Gungnir Drills 5.61% Nickel Over 0.85 Metres and 33.15 Metres Grading 0.98% Nickel
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Drills 5.61% Nickel Over 0.85 Metres and 33.15 Metres
Grading 0.98% Nickel
Surrey, BC – October 8, 2021 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is very pleased to report more nickel results at the Company’s Lappvattnet nickel deposit in
Sweden. Lappvattnet is located approximately one hour south of the major industrial centres of Boliden
and Skelleftea where mining and smelting are well established and where a new battery manufacturing
plant is under construction . Today’s results are assays are for the remainder of hole LAP21 -05 and hole
LAP21-06.
Highlights:
33.15 metres grading 0.98% nickel including recently reported high-grade upper portion grading
2.62% nickel over 5.65 metres in hole LAP21-05 (see news release dated September 21, 2021)
5.61% nickel over 0.85 metres within 5.0 metre interval grading 1.5% nickel in hole LAP21-06
Assays pending for 8 more drill holes
Results Table:
Holes LAP21 -05 and -06 are part of the Company’s 15 -hole phase one drill program covering a strike
length of 140 metres across the Lappvattnet deposit. The goal of the program is to test the shallow
western part of the deposit with a series of tight -spaced holes to better define the geometry of the
mineralized zone. New drilling and assays are expected to be incorporated into future resource
upgrades. The Lappvattnet deposit covers a strike length of about 700 metres. The sulphide zone dips
steeply to the south and plunges shallowly to the east . The deepest vertical eastern part of the 2020
resource is less than 200 metres below surface . Drill density decrease s considerably to the east. See
accompanying link with maps and cross-sections 8E, 9E and 10E (view link).
Hole LAP21-05 was drilled on Section 9E, whereas LAP21 -06 was drilled on Section 10E located 40
metres to the northeast. On Section 9E, LAP21-05 as well as LAP21-04 hit a thickened section of the host
peridotite intrusion and expand nickel mineralization beyond the 2020 resource block. On Section 10E,
Hole ID From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t)
LAP21-05 62.00 95.15 33.15 0.98 0.11 0.02 0.280
upper zone # 60.00 74.00 14.00 1.40 0.12 0.03 0.169
# 62.35 68.00 5.65 2.62 0.13 0.05 0.177
# 62.90 64.30 1.40 2.51 0.10 0.04 0.196
# 65.10 68.00 2.90 3.39 0.14 0.06 0.212
# 66.30 66.95 0.65 6.67 0.14 0.11 0.315
lower zone 92.00 95.15 3.15 1.17 0.08 0.02 0.126
LAP21-06 53.00 58.00 5.00 1.50 0.21 0.03 0.100
54.65 55.50 0.85 5.61 0.07 0.10 0.180
PGEs (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)
Length = core length in metres
# Previously reported (NR September 21, 2021)
News Release GUG: TSX-V
ASWRF: OTCPK
LAP21-06 confirms continuity of the 2020 resource block. LAP21-07 was also drilled on S ection 10E but
over-shot mineralization. See news release dated September 21, 202 1 for co-ordinates for hole LAP21 -
05. Holes LAP21 -06 and LAP21 -07 were drilled at an azimuth of 340 degrees at location 1,741,586mN
and 7,165,1 86mE (RT90-2.5 co -ordinates). LAP21-06, a 76.4 metre hole, was drilled at a dip of -75
degrees, and LAP21-07 was drilled 49.7 metres at a dip of -45 degrees.
Drill c ore was logged and tagged for sampling at the Company’s core logging facility in Lycksele then
shipped to ALS Minerals’ Core Services Laboratory in Mala. 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, Cu OG46 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 and certified standards are
routinely included in sample batches for quality assurance and control.
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 year -round with good
transportation and indust rial infrastructure including shipping facilities, and are located about an hour
drive from Boliden’s mill complex.
Nickel resources:
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) with
gold and base metal p rojects in northern Sweden. Gungnir’s assets include 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. East of Knaften, t he Company holds two nickel -
copper-cobalt deposits, Lappvattnet and Rormyrberget , with updated nickel resources . 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
News Release GUG: TSX-V
ASWRF: OTCPK
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 sec urities 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 differen t 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”, “c ould”, “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: expectation s that new drilling and assays will be
incorporated into future resource upgrades ; 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 development of its p roperties 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 i n 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; ability to access capital markets; 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 informat ion to reflect new events or
circumstances, except as may be required by applicable law.
News Release GUG: TSX-V
ASWRF: OTCPK