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.

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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, , 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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