Gungnir Outlines Near-Surface Conductors Outside of Rormyrberget Nickel Resource; Assays Pending for Eight Drill Holes at Lappvattnet
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Outlines Near-Surface Conductors Outside of Rormyrberget
Nickel Resource; Assays Pending for Eight Drill Holes at Lappvattnet
Surrey, BC – October 19, 2021 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) reports results from a recently completed ground electromagnetic (EM) survey at its
Rormyrberget nickel project, located 40 kilometres west of the Company’s high-grade Lappvattnet nickel
deposit in Sweden. Please click this link for map (see map).
Concurrent with drilling at the Lappvattnet nickel deposit (with assays pending for 220 core samples in
eight drill holes), test EM survey profiles were completed outside of the Rormyrberget nickel resource in
areas with no prior drilling. The geophysical survey successfully outlined t welve, untested near-surface
conductors immediately north and east of the nickel resource.
Five profiles were measured using Slingram and WalkTEM equipment. Good c onductors at shallow
depth were identified along all five profiles completed. Four profiles (#2, 3, 4 and 5) surveyed across a
large gap in drilling immediately north of the nickel resource covering a strike length of approximately
800 metres. Profile #4 confirmed a conductor over part of the current resource with high-grade nickel
mineralization including 3.95% Ni over 2 metres starting at a down -hole depth of 33.5 metres in historic
hole ROR-08-11. Profile #1 was completed east of the nickel resource and outlined five conductors. The
survey was conducted by Geovista AB of Lulea, Sweden.
In addition to prioritizing these EM targets outside the current resource for drilling, the Company plans
to evaluate potential for higher-grade nickel shoots within the Rormyrberget deposit. Select drilling
highlights from previous operators are tabled below:
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
Hole ID From (m) To (m) Length (m) Ni (%) Cu (%) Co (%)
ROR89009 162.20 169.20 7.00 2.28 0.30 0.09
ROR90024 155.90 168.40 12.50 2.63 0.51 0.09
ROR91002 161.10 173.00 11.95 1.83 0.29 0.06
ROR-08-08 122.00 163.00 41.00 0.52 0.09 0.02
146.00 163.00 17.00 1.01 0.18 0.03
150.30 155.30 5.00 1.59 0.27 0.04
ROR-08-09 151.00 276.00 125.00 0.39 0.05 0.02
157.90 177.50 19.55 1.16 0.16 0.04
159.90 162.80 2.85 3.74 0.27 0.13
ROR-08-11 14.90 68.10 53.20 0.38 0.04 0.01
33.50 35.50 2.00 3.95 0.14 0.14
News Release GUG: TSX-V
ASWRF: OTCPK
transportation and industrial infrastructure including shipping facilities, and are located 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 appro ved 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
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 Prov ider (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. Fo rward-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
News Release GUG: TSX-V
ASWRF: OTCPK
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 and interpretations that new EM anomalies
are the result of sulp hide mineralization ; expectations that EM targets will lead to discovery of additional nickel
mineralization; planned drilling activities, and the expected 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: 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 explorati on 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 as sure
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 cautione d 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 t hose
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 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 res ource 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 cu rrently 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 upd ate or revise such information to reflect new events or
circumstances, except as may be required by applicable law.