RCS - Gungnir Resources - 4.04% Ni over 5.76 Metres for Gungnir in Sweden

Gungnir ResourcesAnnouncement

04/01/2023 14:00

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RNS Number : 5804L  Gungnir Resources Inc.  04 January 2023

4.04% Nickel Over 5.76 Metres for Gungnir at Lappvattnet; Highest Grade Nickel
Intercept Drilled to Date

 

SURREY, BC / ACCESSWIRE / January 4, 2023 / Gungnir Resources Inc.
(TSX-V:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is very pleased to
report the highest-grade nickel intercept drilled to date at the Company's
Lappvattnet nickel deposit in northern Sweden. Hole LAP22-25 drilled 4.04% Ni
over 5.76 metres within a broader interval of 1.49% Ni over 18.28 metres
starting at a down-hole depth of 57.72 metres. Click link to view drill core
(see photos
(https://storage.googleapis.com/accesswire/media/733879/LAP22-25-photos-with-individual-assays-FINAL.pdf)
).

 

Table of individual, consecutive assays for the 5.76 metre high-grade nickel
interval in hole LAP22-25 (70.0 to 75.76 metres):

 

 From (m)  To (m)  Length (m)  Ni %
 70.00     70.51   0.51        4.93
 70.51     71.20   0.69        3.73
 71.20     72.00   0.80        2.87
 72.00     72.86   0.86        3.17
 72.86     73.20   0.34        7.18
 73.20     73.68   0.48        3.14
 73.68     73.86   0.18        5.17
 73.86     74.28   0.42        1.13
 74.28     74.91   0.63        5.52
 74.91     75.14   0.23        5.94
 75.14     75.52   0.38        4.15
 75.52     75.76   0.24        5.70

 

 

"Another impressive nickel intercept for Gungnir at Lappvattnet, this time the
highest-grade nickel interval drilled to date. All of our hits are less than
100 metres below surface and cover a strike length of 400 metres in the
western and central parts of the Lappvattnet deposit. Looking ahead, our plan
is to continue defining this high-grade nickel deposit, and the new footwall
target, further to the east and at depth where it has been only sparsely
drilled in the past," commented Jari Paakki, CEO.

 

Hole LAP22-25 was drilled in the central part of the Lappvattnet nickel
resource on section 14E splitting a 50-metre gap between historic holes
LAP74292 and LAP76008. The hole appears to have drilled into a thickened
mineralized zone, possibly a fold hinge similar to LAP22-19 drilled on section
16E (80 metres to the east) which cut 2.35% Ni over 9.0 metres including 3.02%
Ni over 5.66 metres starting at a down-hole depth of 66.0 metres (see news
release dated October 18, 2022). The nickel intercept in LAP22-25 (1.49% Ni
over 18.28 metres from 57.72 to 76.0 metres) occurs below a 4-metre jack-straw
textured peridotite unit. It consists of an upper disseminated sulphide
interval hosted in sedimentary gneisses from 57.72 metres and a lower,
high-grade massive and semi-massive sulphide zone (4.04% Ni over 5.76 metres)
from 70.0 metres down-hole.

 

Notable, previously reported near-surface, high-grade nickel intersections
drilled by Gungnir at Lappvattnet include: 3.19% Nickel over 4.25 metres
within a 10.4-metre interval grading 1.51% Nickel in hole LAP21-02 (240 metres
west of LAP22-25); 2.62% Nickel over 5.65 metres within a 14.0-metre interval
grading 1.40% Nickel in hole LAP21-05 (200 metres west of LAP22-25); and 1.74%
Nickel over 10.00 metres in hole LAP21-13 (260 metres west of LAP22-25).

 

See news releases dated November 15 and December 1, 2022 for drill plan map,
long section (with hole LAP22-25 highlighted), a table of all 2021/2022 drill
hole co-ordinates, and details on the new footwall target.

 

Further results from holes drilled in the central part of Lappvattnet (12
drill holes) are expected to be reported in January and into early February
2023. Drilling is part of the systematic program at Lappvattnet with the plan
of upgrading and expanding the existing resource following general
recommendations outlined in the 2020 Technical Report (see reference below).
Complete 2022 results will be collectively tabulated once all results are
received. To date, the Company has drilled a total of 5,435 metres in 45 holes
in 2021 and 2022.

 

Lengths noted are core length; true width has not been determined as
structural interpretations are on-going. Core was logged and tagged for
sampling at the Company's 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: plans to continue defining certain
parts of the Lappvattnet deposit and the timing thereof; the possible
structure of any mineralized zones; the receipt of assay results and timing of
reports relating to same; and plans for advancement 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
expanding and defining the existing resources are reasonable and possible;
Gungnir will be able to receive and report assay results as expected; access
to the resource will remain available; 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 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.

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