More Massive Sulphides for Gungnir at Lappvattnet Nickel Deposit
News Release GUG: TSX-V
ASWRF: OTCPK
More Massive Sulphides for Gungnir at Lappvattnet Nickel
Deposit
Surrey, BC – November 15, 2022 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) is pleased to report further , near-surface massive sulphide drill intersections at the
Company’s Lappvattnet nickel deposit in northern Sweden. Highlighted holes include LAP22 -25 and
LAP22-23 which were drilled 80 metres west and east, respectively, of hole LAP22-19 which cut 9.0 metres
of 2.35% Ni including 5.66 metres of 3.02% Ni in the central part of the Lappvattnet resource (news
release dated October 18, 2022). Please click link for long section and drill core photos (see Figure 1).
To date, the Company has drilled 30 holes for total of 4,240 metres of our planned 2022/23 program with
the goal of upgrading and expanding the existing resource, focused on defining further high-grade nickel
shoots, as well as initial scout drilling north of Lappvattnet. The Company is awaiting a large number of
assays (more than 500) which are expected this quarter and into the first quarter of 2023. Once results
are received and geological modelling is completed, plans for more drilling will be outlined. The potential
target area for drilling is shown in slide 3 in the accompanying figures (shaded in grey) plus potential future
drilling further along strike and down-plunge to the east (large grey arrows).
A total of 16 holes (LAP22-16 to -31) were completed in the central part of the Lappvattnet deposit within
the outlined block shown in Figure 1. Drilling was done along section lines spaced 20 metres apart
(Sections 14 to 18E) with generally two holes coll ared at different angles from a single drill set -up to
minimize our drilling footprint. Fifteen of sixteen holes intersected sulphide mineralization ranging from
core lengths of less than 5 metres to 25 metres. With the exception of most of hole LAP22-19, all assays
are pending in the central part of the main Lappvattnet deposit.
Hole LAP22 -25 cut a 25 -metre section of sulphide mineralization, mainly disseminated, from 51 to 76
metres downhole, including a 6-metre interval ( 70 to 76 metres) containing ten sections of massive
sulphides below a variably mineralized peridotite unit (see accompanying core photos). Hole LAP22 -23,
located 160 metres to the east of LAP22-25, drilled a 14-metre interval of mainly disseminated sulphides
starting within a peridotite unit at 39 metres and includes a one -metre slug of massive sulphide at 44.2
metres (accompanying core photo shows core ends from approximately the middle of this mineralization).
LAP22-23 is the furthest hole drilled to the east by Gungnir.
Lengths noted are core length; true width has not been determined. Hole LAP22 -25 was drilled at an
azimuth of 335 degrees at location 1,741,733mE and 7,165,247mN (RT90-2.5 co-ordinates) on Section 14E
The 111-metre-long hole was drilled at a dip of -75 degrees. LAP22-23, a 101-metre-long hole drilled at
an azimuth of 335 degrees at a dip of -75 degrees, at location 1,741,880mE and 7,165,318mN on Section
18E.
Core was logged and tagged for sampling at the Company’s logging facility in Lycksele, Sweden , then
shipped to ALS Minerals’ Core Services Laboratory in Mala , Sweden. Core was sawed on site 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, CuOG46 analysis for >10000 ppm Cu, NiOG46 analysis for >10000 ppm Ni,
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and Pt, Pd, and Au were analyzed using fire assay method PGM -ICP27. Blanks, certified standards and
duplicates are routinely included in sample batches for quality assurance and control.
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
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]
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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 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: expectations of upgrading and expanding the existing resource; expectations o f
additional high-grade nickel shoots; expectations of future resource upgrades and that new drilling and assays will
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 2022/2023 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 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 deman d 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 plan s 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 ass umptions, 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 di ffer 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 a nd 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 entire ty by this cautionary
statement. Forward-looking information reflects management's current beliefs and is based on information currently
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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.