Gungnir Resources Inc. [GUG-TSXV, ASWRF-OTC PINK] shares rallied in active trading Tuesday after the business launched extra top-quality nickel arises from continuing drilling at its Lappvattnet nickel deposit in Sweden.
Tuesday’s outcomes are sped up assays from hole LAP21-05, situated 40 metres along strike from hole LAP21-02, which converged 3.19%nickel over 4.25 metres.
Drilling highlights from hole LAP21-05 consist of 2.62%nickel over 5.65 metres within a 14.00- metre period, grading 1.40%nickel. This drill hole returned top-quality nickel intercepts less than 60 metres listed below surface area.
Gungnir shares born down the news, increasing 41.6%or $0.05 to 17 cents on volume of 3.68 million. The shares are presently selling a 52- week series of 13 cents and $0.04
The Pappvattnet and Rormyrberget nickel deposits lie in the eastern part of the Vasterbotten District, 60 kilometres and 100 kilometres respectively east of the business’s Knaften gold expedition job. The deposits are held 100%by Gungnir under 2 different licenses covering a location of 471.3 hectares. The residential or commercial properties are available year-round with excellent transport and commercial facilities, consisting of shipping centers as there are a variety of active mines in the location.
They jointly host 177 million pounds of nickel in presumed resources based upon NI-43-101- certified price quotes by Gungnir in 2020
The deposits were found in the 1970 s by the Swedish State Mining Home Commission and were consequently held by Outokumpu Mining. Expedition consisted of geophysical surveying, substantial drilling (35,00 0 metres), metallurgical test work in addition to advancement of an expedition shaft and wandering on the 120- metre level at the Lappvattnet deposit and preliminary resource quotes for both deposits in 1987.
The deposits came open for staking following expedition work by North Atlantic Resources (NAN), a business owned by Lundin Mining Corp.[LUN-TSX; LUMI-Sweden], and Blackstone Ventures Inc., under an alternative arrangement with NAN in2006 Gungnir sent applications to get both deposits in 2015.
The Lappvattnet and Rormyrberget deposits are both magmatic nickel sulphide build-ups with tectonic, structural, and geological resemblances to recorded nickel and copper mines. The Lappvattnet deposit is mostly a huge sulphide body that dips steeply to the south and plunges shallowly eastward.
Mineralization at Rormyrberget includes both huge sulphide and broader shared zones.
Lappvattnet includes a presumed resource of 780,00 0 tonnes of grade 1.35%nickel or 231 million pounds of nickel. Rormyrberget hosts a presumed resource of 36.8 million tonnes of grade 0.19%nickel or 154 million pounds.
Drilling continues with tighter spaced holes at the shallow western part of the Lappvattnet deposit, with a present strategy of 15 drill holes covering a strike length of roughly 140 metres.