Gungnir Resources Inc. provided an update from on-going drilling at its Lappvattnet high-grade nickel project in northern Sweden. Gungnir commenced drilling at Lappvattnet during the first week of May and has completed eight holes, LAP22-01 to -08 for 1,130 metres. To date, two shipments of drill core from six holes have been sent to ALS Geochemistry in Mala, Sweden for cutting and assay preparation.

A total of 223 samples, including certified standards, blanks and duplicates will then be sent to ALS Geochemistry in Ireland for analysis. Assay results are expected late-July or early-August. Drilling is currently targeting areas below and down-plunge of Gungnir's 2021 drill program which produced several hits of high-grade and wide grade nickel mineralization over a strike length of approximately 140 metres.

Seven of the holes logged to date (LAP22-01 to LAP22-05, and LAP22-07 to -08) cut variable amounts of mainly disseminated sulphides with local narrow semi-massive and massive sulphide sections hosted in peridotite and enclosing sedimentary gneisses. Sampled core intervals range from 12 to 37 metres. Gungnir's nickel sulphide resources in Sweden include Lappvattnet and Rormyrberget.

In 2020, the Company updated both resources which collectively total 177 million pounds of nickel. The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities and are located about an hour drive from Boliden's mill complex. Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs (10.5 million kg) of nickel.

Rormyrberget: Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs (70 million kg) of nickel.