Gungnir Hits Two Nickel Zones in Hole LAP21-04; 15.0 Metres Grading 1.21% Nickel and 5.0 Metres Grading 1.84% Nickel
Surrey, BC – September 30, 2021 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is very pleased to report more nickel results at the Company’s Lappvattnet nickel deposit in Sweden. Today’s results are assays for holes LAP21-01, -03 and -04, highlighted by hole LAP21-04.
Drill Hole LAP21-04 Highlights:
- Upper zone grading 1.84% Nickel over 5.0 metres including 6.06% Nickel over 0.3 metres and 4.08% Nickel over 0.55 metres
- Lower zone grading 1.21% Nickel over 15.0 metres
- Nickel zones contained within a broader 36.0 metre interval grading 0.93% Nickel from 49.0 to 85.0 metres down-hole
- Top of the nickel intercept just 40 metres below surface
|Hole ID||From (m)||To (m)||Length (m)||Ni %||Cu %||Co %||PGEs (g/t)|
|PGEs (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)|
|Length = core length in metres|
Nickel mineralization in hole LAP21-04 comprises two nickel zones hosted at the lower and upper contacts of the host peridotite intrusion. The lower zone is confined within the intrusion whereas the upper zone extends in overlying sedimentary gneisses. Nickel mineralization consists of blebby and disseminated sulphides with local semi-massive and massive sulphide sections. The top of the upper nickel zone is located 40 metres below surface. Assays from variably mineralized peridotite between the two zones range from 0.06 to 2.00% Ni (average ~ 0.4% Ni).
Hole LAP21-04 was drilled on Section 9E, and hit nickel mineralization approximately 25 metres up-dip of LAP21-05 which intersected 2.62% Ni over 5.65 metres within a 14.00 metre interval grading 1.40% Ni (see news release dated September 21, 2021 which includes a map showing drill sections). LAP21-04 was one of three holes drilled on Section 9E testing a 90-metre interval up-dip of historic hole 2007-04 (0.97% Ni over 17.0 metres from 92.0 metres). Hole LAP21-04, along with LAP21-03 and LAP21-05 were all drilled at location 1,741,549mN and 7,165,169mE (RT90-2.5 co-ordinates) at an azimuth of 340 degrees. LAP21-05, a 100.3 metre hole, was drilled at a dip of -85 degrees, LAP21-04 was drilled 98 metres at a dip of -75 degrees, and LAP21-03 was drilled 77.5 metres at a dip of -45 degrees. Historic hole 74209 (2.87% Ni over 2.81 metres from 39.24 metres) is located between LAP21-03 and LAP21-04. LAP21-01 was drilled on Section 8E (see news release dated August 31, 2021).
Holes LAP21-01, -03 and -04 are part of the Company’s 15-hole phase one drill program (expanded from 10 holes) covering a strike length of 140 metres across the Lappvattnet deposit (see news releases dated August 19 and 31, and September 15 and 21, 2021). The goal of the program is to test the shallow western part of the deposit with a series of tight-spaced holes. The Company just completed drilling hole LAP21-15. Results have now been reported for holes LAP21-01 to LAP21-04, and partially for LAP21-05. Once all data is received and modelled, a plan will be formulated for the next phase of exploration.
Drill core was logged and tagged for sampling at the Company’s core logging facility in Lycksele then shipped to ALS Minerals’ Core Services Laboratory in Mala. 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, Cu OG46 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 and certified standards are routinely included in sample batches for quality assurance and control.
Gungnir’s nickel resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Company updated both 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 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 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) with gold and base metal 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 further discovery. East of Knaften, the Company holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with updated nickel resources. 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
Jari Paakki, CEO
Chris Robbins, CFO
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