Gungnir Announces Start of Second Phase Drill Program at Lappvattnet High-Grade Nickel Project
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Announces Start of Second Phase Drill Program
at Lappvattnet High-Grade Nickel Project
Surrey, BC – April 27, 20 22 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to announce that drilling is expected to commence early next week at the
Company’s Lappvattnet high-grade nickel project in northern Sweden . Drilling will continue to focus on
upgrading and expanding the existing nickel resource. Approximately 4,000 metres of drilling is planned.
“Our first phase program at Lappvattnet, completed in Q4 2021, was highly successful , delivering
consistent shallow drill hits of high -grade and wide -grade nickel sulphide mineralization,” commented
Jari Paakki, CEO of Gungnir. “This year we are planning to expand our drill efforts with more metres to
further define potential high-grade nickel shoots along the deposit plus drill-testing the “twin” north EM
geophysical conductor we identified late last year.”
Lappvattnet Project Highlights from 2021:
Phase one drill program covered 20% of the total strike length of Lappvattnet
Shallow drill hits of high-grade and wide zones of nickel mineralization, include:
3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in
drill hole LAP21-02 (from 45 metres)
2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in
drill hole LAP21-05 (from 60 metres)
1.74% Nickel over 10.00 metres in drill hole LAP21-13 (from 21 metres)
36.00 metres grading 0.93% Nickel in drill hole LAP21-04 (from 49 metres)
EM (electromagnetic) geophysical survey outlined a near-surface untested EM conductor
located 100 metres north of the Lappvattnet nickel resource
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 m illion 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 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.
News Release GUG: TSX-V
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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. 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 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 an d 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. Fo rward-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: the intended allocation of available exploration funds;
planned drilling locations and expected targets; extent of drilling and quantity of drilling holes; planned 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: access to the resources will remain available year -round; transportation and
infrastructure will remain available as antici pated; 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
News Release GUG: TSX-V
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that negatively affect Gungnir’s business; there will be a demand for Gungnir’s serv ices 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 cautio ned 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 ma y 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 fi nancings 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 forwar d-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 .