Gungnir Drills 6.52% Nickel over 0.8 Metres within 4.5 Metres of 2.04% Nickel plus 12 Metres of 1.13% Nickel at Lappvattnet
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Drills 6.52% Nickel over 0.8 Metres within 4.5 Metres of
2.04% Nickel plus 12 Metres of 1.13% Nickel at Lappvattnet
Surrey, BC – December 2, 2021 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to provide final 2021 drill results at the Company’s Lappvattnet nickel deposit in
Sweden. Ground electromagnetic (EM) geophysics is currently underway.
Drill Results:
Jari Paakki, CEO, commented: “ This was a very successful first-phase drill program for the Company at
Lappvattnet where w e delivered consistent shallow drill hits of high -grade and wide-grade nickel
mineralization. Fourteen of the fifteen holes drilled demonstrated continuity of the inferred resource, ten
of which expanded nickel mineralization outside of the 2020 resource block . The drill program also
importantly provided key structural information to guide the next phase of expansion drilling along with
surface EM geophysics which is currently ongoing at Lappvattnet. Work plans for 2022 will be detailed in
the early part of the new year.”
Drilling Details:
Results are the final two holes of the Company’s recently completed initial 2021, 15-hole (1,300 metre)
drill program at Lappvattnet. The program was designed to test the western part of the deposit with a
series of tight er-spaced holes to better define the geometry of the mineralized zone . Drilling covered a
strike length of 140 metres (sections 7.5E to 11E) which represents approximately 20% of the total strike
length of the nickel deposit with the depth extent largely unexplored below 200 metres. New drilling and
assays are expected to be incorporated into future resource upgrades. Please see maps in the corporate
presentation on the Company’s website (http://www.gungnirresources.com/).
Hole ID From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t)
LAP21-14 41.00 47.50 6.50 1.58 0.32 0.03 4.75
43.05 47.50 4.45 2.04 0.37 0.04 6.91
43.05 43.85 0.80 6.52 0.05 0.11 0.23
43.85 44.50 0.65 1.20 1.65 0.03 45.53*
LAP21-15 58.00 69.90 11.90 1.13 0.18 0.02 0.18
58.00 63.55 5.55 1.44 0.17 0.03 0.09
58.95 59.40 0.45 4.78 0.26 0.08 0.36
63.35 63.55 0.20 3.92 0.09 0.05 0.25
65.50 65.70 0.20 2.47 0.17 0.04 0.11
69.65 69.90 0.25 2.86 0.05 0.05 0.10
lower zone 81.60 82.50 0.90 2.77 0.04 0.05 0.09
PGEs in grams per tonne (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)
* previously reported on Nov 10, 2021 (PGEs for LAP21-14 = 44.90 g/t Pt + 0.15 g/t Pd + 0.48 g/t Au)
Length is core length in metres
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Drill holes LAP21-14 and -15 were drilled on Section 9.5E, 20 metres east of Section 9E which included
Gungnir’s drill results of 0.93% Ni over 36.0 metres in hole LAP21-04 and 0.98% Ni over 33.15 metres in
hole LAP21-05 (see news release s dated September 30 and October 8, 2021) . The intersection in hole
LAP21-14 includes a 0.8 metre interval of massive sulphide (6.52% Ni). Immediately below the massive
sulphide, assays for a 0.65 metre interval of mineralized peridotite returned 44.90 g/t Pt along with 1.65%
Cu and 1.2% Ni. In hole LAP21 -15, nickel mineralization is hosted mainly within sulphide mineralized
peridotite and includes a lower zone hosted in a separat e peridotite unit. Hole LAP21 -14 was drilled
101.70 metres at a dip of -60 degrees and LAP21-15 was drilled 124.4 metres at a dip of -80 degrees, both
at location 1,741,571mE and 7,165,176mN at an azimuth of 340 degrees. Co-ordinates are in Swedish co-
ordinate system RT90-2.5.
Sample length reported is core length; true width is estimated to be approximately 70% based on more
complete geology on the adjacent, Section 9E. Drill core 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, 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
and certified standards are routinely included in sample batches for quality assurance and control.
Nickel Resources:
Gungnir’s nickel resources in Sweden incl ude 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 faciliti es 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 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
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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
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 inc ludes, but is not limited to,
statements with respect to: expectations of future resource upgrades and that new drilling and assays will be
incorporated into any resource upgrade, 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 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 m aterially 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; t hat Gungnir
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may not be able to complete 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 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 Gu ngnir
assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be
required by applicable law.