Massive Sulphides Identified At Lappvattnet Nickel Deposit

SURREY, BC - Gungnir Resources Inc. reported that on-going drilling at the Lappvattnet nickel deposit in Sweden continues to intersect sulphide mineralization including a 10-meter core interval containing several narrow sections of massive and semi-massive sulphides in hole LAP21-02. Please click link for drill core photo (core photo).

Jari Paakki, CEO, said, "We are off to a great start at Lappvattnet which is highlighted so far by hole LAP21-02. We have submitted samples from this hole for priority assaying for nickel and PGEs and expect assay results."

To date, the Company has completed four short drill holes (totaling 350 metes) along two sections spaced about 40 meters apart at the western part of the Lappvattnet deposit. LAP21-01 and LAP21-02 were drilled on Section 8E up-dip of previous drilling including hole 2007-02 which returned 3.21% Nickel over 4.97 meters (from 76.43 meters) and Gungnir re-sampling within this interval returned 50.91 g/t PGEs (39.0 g/t Platinum, 11.8 g/t Palladium, 0.11 g/t Gold) over 0.45 meters. Holes LAP21-03 and LAP21-04 were drilled 40 meters east of LAP21-01 and LAP21-02 on Section 9E. Core logging has been completed for the first three holes which have all encountered variable amounts of sulphides (mainly pyrrhotite, local chalcopyrite and possible pentlandite, a nickel sulphide mineral) hosted in both peridotite and enclosing sedimentary gneisses. Drill co-ordinates and cross sections will be provided once assays are received.

On-going drilling is planned to continue to focus on the shallow, western part of the Lappvattnet deposit. The work plan consists of 10 or more holes, for approximately 1,200 meters, along six to seven sections spaced about 40 meters apart. Along sections, planned hole intercepts are positioned roughly 20 to 70 meters from historic intersections of massive sulphide. In addition to assaying for nickel, copper and cobalt, all mineralized sections will importantly be analyzed for PGEs which were not assayed in most of the drilling at the Lappvattnet deposit. New drilling and assays are expected to be incorporated into future resource upgrades.