Gungnir hits two nickel zones in hole LAP21-04; 15.0 meters grading 1.21% nickel and 5.0 meters grading 1.84% nickel


SURREY, BC / ACCESSWIRE / September 30, 2021 / Gungnir Resources Inc. (TSXV: GUG) (OTC PINK: ASWRF) (“Gungnir” or the “Company”) is very pleased to report further nickel results at the Company’s Lappvattnet nickel deposit in Sweden. Today’s results are analyzes for holes LAP21-01, -03 and -04, highlighted by hole LAP21-04.

Highlights of drill hole LAP21-04:

  • Upper zone grading 1.84% nickel over 5.0 meters including 6.06% nickel over 0.3 meters and 4.08% nickel over 0.55 meters

  • Lower zone grading 1.21% Nickel over 15.0 meters

  • Nickel zones contained in a wider 36.0 meter interval grading 0.93% nickel from 49.0 to 85.0 meters downhole

  • The top of the nickel interception just 40 meters below the surface

Table of results:

Hole ID

From (m)

To M)

Length (m)

Ni%

% cu

Co%

EGP (g / t)

LAP21-04

49.00

85.00

36.00

0.93

0.22

0.02

0.280

upper zone

49.00

54.00

5.00

1.84

0.52

0.03

0.233

49.00

50.95

1.95

2.61

0.56

0.04

0.127

50.40

50.95

0.55

4.08

0.05

0.06

0.110

52.35

52.65

0.30

6.06

0.09

0.11

0.190

lower area

70.00

85.00

15.00

1.21

0.19

0.03

0.297

LAP21-03

36.40

37.60

1.20

1.49

0.29

0.04

0.177

LAP21-01

43.00

44.00

1.00

1.06

0.25

0.02

0.080

57.00

75.00

6:00 p.m.

0.49

0.09

0.01

0.082

72.05

72.30

0.25

2.80

0.21

0.06

0.230

74.35

74.60

0.25

1.42

0.18

0.02

0.110

EGP (g / t) = platinum (Pt) + palladium (Pd) + gold (Au)

Length = length of the core in meters

Nickel mineralization in hole LAP21-04 includes two zones of nickel hosted at the lower and upper contacts of the host peridotite intrusion. The lower zone is confined within the intrusion while the upper zone extends into the overlying sedimentary gneisses. Nickel mineralization consists of blistered and disseminated sulphides with local sections of semi-massive and massive sulphides. The top of the upper nickel zone is located 40 meters below the surface. The dosages of peridotite with variable mineralization between the two zones vary from 0.06 to 2.00% Ni (mean ~ 0.4% Ni).

Hole LAP21-04 was drilled in section 9E and struck nickel mineralization approximately 25 meters up-dip of LAP21-05 which intersected 2.62% Ni over 5.65 meters in an interval of 14, 00 meters grading 1.40% Ni (see the press release of September 21, 2021 which includes a map showing the drilling sections). LAP21-04 was one of three holes drilled on Section 9E testing an interval of 90 meters up-dip of the historic 2007-04 hole (0.97% Ni over 17.0 meters from 92.0 meters) . Hole LAP21-04, as well as LAP21-03 and LAP21-05 were all drilled at locations 1,741,549 mN and 7,165,169 mE (coordinates RT90-2.5) at an azimuth of 340 degrees. LAP21-05, a 100.3 meter hole, was drilled at a dip of -85 degrees, LAP21-04 was drilled 98 meters at a dip of -75 degrees and LAP21-03 was drilled at 77.5 meters at a dip of -45 degrees. Historic hole 74209 (2.87% Ni over 2.81 meters from 39.24 meters) is located between LAP21-03 and LAP21-04. LAP21-01 was drilled on section 8E (see press release dated August 31, 2021).

Holes LAP21-01, -03 and -04 are part of the Company’s 15-hole Phase 1 drilling program (extended by 10 holes) covering a length of 140 meters through the Lappvattnet deposit (see press releases from August 19 and 31 and September 15 and 21, 2021). The objective of the program is to test the shallow western part of the deposit with a series of closely spaced holes. The Company has just completed drilling the LAP21-15 hole. Results have now been reported for holes LAP21-01 through LAP21-04, and partially for LAP21-05. Once all the data is received and modeled, a plan will be formulated for the next phase of exploration.

The drill core was recorded and tagged for sampling at the company’s Lycksele logging facility and then shipped to the ALS Minerals base service lab in Mala. The core was sawn on site in Mala by ALS staff and prepared samples were sent to the ALS laboratory in Ireland. Cores were analyzed for multielements using code ME-MS41, Cu OG46 analysis for> 10,000 ppm Cu, NiOG46 analysis for> 10,000 ppm Ni, and Pt, Pd and Au have were analyzed using the pyrotechnic analysis method PGM-ICP27. Blanks and certified standards are routinely included in sample lots for quality assurance and control.

Gungnir’s nickel resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Company updated the two 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 transport and industrial infrastructure, including shipping facilities, and are located approximately an hour’s drive from the Boliden factory complex.

Nickel Resources:

  • Lappvattnet: Inferred resource of 780,000 tonnes grading 1.35% nickel for 23.1 million pounds (10.5 million kg) of nickel.

  • Rormyrberget: Inferred resource of 36,800,000 tonnes grading 0.19% nickel for 154 million pounds (70 million kg) of nickel.

The technical information contained in this press release has been prepared and approved by Jari Paakki, geologist, CEO and director of the company. Mr. Paakki is a Qualified Person under National Instrument 43-101.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian mining exploration company listed on the TSX Venture Exchange (GUG: TSX-V) with gold and base metals projects 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 discovery. East of Knaften, the Company owns two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with updated nickel resources. Further information on the Company and its properties can be found at www.gungnirresources.com or to www.sedar.com.

On behalf of the Council,

Jari Paakki, CEO and Director

For more information contact:

Headquarters / Investor Relations
Phone: + 1-604-683-0484
Jari Paakki, CEO
Email: [email protected]
Chris Robbins, Chief Financial Officer
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 contained in this press release may constitute “forward-looking information” within the meaning of applicable securities laws (also called forward-looking statements). Forward-looking information involves risks, uncertainties and other known and unknown factors, and may cause actual results, performance or achievements or industry results to be materially different from future results, performance or achievements or results of industry expressed or implied by this forward-looking information. information search. Forward-looking information can generally be identified by the use of terms and expressions such as “anticipate”, “believe”, “might”, “estimate”, “expect”, “feel”, “have the intention to “,” could “,” “plan”, “plan”, “project”, “subject to”, “will”, “would”, and similar terms and expressions, including references to assumptions. Some of the specific forward-looking information contained in this press release include, without limitation, statements regarding: expectations and plans for future exploration activities; receipt of data and modeling in the future; and the Gungnir’s plan for the 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, but not limited to: the impact of the COVID-19 pandemic on the Canadian and global economy and operations of Gungnir, as well as the extent and duration of this impact; no changes in laws or regulations that adversely affect Gungnir’s business; there will be a demand for Gungnir’s services and products in the future; Gungnir will be able to operate as planned; and Gungnir’s plans for the future exploration and development of its properties are reasonable and will be possible on schedule. Although the forward-looking information contained in this press release is based on what Gungnir considers 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 for 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 interpreted as a guarantee of future performance or results, as actual results may differ materially from those expressed or implied in such forward-looking information. These risks and uncertainties include, among others, risks related to: the lack of certainty that an economically viable mineral deposit will be located on the Gungnir properties; that Gungnir may not be able to complete its planned drilling as planned; the impacts of the COVID-19 pandemic; ability to access capital markets; environmental issues; changes in laws or regulations; receipt of required licenses, permits and approvals; and resource estimates may not be exact and may differ significantly from actual mineral resources. Management believes that the expectations reflected in the forward-looking information contained in this document are based on reasonable assumptions and information currently available; however, management cannot guarantee that actual results will be consistent with this forward-looking information. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects the current beliefs of management and is based on information currently available to Gungnir. Forward-looking information is set out as of the date of this press release and Gungnir assumes no obligation to update or revise such information to reflect new events or circumstances, except as required by applicable law.

THE SOURCE: Gungnir Resources Inc.

See the source version on accesswire.com:
https://www.accesswire.com/666177/Gungnir-Hits-Two-Nickel-Zones-in-Hole-LAP21-04-150-Metres-Grading-121-Nickel-and-50-Metres-Grading-184- Nickel


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