Gungnir Drills 6.94% Nickel within 31 Metres Grading 0.93% Nickel Starting 20 Metres Below Surface at Lappvattnet
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Drills 6.94% Nickel within 31 Metres Grading 0.93% Nickel
Starting 20 Metres Below Surface at Lappvattnet
Surrey, BC – November 15, 2021 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is very pleased to report more near surface, high -grade nickel results at the Company’s
Lappvattnet nickel deposit in Sweden. Today’s results are highlighted by yet another wide, near surface
nickel intercept in drill hole LAP21-12. Assays are pending for drill holes LAP21-13, -14 and -15.
Jari Paakki, CEO commented, “The story is just beginning for Gungnir at Lappvattnet where we are having
early success expanding nickel mineralization, including both high-grade and wide-grade nickel intercepts,
with only 1,300 metres of drilling which tested just a small fraction of the deposit. We have yet to test
depth extent, which is largely unexplored, and the remaining 80% of the Lappvattnet deposit along strike
to the east where prior drilling decreased considerably. And we have yet to drill a hole into our other
Swedish nickel asset, Rormyrberget.”
Results Table:
Drilling Details:
The Company’s recently completed its initial 2021 , 15-hole (1,300 metre) drill program at Lappvattnet.
Drilling covered a strike length of 140 metres which represents just 20% of the total strike length of the
nickel deposit (sections 7.5E to 11E); please refer to the map in the newly updated corporate presentation
on the Company’s website. New drilling and assays are expected to be incorporated into future resource
upgrades.
Hole LAP21-12 was drilled on Section 7.5E and hole LAP21-11 was drilled on Section 9.5E, both on sub-
sections with 20 metre spacings. Hole LAP21-12 hit mineralized peridotite (disseminated and blebby
sulphides) starting at a down-hole depth of 20 metres including a narrow massive sulphide section at 33.2
metres. Drill hole LAP21-11 was drilled up-dip of Gungnir’s holes LAP21-09 and -10 (resulted reported in
news release dated November 10, 2021) and appears to have just skimmed the top of m ain mineralized
zone, but still contained nickel mineralization . Hole LAP21-12 was drilled 80.0 metres at a dip of -65
degrees at location 1,741,495mE and 7,165,151mN and LAP21-11 was drilled 74.60 metres at a dip of -50
degrees at the same set-up as LAP21-09 and -10 at location 1,741,530mE and 7,165,161mN. Co-ordinates
above are in Swedish co-ordinate system RT90-2.5, and both holes were drilled at an azimuth of 340
Hole ID From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t)
LAP21-12 20.00 51.00 31.00 0.93 0.13 0.02 0.15
28.00 35.00 7.00 1.24 0.19 0.02 0.18
33.20 33.40 0.20 6.94 0.04 0.11 0.14
43.00 51.00 8.00 0.98 0.13 0.02 0.17
LAP21-11 30.00 36.00 6.00 0.59 0.10 0.01 0.04
33.80 34.25 0.45 1.70 0.03 0.08 0.13
PGEs in grams per tonne (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)
Length is core length in metres
News Release GUG: TSX-V
ASWRF: OTCPK
degrees. Once all drill results have been received a complete set of sections will be available on the
Company’s website. Currently , sections 8E, 9E and 10E are available in the Company’s corporate
presentation.
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 o n 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.
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 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 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, 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
News Release GUG: TSX-V
ASWRF: OTCPK
Email: [email protected]
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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
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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assumptions. Some of the specific forward -looking information in this news release includes, 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 o f 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 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 Gungnir
assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be
required by applicable law.