Gungnir Drills 6.10 Metres of 2.47% Nickel Including Peak Assay of 7.36% Nickel and Hits Main Zone 100 Metres Below Lappvattnet Nickel Resource
Gungnir Drills 6.10 Metres of 2.47% Nickel Including Peak Assay of 7.36% Nickel
and Hits Main Zone 100 Metres Below Lappvattnet Nickel Resource
SURREY, BC / ACCESSWIRE / September 28, 2023 / Gungnir Resources Inc. (TSX-
V:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to report 2023 drill
results from the Company's Lappvattnet high-grade nickel deposit in northern Sweden. Drilling
continued to define and expand the limits of both the Main Zone and recently discovered
Footwall Zone. Please refer to accompany schematic long section (see Figure 1).
Highlights:
• High-grade central core of the Main Zone shows good continuity including new intercept
of 6.10 metres of 2.47% Ni including 0.55 metres of 7.36% Ni in drill hole LAP23-01
along with several of Gungnir's 2021/22 high-grade nickel hits
• Main Zone intercept 100 metres below current nickel resource
• Footwall Zone intersections up to 16.9 metres of 0.56% Ni
• Very shallow easterly plunge indicated with a total potential strike extent of
approximately 1.5 kilometres
• Sparsely drilled east half of the property offers shallow to moderate depth targeting
potential
• Expanded multi-year drill permit to be submitted
"This round of drilling successfully accomplished our 2023 objectives and shows considerable
potential to expand the deposit beyond the current 2020 Lappvattnet nickel resource, in particular
the shallow down-plunge extension target in the eastern half of the property where historic
drilling is very sparse. Our recently discovered Footwall Zone offers further upside potential at
Lappvattnet. Significant drilling will be required to further advance and define this high-grade
nickel sulphide deposit," commented Jari Paakki, CEO.
The 2023 program at Lappvattnet consisted of eight holes drilled on three profiles (Sections 13E,
16E and 19E) totaling 1,910 metres; please refer to accompanying long section and results table
below. Gungnir has now drilled 53 holes for 7,345 metres in three rounds at Lappvattnet from
2021 to 2023.
The Main Zone was cut in five holes with the deepest intercept in drill hole LAP23-08 located on
section 19E approximately 100 metres below the current nickel resource with mineralization
hosted in a thicker peridotite unit similar to the western part of the deposit. Drill hole LAP23-01
further refined the central high-grade core of the Main Zone (> 5% Ni assays; pink on attached
long section) which appears to plunge very shallowly to the east. Holes LAP23-02, -03 and -07
further defined continuity within the Main Zone. Three holes, LAP23-04, -05 and -06
contributed to defining the upper and lower limits, and plunge of the Main Zone. The Main
Zone, on the sections drilled, dips steeply to the south at -70 to -80o and has a total strike length
potential of approximately 1.5 km to the eastern property boundary. The east half of the property
is sparsely drilled with most historic holes over-shooting the new refined target, and some holes
drilled too deep and/or too short.
The sub-parallel Footwall Zone is located about 25 to 75 metres in the structural footwall, or
north of the Main Zone starting at Section 13E (apparent western limit). It was encountered in
three holes drilled. Footwall intercepts include 16.9 metres of 0.56% Ni (drill hole LAP23-02)
and highly anomalous Ni mineralization in holes LAP23-05 and LAP23-08 (with individual
assays up to 0.62% Ni) up to 175 metres below the current resource block. Nickel in all three
holes is hosted within sulphide mineralized peridotite units and its margins. The Footwall Zone
is open at depth and possibly down-plunge, sharing a similar structural trend with the Main
Zone.
2023 Results Table:
Hole ID Zone From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t) ETW %
LAP23-01 Main 66.00 74.90 8.90 1.88 0.20 0.03 0.18 90
incl 66.00 72.10 6.10 2.47 0.25 0.04 0.24 90
incl 69.35 72.10 2.75 4.81 0.24 0.08 0.45 90
incl 69.93 70.48 0.55 7.36 0.02 0.12 0.25 90
LAP23-02 Main 110.00 117.80 7.80 0.67 0.21 0.01 0.16 60
Footwall 131.00 147.90 16.90 0.56 0.08 0.01 0.13 60
LAP23-03 Main 116.00 123.00 7.00 0.89 0.14 0.02 0.10 90
incl 121.60 122.50 0.90 3.97 0.23 0.07 0.24 90
LAP23-04 NSV
LAP23-05 Footwall 249.00 256.00 7.00 0.23 0.09 0.01 0.08 55
LAP23-06 NSV
LAP23-07 Main 130.00 137.40 7.40 0.51 0.30 0.01 0.01 85
incl 135.10 137.40 2.30 1.05 0.59 0.02 0.03 85
incl 136.30 136.65 0.35 1.25 2.19 0.02 0.17 85
incl 136.65 136.90 0.25 4.73 0.06 0.12 0.30 85
LAP23-08 Main 210.85 215.00 4.15 0.51 0.07 0.01 0.26 75
Main 221.00 234.00 13.00 0.67 0.10 0.02 0.38 75
Footwall 305.00 311.90 6.90 0.22 0.03 0.01 0.04 75
PGEs (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)
Length = Core length in metres; ETW = Estimated True Width as a percentage of core length
NSV = No significant values
In addition to incorporating 2023 drill data into the Company's 3D model, next steps will also
include field/data reviews in the eastern part of property ahead of the next phase of work. The
Company plans to submit an expanded, multi-year drill permit extension which will include
potential plans for geophysical surveys. The Company also plans to evaluate metallurgical
testing options. At the same time as the Lappvattnet field checks, scheduled for October,
management will view drill core from four, short scout holes that the Company drilled at its
Hemberget property.
Preliminary drill collar co-ordinates in Swedish system RT90-2.5 (Easting/Northing), drill
section, azimuth and dip in degrees, and hole length in metres (final surveys pending):
• LAP23-01: 1741710mE/7165216mN; 13E; azimuth: 335o; dip: -55o; length: 150m
• LAP23-02: 1741710mE/7165216mN; 13E; azimuth: 335o; dip: -78o; length: 210m
• LAP23-03: 1741839mE/7165215mN; 16E; azimuth: 335o; dip: -52o; length: 199m
• LAP23-04: 1741840mE/7165214mN; 16E; azimuth: 335o; dip: -70o; length: 252m
• LAP23-05: 1741840mE/7165214mN; 16E; azimuth: 335o; dip: -80o; length: 303m
• LAP23-06: 1741950mE/7166265mN; 19E; azimuth: 335o; dip: -45o; length: 198m
• LAP23-07: 1741950mE/7166265mN; 19E; azimuth: 335o; dip: -60o; length: 250m
• LAP23-08: 1741968mE/7166225mN; 19E; azimuth: 335o; dip: -65o; length: 348m
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, 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.
Gungnir's nickel resources in Sweden currently total 177 million pounds (80.5 million kg) of
nickel:
• 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, both 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 targeting potential copper-nickel and VMS mineralization. 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 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 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:
expectations of future resource upgrades or expansions and that new drilling and assays will be
incorporated into any resource upgrade or expansion; expectations that the resource extends at
depth, along strike or down-plunge; extent of drilling and quantity of drill holes and timing of
work permit submission and approvals; planned exploration program including anticipated
drilling and geophysics, 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
resources 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 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 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 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; 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 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 circumstances, except as may be required by
applicable law.
SOURCE: Gungnir Resources Inc.