published on 01/30/2023 at 13:00 from Gungnir Resources Inc. (isin : CA40281L1094)

Gungnir Drills 12 Metres of 1.02% Nickel, Including 5.13 Metres of 1.75% Ni at Lappvattnet

SURREY, BC / ACCESSWIRE / January 30, 2023 / Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to report final assay results from the central part of the Company's Lappvattnet nickel deposit in northern Sweden. New results include hole LAP22-23 which drilled 12 metres grading 1.02% Ni at a down-hole depth of 38 metres. The central area hosts recently reported high-grade intercepts including 9 metres grading 2.35% Ni (hole LAP22-19) and 5.76 metres grading 4.04% Ni (hole LAP22-25). Please click link for long section (see Figure 1).

Highlights:

Hole LAP22-23, the easternmost hole drilled by Gungnir (Section 18E), cut 12 metres of 1.02% Ni, including 5.13 metres of 1.75% Ni
Numerous high-grade individual assays up to 4.98% Ni continue to demonstrate a robust high-grade nickel system; areas to the east and at depth only sparsely drilled
Drill contractor confirmed for 2023

"With each round of drilling we gain a better understanding of this high-grade nickel deposit and drill-spacing required to evaluate it. The next big test at Lappvattnet will be drilling below the 120-metre level and further along strike and down-plunge to the east. Geological work and planning for 2023 exploration continue," commented Jari Paakki, CEO.

Table 1: Complete Assay Results - Central Part of the Lappvattnet Nickel Deposit:

Hole ID	Zone	From (m)	To (m)	Length (m)	Ni %	Cu %	Co %	PGEs (g/t)
LAP22-19 *	Main	66.00	75.00	9.00	2.35	0.27	0.04	0.23
incl		69.00	74.66	5.66	3.02	0.33	0.05	0.33
#		72.19	74.66	2.47	4.10	0.19	0.07	0.29
#		70.53	71.39	0.86	3.65	0.08	0.06	0.19
#		72.19	72.39	0.20	6.49	0.04	0.11	0.31
#		72.90	73.31	0.41	6.74	0.08	0.11	0.40
#		73.72	74.19	0.47	5.20	0.04	0.08	0.29
	Footwall	149.00	151.45	2.45	0.44	0.04	0.02	0.04
LAP22-25 *	Main	57.72	76.00	18.28	1.49	0.20	0.03	0.18
incl		70.00	75.76	5.76	4.04	0.23	0.08	0.43
#		70.00	70.51	0.51	4.93	0.04	0.08	0.40
#		70.51	71.20	0.69	3.73	0.09	0.08	0.32
#		72.00	72.86	0.86	3.17	0.09	0.07	0.24
#		72.86	73.20	0.34	7.18	0.04	0.12	0.45
#		73.20	73.68	0.48	3.14	0.27	0.06	0.24
#		73.68	73.86	0.18	5.17	0.02	0.06	0.26
		73.86	74.28	0.42	1.13	1.20	0.02	0.23
#		74.28	74.91	0.63	5.52	0.11	0.11	0.45
#		74.91	75.14	0.23	5.94	0.05	0.08	0.49
#		75.14	75.52	0.38	4.15	0.18	0.08	0.46
#		75.52	75.76	0.24	5.70	0.05	0.16	0.38
LAP22-18 *	NSV
LAP22-16	O/B
	Footwall	55.60	69.00	13.40	0.15	0.02	0.01	0.02
LAP22-17	Main	30.00	33.20	3.20	0.83	0.18	0.02	0.09
#		33.00	33.20	0.20	4.98	0.09	0.11	0.29
LAP22-20	Main	36.00	41.70	5.70	0.42	0.10	0.02	0.06
LAP22-21	Main	61.00	68.16	7.16	0.82	0.18	0.02	0.09
incl		65.34	68.16	2.82	1.52	0.30	0.04	0.16
#		66.10	66.30	0.20	2.89	0.17	0.06	0.23
#		67.26	68.16	0.90	2.66	0.20	0.09	0.20
LAP22-22	O/B
LAP22-23	Main	34.90	50.00	15.10	0.90	0.22	0.03	0.15
incl		38.00	50.00	12.00	1.05	0.25	0.03	0.18
incl		44.18	49.31	5.13	1.75	0.30	0.06	0.21
#		44.18	44.80	0.62	3.47	0.05	0.20	0.29
#		44.80	45.15	0.35	4.51	0.05

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