Gungnir Provides Update on Drilling at Lappvattnet High-Grade Nickel Project
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Provides Update on Drilling at Lappvattnet
High-Grade Nickel Project
Surrey, BC – June 20, 20 22 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to provide an update from on-going drilling at its Lappvattnet high-grade nickel
project in northern Sweden.
Gungnir commenced drilling at Lappvattnet during the first week of May and has completed eight holes,
LAP22-01 to -08 for 1,130 metres. To date, two shipments of drill core from six holes have been sent to
ALS Geochemistry in Mal a, Sweden for cutting and assay preparation. A total of 223 samples, including
certified standards, blanks and duplicates will then be sent to ALS Geochemistry in Ireland for analysis .
Assay results are expected late-July or early-August.
Drilling is currently targeting areas below and down -plunge of Gungnir’s 2021 drill program which
produced several hits of high-grade and wide grade nickel mineralization over a strike length of
approximately 140 metres (see below). Seven of the h oles logged to date (LAP22-01 to LAP22-05, and
LAP22-07 to -08) cut variable amounts of mainly disseminated sulphides with local narrow semi-massive
and massive sulphide sections hosted in peridotite and enclosing sedimentary gneisses . Sampled core
intervals range from 12 to 37 metres.
2021 Highlight Drill Results:
3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in drill hole
LAP21-02 (from 45 metres)
2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in drill hole
LAP21-05 (from 60 metres)
1.74% Nickel over 10.00 metres in drill hole LAP21-13 (from 21 metres)
36.00 metres grading 0.93% Nickel in drill hole LAP21-04 (from 49 metres)
6.50 metres grading 1.58% Nickel and 4.75 g/t PGEs (Pt+Pd+Au) including 45.53 g/t PGEs over
0.65 metres in drill hole LAP21-14 (from 41 metres)
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 milli on 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
News Release GUG: TSX-V
ASWRF: OTCPK
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 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 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
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: the expected timing for receipt of assay results ; and
Gungnir’s plan for development of its properties and the timing thereof.
News Release GUG: TSX-V
ASWRF: OTCPK
Forward-looking information is based on a number of key expectations and assumptions made by Gungnir,
including, without limitation: access to the resources will remain available year -round; transportat ion 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 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 Gun gnir 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 a nd 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 o r 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 wi ll 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 fi nancings 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 signif icantly 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 assura nce 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 manageme nt'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.