InvestmentPitch Media Video Discusses Gungnir Resources’ Additional Reporting of Near-Surface Massive Sulphide Drill Intersections at its Lappvattnet Nickel Deposit in Northern Sweden

Rhea-AI Summary

Gungnir Resources (OTCPink:ASWRF) has reported significant progress in its 2022/23 drilling program at the Lappvattnet nickel deposit in Sweden, completing 30 drill holes totaling 4,240 meters.

Fifteen of the sixteen holes intersected sulphide mineralization, with notable results including 9.0 meters of 2.35% nickel. The company anticipates over 500 assay results by early 2023, aiming to expand its nickel resources while also exploring additional projects in the region. Shares are currently trading at $0.09.

Positive

• Successful drilling program with 15 out of 16 holes intersecting sulphide mineralization.
• Notable assay results with 9.0 meters of 2.35% nickel.
• Anticipation of over 500 assay results expected soon.

Negative

• None.

VANCOUVER, British Columbia, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Gungnir Resources (TSXV:GUG) (OTCPink:ASWRF) (FSE:AMO1), a Canadian-based mineral exploration company with gold and base metal projects in northern Sweden, continues to report near-surface massive sulphide drill intersections at its Lappvattnet nickel deposit in northern Sweden. To date, the company has drilled 30 holes for total of 4,240 metres of its 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.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Gungnir” in the search box.

The company is awaiting more than 500 assays, 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 for this highlighted area plus potential future drilling further along strike and down-plunge to the east.

A total of 16 holes, LAP22-16 to -31, were completed in the central part of the Lappvattnet deposit. Drilling was done along section lines spaced 20 metres apart with generally two holes collared at different angles from a single drill set-up to minimize the 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, which cut 9.0 metres of 2.35% nickel, including 5.66 metres of 3.02% nickel, in the central part of the Lappvattnet resource, all assays are pending in the central part of the main Lappvattnet deposit.

Highlighted holes include LAP22-25 and LAP22-23 which were drilled 80 metres west and east, respectively, of hole LAP22-19. Hole LAP22-25 cut a 25-metre section of sulphide mineralization, mainly disseminated, from 51 to 76 metres downhole, including a 6-metre interval containing ten sections of massive sulphides below a variably mineralized peridotite unit. 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. LAP22-23 is the furthest hole drilled to the east by Gungnir.

In addition to Lappvattnet, Gungnir’s nickel sulphide resources in Sweden also include Rormyrberget, with both properties accessible year-round with good transportation and industrial infrastructure including shipping facilities and are located about an hour drive from Boliden’s mill complex.

In 2020, the company updated both resources which collectively total 177 million pounds of nickel. Lappvattnet has an Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs of nickel. Rormyrberget has an Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs of nickel.

The company’s Knaften project 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 portfolio which covers an 11 km long gabbro-ultramafic intrusion, a greenfield copper-nickel target.

The shares are trading at $0.09. For more information, and to view the company’s presentation and Technical Report, please visit the company’s website, www.GungnirResources.com, contact Jari Paakki, CEO, by email at jpaakki@eastlink.ca or Chris Robbins, CFO at 604-683-0484 or email robbinscr@shaw.ca.

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FAQ

What is Gungnir Resources' latest drilling update as of November 2022?

Gungnir Resources has completed 30 drill holes at the Lappvattnet nickel deposit, reporting that 15 of the 16 holes intersected sulphide mineralization.

What significant drill results were obtained from Gungnir Resources' Lappvattnet deposit?

The drilling program revealed 9.0 meters of 2.35% nickel in one of the holes, along with other intersections of sulphide mineralization.

When can Gungnir Resources investors expect assay results?

Investors can expect over 500 assay results by the end of this quarter and into the first quarter of 2023.

What is the current trading price for Gungnir Resources' shares?

As of the press release date, Gungnir Resources' shares are trading at $0.09.