VANCOUVER, British Columbia, Sept. 08, 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 additional assays from drilling at its Lappvattnet nickel deposit in northern Sweden. Gungnir's nickel sulphide resources in Sweden include Lappvattnet and Rormyrberget, which 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.

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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 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.

Today's results, from holes LAP22-06B, 08 and 09, were drilled between Sections 10E and 12E to define part of the upper contact of the main peridotite body, the key source rock for nickel. Peridotite was intersected in two of the three holes, a 1.6 metre core length in hole 6B and a 6 metre core length in hole 08, which produced the wider nickel interval of 9.8 metres grading 0.82% nickel.

Nickel intersections of 3.3 metres of 2.14% Nickel and 2.45 metres of 1.87% Nickel in holes LAP22-06B and LAP22-08, respectively, occur at the upper contact of the peridotite. The high-grade silver of 349 grams per tonne silver including 0.48% Nickel over 1.72 metres in hole LAP22-09 was intersected immediately before a massive sulphide interval which graded 5.15% Nickel over 0.73 metres, both within sedimentary gneisses. All nickel intersections are within 80 metres vertically below surface.

To date in 2022, the company has drilled a total of approximately 2,800 metres in 18 holes with further results to follow from drill hole LAP22-10 onward.

Jari Paakki, CEO, stated: "Our nickel resource drill-off at Lappvattnet continues. Holes reported today were drilled to further define the limits and trend of the main peridotite body in the western part of the deposit. All three holes recorded a 5% or better nickel assay and a bonanza silver hit of 349 g/t in hole LAP22-09. Initial indications suggest both upper and lower contacts of the peridotite could be favourable sites for higher-grade concentrations of precious metals, silver as well as platinum group metals, including previously reported 44.9 g/t platinum, and 39.0 g/t platinum with 11.8 g/t palladium all of which can be valuable by-products in massive nickel sulphide deposits."

The goal of the current drilling is to upgrade and expand the existing resource with a focus on defining further high-grade nickel shoots. Drilling has now progressed to the sparsely drilled eastern two-thirds of the deposit where the resource is based on just thirteen drill intercepts, six of which contain individual assays of greater than 5% Nickel. Current drilling in this area includes holes LAP22-16 to 19 which are currently being logged and prepped for cutting. Holes LAP22-12 to LAP22-15 tested the Lappvattnet north target. All assays are pending.

Previous news releases reported 0.65 metres of 44.90 grams per tonne Platinum, 13.65 metres of 0.83% Nickel, 8.00 metres of 1.03% Nickel, a peak assay of 5.12% Nickel, and 0.45 metres of 50.91 grams per tonne Platinum-Palladium-Gold.

The shares are trading at $0.075. 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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