Gungnir Contracts EM Survey for Lappvattnet Nickel Project
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Contracts EM Survey for Lappvattnet Nickel Project
Surrey, BC – November 1, 2021 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) announces plans to complete ground electromagnetic (EM) geophysics at its Lappvattnet
nickel project in northern Sweden. The planned EM survey will cover the entire strike length of the
Lappvattnet nickel deposit and is intended to prioritize near -surface drill targets and to build upon the
Company’s first phase drill program.
2021 Drill Program Summary (Results to Date):
The Company’s recently completed 15-hole drill program at Lappvattnet tested the western part of the
deposit with a series of tight-spaced holes to better define the geometry of the mineralized zone. Drilling
covered a strike length of 140 metres which represents just 20% of the total strike length of the nickel
deposit. Results received to date include some excellent drill holes with both high-grade massive sulphides
and wider zones of disseminated mineralization , all near -surface. S ix of seven holes demonstrated
continuity of the 2020 inferred mineral resource, four of which expanded nickel mineralization outside of
the resource block. Assays for core from eight additional holes are pending and are somewhat delayed
due to a backlog at the lab. Results to date are tabled below (all are previously reported in news releases
dated August 31 to October 8, 2021):
Hole ID From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t)
LAP21-01 * 43.00 44.00 1.00 1.06 0.25 0.02 0.08
57.00 75.00 18.00 0.49 0.09 0.01 0.08
72.05 72.30 0.25 2.80 0.21 0.06 0.23
74.35 74.60 0.25 1.42 0.18 0.02 0.11
LAP21-02 * 28.00 49.65 21.65 1.09 0.21 0.02 0.28
45.40 49.65 4.25 3.19 0.37 0.07 0.21
45.40 46.50 1.10 5.05 0.17 0.11 0.25
48.15 49.65 1.50 4.25 0.13 0.09 0.19
48.15 48.40 0.25 7.38 0.07 0.13 0.21
LAP21-03 # 36.40 37.60 1.20 1.49 0.29 0.04 0.18
LAP21-04 * 49.00 85.00 36.00 0.93 0.22 0.02 0.28
49.00 54.00 5.00 1.84 0.52 0.03 0.23
49.00 50.95 1.95 2.61 0.56 0.04 0.13
50.40 50.95 0.55 4.08 0.05 0.06 0.11
52.35 52.65 0.30 6.06 0.09 0.11 0.19
70.00 85.00 15.00 1.21 0.19 0.03 0.30
LAP21-05 * 62.00 95.15 33.15 0.98 0.11 0.02 0.28
60.00 74.00 14.00 1.40 0.12 0.03 0.17
62.35 68.00 5.65 2.62 0.13 0.05 0.18
62.90 64.30 1.40 2.51 0.10 0.04 0.20
65.10 68.00 2.90 3.39 0.14 0.06 0.21
66.30 66.95 0.65 6.67 0.14 0.11 0.32
92.00 95.15 3.15 1.17 0.08 0.02 0.13
LAP21-06 # 53.00 58.00 5.00 1.50 0.21 0.03 0.10
54.65 55.50 0.85 5.61 0.07 0.10 0.18
PGEs (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)
# confirmed continuity of 2020 resource block
* expands nickel mineralization outside of 2020 resource block
Length = core length in metres
News Release GUG: TSX-V
ASWRF: OTCPK
EM Survey Details:
Twenty-six EM profiles, spaced 40 metres apart, will be measured u sing Slingram equipment covering a
strike length of more than one kilometre . The survey will cover the entire length of the Lappvattnet
deposit as well areas along strike to the west and east. Results of the survey will be of particular interest
in the eastern part of the deposit where d rill density decreases considerably . The survey is intended to
investigate bedrock just below overburden which is typically less th an 10 to 15 metres thick. The survey
will be completed by Geovista AB, from Lulea, Sweden during the fall/early winter.
Nickel Resources:
Gungnir’s nickel resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Company
updated both resources which collectively total 177 million pounds of nickel (see Technical Report with
an effective date of November 17, 2020). The properties are accessible ye ar-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 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, 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. 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]
News Release GUG: TSX-V
ASWRF: OTCPK
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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
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industry results, to be materially different from any future results, performance or achievements or industry results
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assumptions. Some of the specific forward-looking information in this news releases in cludes, but is not limited to,
statements with respect to: expectations that the new survey will result in EM anomalies and priority 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: 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; and Gungnir’s plans for future exploration and developme nt 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 t hat 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 o r
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 c omplete its planned drilling and EM geophysics as anticipated; the impacts of the COVID -19
pandemic; ability to access capital markets; environmental matters; changes in legislation or regulations; receipt of
required licenses, permits and approvals; and r esource 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 cautiona ry
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.