Gungnir Hits Two Nickel Zones in Hole LAP21-04; 15.0 Metres Grading 1.21% Nickel and 5.0 Metres Grading 1.84% Nickel
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Gungnir Hits Two Nickel Zones in Hole LAP21-04; 15.0 Metres Grading
1.21% Nickel and 5.0 Metres Grading 1.84% Nickel
Surrey, BC – September 30, 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. Today’s results are assays for holes LAP21-01, -03 and -04, highlighted by hole
LAP21-04.
Drill Hole LAP21-04 Highlights:
Upper zone grading 1.84% Nickel over 5.0 metres including 6.06% Nickel over 0.3 metres and
4.08% Nickel over 0.55 metres
Lower zone grading 1.21% Nickel over 15.0 metres
Nickel zones contained within a broader 36.0 metre interval grading 0.93% Nickel from 4 9.0 to
85.0 metres down-hole
Top of the nickel intercept just 40 metres below surface
Results Table:
Nickel mineralization in hole LAP21 -04 comprises two nickel zones hosted at the lower and upper
contacts of the host peridotite intrusion. The lower zone is confined within the intrusion whereas the
upper zone extends in overlying sedimentary gneisses. Nickel mineralization consists of blebby and
disseminated sulphides with local semi -massive and massive sulphide section s. The top of the upper
nickel zone is located 40 metres below surface. Assays from variably mineralized peridotite between the
two zones range from 0.06 to 2.00% Ni (average ~ 0.4% Ni).
Hole LAP21-04 was drilled on Section 9E , and hit nickel mineralization approximately 25 metres up-dip
of LAP21-05 which intersected 2.62% Ni over 5.65 metres within a 14.00 metre interval grading 1.40% Ni
(see news release dated September 21, 2021 which includes a map showing drill sections ). LAP21-04
Hole ID From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t)
LAP21-04 49.00 85.00 36.00 0.93 0.22 0.02 0.280
upper zone 49.00 54.00 5.00 1.84 0.52 0.03 0.233
49.00 50.95 1.95 2.61 0.56 0.04 0.127
50.40 50.95 0.55 4.08 0.05 0.06 0.110
52.35 52.65 0.30 6.06 0.09 0.11 0.190
lower zone 70.00 85.00 15.00 1.21 0.19 0.03 0.297
LAP21-03 36.40 37.60 1.20 1.49 0.29 0.04 0.177
LAP21-01 43.00 44.00 1.00 1.06 0.25 0.02 0.080
57.00 75.00 18.00 0.49 0.09 0.01 0.082
72.05 72.30 0.25 2.80 0.21 0.06 0.230
74.35 74.60 0.25 1.42 0.18 0.02 0.110
PGEs (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)
Length = core length in metres
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was one of three holes drilled on Section 9E testing a 90-metre interval up-dip of historic hole 2007-04
(0.97% Ni over 17.0 metres from 92.0 metres). Hole LAP21-04, along with LAP21-03 and LAP21-05 were
all drilled at location 1,741,549mN and 7,165,169mE (RT90-2.5 co -ordinates) a t an azimuth of 340
degrees. LAP21-05, a 100. 3 metre hole, was drilled at a dip of -85 degrees, LAP21 -04 was drilled 98
metres at a d ip of -75 degrees, and LAP21 -03 was drilled 77.5 metres at a dip of -45 degrees. Historic
hole 74209 (2.87% Ni over 2.81 metres from 39.24 metres) is located between LAP21 -03 and LAP21-04.
LAP21-01 was drilled on Section 8E (see news release dated August 31, 2021).
Holes LAP21-01, -03 and -04 are part of the Company’s 15-hole phase one drill program (expanded from
10 holes) covering a strike length of 140 metres across the Lappvattnet deposit (see news releases dated
August 19 and 31, and September 15 and 21, 2021) . The goal of the program is to test the shallow
western part of the deposit with a series of tight-spaced holes. The Company just completed drilling hole
LAP21-15. Results have now been reported for holes LAP21 -01 to LAP21-04, and partially for LAP21 -05.
Once all data is received and modelled, a plan will be formulated for the next phase of exploration.
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 sit e 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 industrial infrastructure including shipping facilities, and are loc ated 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
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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]
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Forward-looking information is based on a number of key expectations and assumptions made by Gungnir,
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reasonable and will be possible within the anticipated timelines. Although the forward -looking information
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investors that actual results will be consistent with such information.
Forward-looking information is provided for the purpose of presenting informa tion about management’s current
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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 t hat 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 -
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19 pandemic; ability to access capital markets; environmental matter s; 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
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