Gungnir Drills 9.0 Metres of 2.35% Nickel Including 5.66 Metres of 3.02% Nickel at Lappvattnet
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Drills 9.0 Metres of 2.35% Nickel Including 5.66
Metres of 3.02% Nickel at Lappvattnet
Surrey, BC – October 18, 2022 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is very pleased to announce one of the top drill intersections at the Company’s Lappvattnet
nickel deposit in northern Sweden. Results reported today are partial results for hole LAP22-19 which was
drilled in the central part of the Lappvattnet nickel resource . Please click link for accompanying figures
including drill core photo with assay labels (view figures).
Table 1
"With just fourteen months of recently focused work at Lappvattnet, we have amassed several impressive
nickel drill intersections, all near-surface, and today’s results may be the best to date in our high-grade
category. We have lots of assays coming and we look forward to reporting further results as we continue
to drill-off the Lappvattnet deposit which I think will look quite different once we complete our planned
2022/23 drill program”, commented Jari Paakki, CEO.
Drilling continues between sections 14E and 18E in the sparsely tested eastern two -thirds of the
Lappvattnet deposit. It is part of our systematic drilling at Lappvattnet with the goal of upgrading and
expanding the existing resource and a focus on defining further high-grade nickel shoots. So far in 2022,
the Company has drilled 28 holes for approximately 3,900 metres. Assays are pending for the lower part
of drill hole LAP22-19 and LAP22-10 onwards.
Hole LAP22-19, drilled on section 16E, intersected the nickel zone at approximately 60 metres vertically
below surface where it remains open at depth . Length reported is th e core length; true width has not
been determined due to the lack of information on the drill section. New, preliminary interpretations
suggest structural folding (fold hinges) may control the localization of thickened high-grade nickel shoots
which may be the case for hole LAP22 -19. Geological work continues. See previous news release dated
September 15, 2022 for location and drill collar details for hole LAP22-19.
Also as reported on September 15, 2022, the Company has received final drilling approvals to the end of
2023 for up to 10,000 metres drilling.
Drill core was logged and tagged for sampling at the Company’s core logging facility in Lycksele, Sweden,
then shipped to ALS Minerals’ Core Services Laboratory in Mala, Sweden. 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 -
Hole ID From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t)
LAP22-19 66.00 75.00 9.00 2.35 0.27 0.04 0.23
incl 69.00 74.66 5.66 3.02 0.33 0.05 0.33
incl 72.19 74.66 2.47 4.10 0.19 0.07 0.29
incl 72.90 73.31 0.41 6.74 0.08 0.11 0.40
PGEs (g/t) = platinum (Pt) + palladium (Pd) + gold (Au), all in grams per tonne (g/t)
Length = core length in metres
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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, certified standards and
duplicates are routinely included in sample batches for quality assurance and control.
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 ind ustrial 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 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, verified 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. 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
News Release GUG: TSX-V
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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. 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 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: expectations of upgrading and expanding the existing resource; expectations o f
additional high-grade nickel shoots/fold hinges; expectations of future resource upgrades and that new drilling and
assays will be incorporated into any resource upgrade; the expected timing for receipt of assay results; planned
drilling locations and expected targets; extent of drilling and quantity of drilling holes; planned 2022/2023
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: expectations of upgrading, thickening and expanding the existing resource are reasonable; access
to the resources will remain available year -round; transportation and infrastructure will remain available as
anticipated; 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 deman d for Gungnir’s services 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 plan s 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 ass umptions, 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 di ffer materially from those expressed or
implied in such forward-looking information. Those risks and uncertainties include, among other things, risks related
to: expectations related to upgrading, thickening and expanding existing resources may not be accurate in part or at
all; 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; the impacts
of war and/or other international conflicts; ability to access capital markets and complete successful financings on
terms Gungnir determines to be reasonable; environmental matters; changes in legislation or regulations; receipt of
required licenses, permits a nd 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 entire ty by this cautionary
News Release GUG: TSX-V
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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.