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  • Gungnir Resources (GUG) has drilled the highest-grade nickel intercept to date at its Lappvattnet nickel deposit in Sweden
  • Hole LAP22-25 drilled 4.04 per cent nickel over 5.76 metres
  • The hole appears to have drilled into a thickened mineralized zone
  • The company plans to continue defining this deposit in the east and at depth
  • Gungnir Resources is a mineral exploration company focused on acquiring and exploring gold and base metal projects
  • Gungnir Resources (GUG) is up 5.26 per cent trading at $0.10 per share

Gungnir (GUG) has drilled the highest-grade nickel intercept to date at the Lappvattnet nickel deposit.

Specifically, hole LAP22-25 drilled 4.04 per cent nickel over 5.76 metres within a broader interval of 1.49 per cent nickel over 18.28 metres starting at a depth of 57.72 metres.

The hole appears to have drilled into a thickened mineralized zone which the company thinks may be a fold hinge like hole LAP22-19, which also cut high-grade nickel.

Jari Paakki, CEO of Gungnir, commented,

“Looking ahead, our plan is to continue defining this high-grade nickel deposit, and the new footwall target, further to the east and at depth where it has been only sparsely drilled in the past.”

According to the company, all intercepts drilled so far were less than 100 metres below surface and covered a strike length of 400 metres in the western and central parts of the deposit.

Further results from 12 holes drilled in the central part of Lappvattnet are expected to be released later this month and into early February. This drilling is part of the plan to upgrade and expand an existing resource. Since 2021, the company has drilled a total of 5,435 metres in 45 holes.

Gungnir Resources is a mineral exploration company focused on acquiring and exploring gold and base metal projects.

Gungnir Resources (GUG) is up 5.26 per cent and is trading at $0.10 per share as of 1:07 pm EST.


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