sample batches for quality assurance and control.
Nickel Resources
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.
The NI 43-101 Technical Report entitled "TECHNICAL REPORT on the LAPPVATTNET
and RORMYRBERGET DEPOSITS, NORTHERN SWEDEN" was prepared by Reddick Consulting
Inc. Qualified Persons are John Reddick, M.Sc., P.Geo., and Thomas Lindholm,
M.Sc., Fellow AusIMM. The Effective Date is November 17, 2020.
The technical information in this news release has been prepared, verified and
approved by Jari Paakki, P.Geo., CEO, and a director of the Company. Mr.
Paakki is a Qualified Person under National Instrument 43-101.
About Gungnir Resources
Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration
company (GUG: TSX-V, ASWRF: OTCPK) 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. Further
information about the Company and its properties may be found at
www.gungnirresources.com (http://www.gungnirresources.com) or at www.sedar.com
(http://www.sedar.com) .
On behalf of the Board,
Jari Paakki, CEO and Director
For further information contact:
Head Office/Investor Relations
Phone: +1-604-683-0484
Jari Paakki, CEO
Email: jpaakki@eastlink.ca
Chris Robbins, CFO
Email: robbinscr@shaw.ca
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 in this news release may constitute "forward-looking
information" within the meaning of applicable securities laws (also known as
forward-looking statements). Forward-looking information involves known and
unknown risks, uncertainties and other factors, and may cause actual results,
performance or achievements or industry results, to be materially different
from any future results, performance or achievements or industry results
expressed or implied by such forward-looking information. Forward-looking
information generally can be identified by the use of terms and phrases such
as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend",
"may", "plan", "predict", "project", "subject to", "will", "would", and
similar terms and phrases, including references to assumptions. Some of the
specific forward-looking information in this news release includes, but is not
limited to, statements with respect to: expectations of upgrading and
expanding the existing resource; expectations of additional high-grade nickel
shoots/fold hinges; expectations of future resource upgrades and that new
drilling and assays will be incorporated into any resource upgrade; the
expected timing for receipt of assay results; planned drilling locations and
expected targets; extent of drilling and quantity of drilling holes; planned
2022/2023 exploration program including anticipated drilling and the timing
thereof; and Gungnir's plan for development of its properties and the timing
thereof.
Forward-looking information is based on a number of key expectations and
assumptions made by Gungnir, including, without limitation: expectations of
upgrading, thickening and expanding the existing resource are reasonable;
access to the resources will remain available year-round; transportation and
infrastructure will remain available as anticipated; the COVID-19 pandemic
impact on the Canadian and global economy and Gungnir's business, and the
extent and duration of such impact; no change to laws or regulations that
negatively affect Gungnir's business; there will be a demand for Gungnir's
services and products in the future; Gungnir will be able to operate its
business as planned; Gungnir will be able to access capital markets on and
successfully complete financings on terms it determines to be reasonable; and
Gungnir's plans for future exploration and development of its properties is
reasonable and will be possible within the anticipated timelines. Although the
forward-looking information contained in this news release is based upon what
Gungnir believes 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 relating to 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 read as a guarantee of future performance or
results as actual results may differ materially from those expressed or
implied in such forward-looking information. Those risks and uncertainties
include, among other things, risks related to: expectations related to
upgrading, thickening and expanding existing resources may not be accurate in
part or at all; no certainty that any economically viable mineral deposit will
be located on Gungnir's properties; that Gungnir may not be able to complete
its planned drilling as anticipated; the impacts of the COVID-19 pandemic; the
impacts of war and/or other international conflicts; ability to access capital
markets and complete successful financings on terms Gungnir determines to be
reasonable; environmental matters; changes in legislation or regulations;
receipt of required licenses, permits and approvals; and resource estimates
may not be accurate and may differ significantly from actual mineral
resources. Management believes that the expectations reflected in the
forward-looking information contained herein are based upon reasonable
assumptions and information currently available; however, management can give
no assurance that actual results will be consistent with such forward-looking
information. The forward-looking information contained this news release is
expressly qualified in its entirety by this cautionary statement.
Forward-looking information reflects management's current beliefs and is based
on information currently available to Gungnir. The forward-looking information
is stated as of the date of this news release and Gungnir assumes no
obligation to update or revise such information to reflect new events or
circumstances, except as may be required by applicable law.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NRAGPGCCUUPPPGM