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Lappvattnet & Rormyrberget Technical Information

Highlights of Previous Drill Intersections (Note 2):

Hole No From To Length (m) Ni (%) Cu (%) Co (%) Pt (g/t) Pd (g/t) Au (g/t) TPM
LAP07-02 70.0 91.0 21.00 1.07 0.09 0.03 0.640 0.340 0.071 1.051
includes 76.4 81.4 4.97 3.21 0.06 0.08 2.690 1.400 0.190 4.280
LAP74226 92.5 97.9 5.40 1.44 0.19 0.03 NR NR NR NR
LAP75001 78.4 81.9 3.50 1.57 0.32 0.01 NR NR NR NR
ROR89009 162.2 169.2 7.00 2.28 0.30 0.09 NR NR NR NR
ROR90024 155.9 168.4 12.50 2.63 0.51 0.09 NR NR NR NR
ROR91002 161.1 173.0 11.95 1.83 0.29 0.06 NR NR NR NR
ROR-08 122.0 163.0 41.00 0.52 0.09 0.02 0.021 0.077 0.018 0.116
includes 146.0 163.0 17.00 1.01 0.18 0.03 0.035 0.147 0.032 0.214
includes 150.3 155.3 5.00 1.59 0.27 0.04 0.038 0.260 0.073 0.371
ROR-09 151.0 276.0 125.00 0.39 0.05 0.02 0.027 0.040 0.010 0.077
includes 157.9 177.5 19.55 1.16 0.16 0.04 0.107 0.141 0.025 0.273
includes 159.9 162.8 2.85 3.74 0.27 0.13 0.130 0.418 0.030 0.578
ROR-11 14.9 68.1 53.20 0.38 0.04 0.01 0.004 0.010 0.003 0.017
includes 33.5 35.5 2.00 3.95 0.14 0.14 0.015 0.006 0.150 0.171

TPM: Total Precious Metals (Pt+Pd+Au); NR: precious metals not assayed/reported (see Note 2); LAP=Lappvattnet, ROR=Rormyrberget. Gungnir believes previous assays are credible; however, the Company has not confirmed these results with its own sampling.

Historical Estimates and Contained Metal (Note 1):

Deposit Tonnes Ni% Cu% Co% Ni lbs (millions)
Rormyrberget 6,370,000 0.35 0.04 0.01 48.7
Lappvattnet 1,139,000 0.91 0.19 0.02 22.9
          71.6

 

Deposit Ni kg
(millions)
Cu kg
(millions)
Co kg
(millions)
Ni lbs
(millions)
Cu lbs 
(millions)
Co lbs
(millions)
Rormyrberget 22.1 2.5 0.8 48.7 5.5 1.9
Lappvattnet 10.4 2.2 0.2 22.9 4.8 0.5
TOTAL 32.5 4.7 1.0 71.6 10.3 2.4

A qualified person for Gungnir Resources has not done sufficient work to classify the historical estimates (in 2009 RCI report; see Note 1) as current resources and Gungnir is not treating the historical estimates as current mineral resources.

Notes:

1. The historical estimates are based on an NI 43-101 report entitled "TECHNICAL REPORT ON RESOURCE ESTIMATES FOR THE LAINEJAUR, LAPPVATTNET AND RORMYRBERGET “ROR” DEPOSITS, NORTHERN SWEDEN”, prepared for Blackstone Ventures Inc. by Reddick Consulting Inc. (RCI), effective May 5, 2009 and filed on SEDAR on June 16, 2009 (“RCI report”). These historical estimates cannot be fully verified, and are only referred to in this news release as an indication of previously defined nickel mineralization. Gungnir has not taken steps to identify what work needs to be done to upgrade or verify the historical estimates as current mineral resources or mineral reserves. 

In the RCI report, historical resource estimates at Lappvattnet were estimated using a US$100 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt. At Rormyrberget historical resources were estimated using a US$40 gross metal value (GMV) cut off using the same metal prices. At the Lappvattnet deposit RCI estimated the historical mineral resources using polygonal estimation methods whereas the historical mineral resources at the Rormyrberget deposit were estimated by RCI using by 3D computer block modelling and an Ordinary Kriging (OK) grade interpolation method. Historical mineral resources are not current mineral resources or mineral reserves and do not have any demonstrated economic viability. The estimate of the RCI historical mineral resources may be materially affected by commodity prices, environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. The quantity and grade of reported historical resources in the RCI estimation are uncertain in nature and there has been insufficient exploration to define these historical resources as current mineral resources and it is uncertain if further exploration will result in upgrading them to current mineral resources or mineral reserves. The RCI historical mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005. Further work recommended by RCI includes: metallurgical testing, undertaking a survey to obtain baseline environmental data, re-sampling of archived drill core and continued deposit definition drilling.

2. From Blackstone Ventures Inc. news releases dated May 8, 2007 and June 23, 2008 and table of historic drill hole intersections in RCI report.

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