VANCOUVER, British Columbia, Jan. 05, 2023 (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, reported the highest-grade nickel intercept to date from its Lappvattnet nickel deposit in northern Sweden. Hole LAP22-25 drilled 4.04% nickel over 5.76 metres, starting at 70.0 metres, within a broader interval of 1.49% nickel over 18.28 metres, starting at a down-hole depth of just 57.72 metres.

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Jari Paakki, CEO, stated: "Another impressive nickel intercept for Gungnir at Lappvattnet, this time the highest-grade nickel interval drilled to date. All of our hits are less than 100 metres below surface and cover a strike length of 400 metres in the western and central parts of the Lappvattnet deposit. Looking ahead, our plan is to continue defining this high-grade nickel deposit, and the new footwall target, further to the east and at depth where it has been only sparsely drilled in the past."

Hole LAP22-25, drilled in the central part of the Lappvattnet nickel resource on section 14E splitting a 50-metre gap between historic holes LAP74292 and LAP76008, appears to have drilled into a thickened mineralized zone, possibly a fold hinge similar to LAP22-19 drilled on section 16E, 80 metres to the east, which cut 2.35% Ni over 9.0 metres including 3.02% Ni over 5.66 metres starting at a down-hole depth of 66.0 metres.

The nickel intercept in LAP22-25, occurring below a 4-metre jack-straw textured peridotite unit, consists of an upper disseminated sulphide interval hosted in sedimentary gneisses from 57.72 metres and a lower, high-grade massive and semi-massive sulphide zone of 4.04% Ni over 5.76 metres, from 70.0 metres down-hole.

Notable, previously reported near-surface, high-grade nickel intersections drilled by Gungnir at Lappvattnet include: 3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in hole LAP21-02, 240 metres west of Hole 25; 2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in hole LAP21-05, 200 metres west of Hole 25; and 1.74% Nickel over 10.00 metres in hole LAP21-13, 260 metres west of Hole 25.

To date, the company has drilled 45 holes for total of 5,435 metres in 2021 and 2022, with the goal of upgrading and expanding the existing resource, following general recommendations outlined in the 2020 Technical Report. Further results from 12 holes drilled in the central part of Lappvattnet are expected to be reported in January and early February.

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 $0.10. 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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