Gungnir Drills More Massive Sulphides at Lappvattnet
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Drills More Massive Sulphides at Lappvattnet
SURREY, BC / ACCESSWIRE / September 15, 2022 / Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK)
(“Gungnir” or the “Company”) is pleased to announce an impressive drill intercept of massive sulphides
in drill hole LAP22-19 from continuing drilling at the Lappvattnet nickel deposit in northern Sweden. Please
click link for core photos (see drill core).
Notable massive sulphide intersection previously reported at Lappvattnet by the Company, include hole
LAP21-02 which assayed 3.19% Ni over 4.25 metres within a 10.4 -metre interval grading 1.51% Ni , and
hole LAP21-05 which graded 2.62% Ni over 5.65 metres w ithin a 14.0 -metre interval grading 1.40% Ni.
Hole LAP21-02 and LAP21-05 are located 320 and 280 metres west of hole LAP22-19, respectively.
Visually the best mineralization in drill hole LAP22-19 occurs in Box 9 consisting of massive, semi-massive,
net-textured, veined, and disseminated sulphides. The mineralized zone extends from about 64 to 75
metres. Assays pending.
Hole LAP22-19 was drilled on Section 16E in the sparsely drilled central part of the Lappvattnet resource.
It is part of the continuing, systematic drilling of the Lappvattnet nickel deposit with the goal of upgrading
and expanding the existing resource with a focus on defining further high-grade nickel shoots. Hole LAP22-
19 was drilled at an azimuth of 335 degrees at location 1,741,809mE and 7,165, 274mN (RT90-2.5 co -
ordinates). The 195-metre-long hole was drilled at a dip of -75 degrees.
See earlier news releases regarding above referenced high -grade nickel intersection in drill hole LAP2 1-
02; August 31, 2021 (Gungnir Drills 7.38% Nickel Within 4.25 Metres Grading 3.19% Nickel ) and drill hole
LAP21-05; September 21, 2021 (Gungnir Drills 6.67% Nickel Within 5.65 Metres Grading 2.62% Nickel ).
Hole LAP21-02 was drilled on Section 8E and LAP21-05 was drilled on Section 9E. Please also refer to the
Company’s most recent news release dated September 7, 2022 for Lappvattnet long section w hich
includes reference section lines.
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 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 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
News Release GUG: TSX-V
ASWRF: OTCPK
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
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 thi s news release includes, but is not limited to,
statements with respect to: expectations of upgrading and expanding the existing resource; expectations of
additional high-grade nickel shoots; expectations of future resource upgrades and that new drilling a nd assays will
News Release GUG: TSX-V
ASWRF: OTCPK
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 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 an d 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; Gungnir will be able to access capital markets on and successfully complete financings on terms it
determines to be reasonable; 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 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 and approvals; and resource estimates may not be accurate and may differ si gnificantly
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.
SOURCE: Gungnir Resources Inc.