Gungnir Adds to its Swedish Property Portfolio, Includes 11 km Long Gabbro-Ultramafic Intrusion
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Adds to its Swedish Property Portfolio, Includes 11 km
Long Gabbro-Ultramafic Intrusion
SURREY, BC / ACCESSWIRE / April 7, 2022 / Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK)
(“Gungnir” or the “Company”) is pleased to report that it has added the Hemberget Property to its package
of polymetallic projects in northern Sweden. The 29.4 sq. km property was acquired by staking in order to
evaluate potential for intrusion hosted copper-nickel and volcanogenic massive sulphide (VMS)
mineralization. Please see accompanying maps (see Figures 1-3).
“The Hemberget area has been on our radar for a few years now after we made new copper-nickel and
VMS discoveries on our Knaften project, which was previously regarded as a gold-only area,” commented
Jari Paakki, CEO of Gungnir. “The striking feature on the newly acquired Hemberget permit is an
impressive, 11-km long magnetic anomaly which maps out a gabbro -ultramafic intrusion similar to much
smaller bodies on the Knaften project that we now know are copper-nickel mineralized. In addition to
potential copper -nickel mineralization , the property covers some text -book VMS geology which adds
further potential at Hemberget.”
Location, Geology and 2022 Work Plans:
Hemberget is located approximately 6 km north of Gungnir’s Knaften project in the Vasterbotten region
of northern Sweden hosting the prolific Skellefte VMS-gold belt, “Gold Line” and “Nickel Line”. Hemberget
is situated with the broad er Gold Line along with Knaften and the Company’s two nickel deposit,
Lappvattnet and Rormyrberget which collectively containing 177 million pounds of nickel (see below), are
located along the Nickel Line to the east.
The property covers the northern part of the Knaften greenstone belt, covering a thick package of dacite
and rhyolite volcanics, including fragmentals, along side mafic pillow lavas, straddling the large magnetic
anomaly which corresponds t o the “Hemberget” gabbro-ultramafic intrusion. Please refer to
accompanying Figures 1-3 for maps and references.
The Company plans detailed compilation work as well as initial prospecting and mapping at Hemberget.
Based on information on hand, including the SGU (Swedish Geological Survey) website, the property has
seen minimal exploration. The bulk of the Company’s 2022 exploration program will be devoted to drilling
nickel projects as well as our new, large gold target at Knaften (see news release March 1, 2022).
Stock Options:
The Company has also granted, in compliance with the Company's stock option plan, 2,539,778 incentive
stock options to purchase common shares of the Company at $0.14 per share for five (5) years to the
directors and a consultant of the Company.
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
News Release GUG: TSX-V
ASWRF: OTCPK
accessible year-round with good transportation and industrial infrastructure inc luding 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 36,800,00 0 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 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, b oth 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. Further information
about the Company and its properties may be found at www.gungnirresources.com or at 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: [email protected]
Chris Robbins, CFO
Email: [email protected]
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
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ASWRF: OTCPK
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 an d 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 that compilation work and prospecting will lead to discovery of copper-
nickel and/or VMS mineralization or drill targets; 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: 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 explora tion 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: 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. Managemen t 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.