Gungnir Resumes Drilling at High-Grade Lappvattnet Nickel Project, Sweden
News Release GUG: TSX-V
ASWRF: OTCPK
Gungnir Resumes Drilling at High-Grade Lappvattnet Nickel
Project, Sweden
Surrey, BC – May 8, 202 3 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to announce that drilling will start this week at the Company’s Lappvattnet high-
grade nickel project in northern Sweden. Drilling will continue to focus on upgrading and potentially
expanding the Lappvattnet nickel deposit, specifically targeting: (a) the eastern, shallow down-plunge
extension of the main nickel zone; (b) additional, thickened high-grade nickel shoots within the eastern
half of the existing inferred resource ; and ( c) grade and continuity of the newly discovered footwall
zone.
“Drilling at Lappvattnet continues to deliver high-grade nickel sulphides with possibly some of the
highest-grade nickel drill intersections recorded in Sweden. We had an 80% hit -rate with our drilling in
2021 and 2022 which returned numerous, impressive near-surface nickel intersections including twelve
holes with individual assays greater than 5% Ni with a peak assay of 7.38% Ni. We plan to build on these
successes moving forward,” commented Jari Paakki, CEO.
Highlight drill results from 2021/22:
10.4 m @ 1.51% Ni including 4.25 m @ 3.19% Ni (ddh LAP21-02, from 45 m)
14.0 m @ 1.40% Ni including 5.65 m @ 2.62% Ni (ddh LAP21-05, from 60 m)
10.0 m @ 1.74% Ni (ddh LAP21-13, from 21 m)
36.0 m @ 0.93% Ni (ddh LAP21-04, from 49 m)
9.0 m @ 2.35% Ni including 5.66 m @ 3.02% Ni (ddh LAP22-19, from 66 m)
18.28 m @ 1.49% Ni including 5.76 m @ 4.04% Ni (ddh LAP22-25, from 58 m)
In 2022, the Company drilled 30 holes for a total of 4,240 metres and 15 holes for 1,300 metres in 2021.
The 45 holes were drilled in the western half of the property covering a strike length of 450 metres with
nickel intercept points (main nickel zone) to a vertical depth of about 100 metres.
The current two-year drill permit at Lappvattnet is valid to the end of this year with further drilling
possible with a new work plan submission. The total amount of drill metres in 2023 will be based on
continuing positive results and access to planned drill sites. Heavier than normal snowfall this winter and
subsequent melt may result in prolonged wet conditions in the eastern parts of the planned drill area .
The Company is actively monitoring spring thaw and ground conditions.
Please refer to Gungnir’s nickel pr ojects slide deck on the Company’s website for maps, drill core
photos, assay results tables and 3D modelling snap shots (link below):
https://gungnirresources.com/_resources/pdfs/Sweden-Nickel-Projects.pdf?v=0.890
Gungnir’s nickel resources in Sweden currently total 177 million pounds (80.5 million kg) of nickel:
News Release GUG: TSX-V
ASWRF: OTCPK
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, NORTHE RN 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.
All lengths noted above are core length; true width has not been dete rmined. 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
Email: [email protected]
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
News Release GUG: TSX-V
ASWRF: OTCPK
known and unknown risks, unce rtainties 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 inf ormation. 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 simi lar terms and
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: drilling at Lappvattnet has delivered possibly some of the
highest-grade nickel intersections recorded in Sweden , which is based on readily available information and current
knowledge of nickel projects in Sweden; planned drilling and expected targets; expectations of future resource
upgrades and that new drilling and assays will be incorporated into any resource upgrade or expansion; 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 expanding and defining the existing resource s are reasonable and
possible; access to the resource will remain available ; 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 la ws 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 successful ly 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 an d 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 geophysics and 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 o r 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 informatio n 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 a s 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.