Gungnir Resources Inc. (TSX-V:GUG, OTC:ASWRF) said it has completed eight holes as the ongoing drill program at its Lappvattnet high-grade nickel project in northern Sweden progresses.
Updating investors on the program, Gungnir said since drilling commenced during the first week of May, it has completed holes LAP22-01 to LAP22-08 for 1,130 meters. To date, two shipments of drill core from six holes have been sent to ALS Geochemistry in Mala, Sweden for cutting and assay preparation.
A total of 223 samples, including certified standards, blanks and duplicates will then be sent to ALS Geochemistry in Ireland for analysis. Assay results are expected late July or early August, the company added.
READ: Gungnir Resources says drilling at Lappvattnet high-grade nickel project to start next week
Gungnir noted that drilling is currently targeting areas below and down-plunge of its 2021 drill program which produced several hits of high-grade and wide grade nickel mineralization over a strike length of approximately 140m. Seven of the holes logged to date cut variable amounts of mainly disseminated sulphides with local narrow semi-massive and massive sulphide sections hosted in peridotite and enclosing sedimentary gneisses. Sampled core intervals range from 12 to 37m.
2021 highlight drill results:
- 3.19% nickel over 4.25m within a 10.4m interval grading 1.51% nickel in drill hole LAP21-02 (from 45m)
- 2.62% nickel over 5.65m within a 14m interval grading 1.40% nickel in drill hole LAP21-05 (from 60m)
- 1.74% nickel over 10m in drill hole LAP21-13 (from 21m)
- 36m grading 0.93% nickel in drill hole LAP21-04 (from 49m)
- 6.5m grading 1.58% nickel and 4.75 grams per tonne (g/t) platinum group elements (PGEs - platinum, palladium and gold) including 45.53 g/t PGEs over 0.65m in drill hole LAP21-14 (from 41m)
Gungnir said its nickel sulphide resources in Sweden include Lappvattnet and Rormyrberget. In 2020, it updated both resources which collectively total 177 million pounds of nickel. The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities and are located about an hour's drive from Boliden's mill complex.
Lappvattnet has an inferred resource of 780,000 tonnes grading 1.35% nickel for 23.1 million pounds (lbs) of nickel. Rormyrberget has an inferred resource of 36.8 million tonnes grading 0.19% nickel for 154 million lbs of nickel.
Gungnir Resources is a mineral exploration company with gold and base metal projects in northern Sweden. Assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources.
The company has also recently added the Hemberget property to its Swedish Property Portfolio which covers an 11 km long gabbro-ultramafic intrusion, a greenfield copper-nickel target.
Contact the author at stephen.gunnion@proactiveinvestors.com