VANCOUVER, British Columbia, March 02, 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, has provided highlights from 2021 and outlined plans for 2022.
Jari Paakki, CEO, stated: "Our plan for 2022 is to build upon Gungnir's 2021 high-grade nickel results which were some of the top, near-surface nickel drill intercepts reported in the junior-sector last year. We are planning to allocate more than three-quarters of our available exploration funds on nickel, with most of the planned drilling directed at our Lappvattnet nickel project targeting further high-grade nickel shoots. We also have an impressive new gold target at Knaften which we plan to drill-test with a few holes."
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The company has 3 projects. The company’s 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, along with zinc-copper and copper-nickel VMS targets, all of which are open for expansion and further discovery. 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.
In 2020, the company updated resources at both nickel-copper-cobalt deposits, which collectively total 177 million lbs of nickel. Lappvattnet hosts an Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs of nickel. Rormyrberget hosts an Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs of nickel.
A Slingham survey completed in late 2021, outlined a near-surface untested "twin" electromagnetic (EM) conductor 100 metres north of the Lappvattnet nickel resource.
At Lappvattnet, the Phase one drill program in 2021 covered just 20% of the total strike length. Consistent shallow drill hits of high-grade and wide zones of nickel mineralization include drill hole LAP21-02 with 3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel starting at 45 metres. Hole LAP21-05 returned 2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel starting at 60 metres. Hole LAP21-13 returned 1.74% Nickel over 10.00 metres from 21 metres. Hole LAP21-04 returned 36.00 metres grading 0.93% Nickel from 49 metres.
At Knaften, one of the largest gold-in-till anomalies in Sweden, the company expanded the property to cover the entire favourable host rock, a 4 by 5-kilometre intrusion. The company also completed an IP geophysical survey over parts of the expanded area which outlined very significant IP chargeability anomalies within the intrusion. In 2022, the company plans initial testing of the new IP anomalies, which has not seen any previous exploration, upon receipt of drill permits and approvals.
At Lappvattnet, the company plans to drill up to 4,000 metres to test for further high-grade nickel shoots along strike, down-plunge and down-dip of 2021 drill holes, plus the "twin" north EM conductor. This will start in late spring as conditions allow.
At Rormyrberget, the company plans to evaluate and prioritize targets, with the timing of drilling to be determined. The company anticipates additional financings during 2022.
The shares are trading at $0.11. For more information, and to view the company’s new presentation, 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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