Gungnir Resources Inc. (TSX-V:GUG, OTC:ASWRF) has reported 2023 drill results from its Lappvattnet high-grade nickel deposit in northern Sweden, highlighting a new intercept of 6.1 metres (m) of 2.47% nickel (Ni) including a peak assay of 0.55m of 7.36% Ni in drill hole LAP23-01.
The company said in a statement that drilling at Lappvattnet has continued to define and expand the limits of both the Main Zone and the recently discovered Footwall Zone.
At the Main Zone, the deepest intercept was roughly 100 metres below the current nickel resource, with mineralization hosted in a thicker peridotite unit similar to the western part of the deposit.
Footwall Zone intercepts include 16.9m of 0.56% Ni (drill hole LAP23-02) and highly anomalous Ni mineralization in holes LAP23-05 and LAP23-08 (with individual assays up to 0.62% Ni) up to 175m below the current resource block.
The company noted that the Footwall Zone is open at depth and possibly down-plunge, sharing a similar structural trend with the Main Zone.
"This round of drilling successfully accomplished our 2023 objectives and shows considerable potential to expand the deposit beyond the current 2020 Lappvattnet nickel resource, in particular the shallow down-plunge extension target in the eastern half of the property where historic drilling is very sparse,” Gungnir Resources CEO Jari Paakki commented.
“Our recently discovered Footwall Zone offers further upside potential at Lappvattnet. Significant drilling will be required to further advance and define this high-grade nickel sulphide deposit.”
The 2023 program at Lappvattnet consisted of eight holes drilled on three profiles totaling 1,910 metres. Gungnir has now drilled 53 holes for 7,345 metres in three rounds at Lappvattnet from 2021 to 2023.
As well as incorporating the 2023 drill data into its 3D model, Gungnir said the next steps will also include field/data reviews in the eastern part of the property ahead of the next phase of work.
The company said it plans to submit an expanded, multi-year drill permit extension which will include potential plans for geophysical surveys. It also plans to evaluate metallurgical testing options.
At the same time as the Lappvattnet field checks, scheduled for October, management will view drill core from four, short scout holes that the company drilled at its Hemberget property.
The full drill results can be found here.
Contact the author at stephen.gunnion@proactiveinvestors.com