Gungnir Resources, a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden, has reported high-grade nickel assays from its Lappvattnet nickel deposit.
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I’m Katriina Cotten for Investmentpitch Media
Gungnir Resources, a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden, has reported high-grade nickel assays from its Lappvattnet nickel deposit.
Drill hole LAP21-02 returned 3.19% nickel over 4.25 metres within a 10.4 metre interval grading 1.51% nickel, which contained several narrow sections of massive and semi-massive sulphides, consisting of mainly pyrrhotite, local pentlandite and chalcopyrite.
Assays are still pending for the upper parts of LAP21-02.
At 48.15 metres, a 0.25 metre intercept returned 7.38% nickel, the highest nickel assay reported at Lappvattnet.
Last drilled in 2007, the results from hole LAP21-02 are the initial batch of assays from Gungnir's first drill program at Lappvattnet, where mineralization is hosted at the base of a peridotite intrusion and within underlying sedimentary gneisses.
LAP21-01, with assays pending, and LAP21-02 were drilled on Section 8E up-dip of previous drilling including hole 2007-02 which returned 3.21% nickel over 4.97 metres starting at 76.43 metres.
Re-sampling by Gungnir, within this interval from the 2007 hole, returned 50.91 grams per tonne PGEs, consisting of 39.0 grams per tonne platinum, 11.8 grams per tonne palladium, and 0.11 grams per tonne gold, over 0.45 metres.
Drilling continues with tighter spaced holes at the shallow western part of the Lappvattnet deposit, where the current work plan consists of 10 or more holes for approximately 1,200 metres.
To date, the company has drilled seven holes, LAP21-01 to 07, on Sections 8E, 9E, and 10E for approximately 700 metres.
Jari Paakki, CEO, stated: "Clearly we are in a very nickel-rich system and have an opportunity to define further high-grade nickel shoots and to build upon our 2020 nickel resource. With hole LAP21-02 we have already identified nickel mineralization outside of the current resource block with the high-grade nickel intercept at just 30 metres below surface. Near-surface drilling continues at Lappvattnet and we look forward to reporting further results over the next several weeks."
In 2020, the company outlined an Inferred Resource of 177 million lbs of nickel at Lappvattnet along with its other nickel asset Rormyrberget.
At Lappvattnet, an Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs of nickel.
At Rormyrberget, an Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs of nickel.
The company has 3 projects.
To the west of the two nickel-copper-cobalt deposits, 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 recently completed drilling, where assays are pending, and geophysics at the Knaften gold target.
In all, four IP anomalies were identified which are all open-ended.
For those not following nickel, prices on the London Metal Exchange recently touched US$19,810 a tonne, having risen 17% so far this year, supported by solid demand from industrial sectors and low inventories across the world, with stainless steel and EV batteries being the top nickel-consuming sectors.
The shares are trading at $0.075.
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.
I’m Katriina Cotten for Investmentpitch Media
