Gungnir Resources Inc. (TSX-V:GUG, OTC:ASWRF) told investors it had found "an impressive drill intercept of massive sulphides" in one hole sunk at its Lappvattnet nickel deposit in northern Sweden where drilling continues.
The hole was located at the sparsely-drilled central part of the Lappvattnet resource in a bid to upgrade the existing resource to define further high-grade nickel shoots.
Another hole, previously reported by the firm, was drilled 320 metres (m) west of the hole in question and hit 3.19% nickel over 4.25m within a 10.4m intercept, which graded 1.51% nickel.
Visually, the best mineralization in the latest hole occurred in an area of massive, semi-massive, net-textured, veined, and disseminated sulphides.
READ: Gungnir Resources reports promising assay results from three drill holes at Lappvattnet nickel deposit in Sweden
"The mineralized zone extends from about 64 to 75 metres," said Gungnir, adding that assays were pending.
Explorer Gungnir's nickel sulphide resources in Sweden include the Lappvattnet and Rormyrberget deposits, which boast good infrastructure.
In 2020, it 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 pounds (10.5 million kg) of nickel. Rormyrberget hosts an inferred resource of 36.8 million tonnes grading 0.19% nickel for 154 million pounds (70 million kg) of nickel.
Contact the author at giles@proactiveinvestors.com