Gungnir Resources Inc. (TSX-V:GUG, OTC:ASWRF) has reported final assay results from the central part of the company's Lappvattnet nickel deposit in northern Sweden, including hole LAP22-23 which drilled 12 metres grading 1.02% nickel (Ni) at a down-hole depth of 38 metres.
The central area hosts recently reported high-grade intercepts including 9 metres grading 2.35% Ni (hole LAP22-19) and 5.76 metres grading 4.04% Ni (hole LAP22-25), the company said.
"With each round of drilling we gain a better understanding of this high-grade nickel deposit and drill-spacing required to evaluate it. The next big test at Lappvattnet will be drilling below the 120-metre level and further along strike and down-plunge to the east. Geological work and planning for 2023 exploration continue," Jari Paakki, CEO, said in a statement.
READ: Gungnir Resources reports best to-date nickel intersection at Lappvattnet nickel deposit in Sweden
Highlights:
- Hole LAP22-23, the easternmost hole drilled by Gungnir (Section 18E), cut 12 metres of 1.02% Ni, including 5.13 metres of 1.75% Ni
- Numerous high-grade individual assays up to 4.98% Ni continue to demonstrate a robust high-grade nickel system; areas to the east and at depth only sparsely drilled
- Drill contractor confirmed for 2023
Results reported today are for 13 additional holes drilled in the central part of the Lappvattnet resource between sections lines 14 to 18E testing for grade, continuity and geometry of the sulphide zone, the company said.
Not including earlier reported 2022 holes from this area, the main Lappvattnet deposit was encountered in ten of these holes with the best interval recorded in LAP22-23. Three of the holes, LAP22-16, -22 and -24, which encountered thicker than expected overburden, over-shot the main Lappvattnet zone.
The newly identified footwall zone located approximately 50 to 75 metres structurally below the main Lappvattnet zone, was encountered in six holes and returned anomalous nickel values, including up to 0.29% Ni over 5.92 metres in LAP22-28 within a ball-textured peridotite unit. Several holes were short of the footwall target and extending some existing holes is being considered.
Drilling is part of the systematic program at Lappvattnet with the plan of upgrading and expanding the existing resource following general recommendations outlined in the 2020 Technical Report. To date, the company has drilled a total of 5,435 metres in 45 holes in 2021 and 2022.
Gungnir Resources is a Canadian-based TSX-V listed mineral exploration company with gold and base metal projects in northern Sweden. Gungnir's assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and the Knaften project which 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.
Contact the author at jon.hopkins@proactiveinvestors.com