VANCOUVER, British Columbia, Sept. 16, 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 reported an impressive drill intercept of massive sulphides from continuing drilling at its Lappvattnet nickel deposit. Hole LAP22-19 was drilled on Section 16E in the sparsely drilled central part of the Lappvattnet resource.

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It was 280 metres east of Hole LAP21-05, which assayed 2.62% nickel over 5.65 metres within a 14.0-metre interval grading 1.40% nickel, and 320 metres east of Hole LAP21-02, which assayed 3.19% nickel over 4.25 metres within a 10.4-metre interval grading 1.51% nickel, both reported in 2021.

The 195-metre hole, drilled at a dip of -75 degrees, is part of the continuing, systematic drilling of the Lappvattnet nickel deposit, with the goal of upgrading and expanding the existing resource, and a focus on defining further high-grade nickel shoots. Visually, the best mineralization in Hole LAP22-19 occurs in Box 9, which consisted of massive, semi-massive, net-textured, veined, and disseminated sulphides, extending from about 64 to 75 metres. To date in 2022, the company has drilled a total of approximately 2,800 metres in 18 holes with assays results to follow from drill hole LAP22-10 onward.

Gungnir's nickel sulphide resources in Sweden include Lappvattnet and Rormyrberget, with both 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 $0.11. For more information, and to view the company's presentation and Technical Report, please visit the company's website, , 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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