Gungnir Resources Inc. (TSX-V:GUG, OTC:ASWRF) has announced assay results from three drill holes at its Lappvattnet nickel deposit in northern Sweden, including a bonanza silver hit of 349 grams per ton (g/t).
The company said it has drilled a total of approximately 2,800 meters in 18 holes so far in 2022, with further results to follow.
"Our nickel resource drill-off at Lappvattnet continues,” Gungnir CEO Jari Paakki said in a statement. “Holes reported today were drilled to further define the limits and trend of the main peridotite body in the western part of the deposit. All three holes recorded a 5% or better nickel assay and a bonanza silver hit of 349 g/t in hole LAP22-09.”
READ: Gungnir Resources says initial drill results show wide zones of nickel mineralization at its Lappvattnet deposit in northern Sweden
Drilling has progressed to the sparsely drilled eastern two-thirds of the deposit where the resource is based on just 13 drill intercepts, 6 of which contain individual assays of greater than 5% nickel, the company said. Drilling in this area to date includes holes four holes which are currently being logged and prepped for cutting.
Paakki noted: “Initial indications suggest both upper and lower contacts of the peridotite could be favorable sites for higher-grade concentrations of precious metals, silver as well as platinum group metals, including previously reported 44.9 g/t platinum, and 39.0 g/t platinum with 11.8 g/t palladium all of which can be valuable by-products in massive nickel sulfide deposits.”
Peridotite was intersected in two of the three holes, the company said, one of which produced a nickel interval of 9.8 meters grading 0.82%. Nickel intersections of 3.3 meters of 2.14% nickel and 2.45 meters of 1.87% nickel occur at the upper contact of the peridotite.
High-grade silver of 349 g/t including 0.48% nickel over 1.72 meters was intersected immediately before a massive sulfide interval which graded 5.15% nickel over 0.73 meters, both within sedimentary gneisses. All nickel intersections are within 80 meters vertically below surface, Gungnir noted.
The company also said it has received final drilling approvals to the end of 2023 for up to 10,000 meters.
Gungnir Resources is a Canada-based mineral exploration company with gold and base metal projects in northern Sweden.
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