Gungnir Resources Inc. Samples 4.64% Nickel Over 0.65 metres at Lappvattnet

Jari Paakki, CEO of Gungnir comments, "We continue to work on evaluating our nickel projects while actively and currently drilling gold targets at our Knaften project in Sweden. Results reported today are from re-sampling of 1970's archived drill core from Lappvattnet as part of our plan to log and validate historic core. Although a good portion of the 45-year-old drill core has been scavenged, still its availability at the Swedish Geological Survey core archives (indoor) along with three complete core sections from 2007 drilling, which we sampled earlier (see NR dated March 30, 2020), provides us with a cost-effective way to confirm significant nickel mineralization and increase our understanding of the deposit. Our next planned step is to update the historic resource at Lappvattnet."

Along with Lappvattnet, the Company holds the Rormyrberget nickel deposit located in the same general area. The two deposits collectively contain over 70 million pounds (Mlbs) nickel, 10 Mlbs of copper and 2 Mlbs of cobalt in historic resources. At Lappvattnet, the historical estimate is 1,139,000 tonnes @ 0.91% Ni, 0.19% Cu and 0.02% Co for 22.9 Mlbs of Ni, 4.8 Mlbs of Cu and 0.5 Mlbs of Co (see Note 1).

Results Table

Re-sampling on a metre by metre comparison basis could not be undertaken, especially in the most massive sulphide sections, since many of the 1970's holes had only a section or two of core available for sampling. In some of the intervals reported above, several, half-decimetre to decimetre sections of core were missing; these missing intervals were assigned a value of 0.00 % Ni and 0.00 g/t PGE's. Incomplete core sections contribute to narrower intervals and lower nickel grades, and also any PGE-rich section, if any, may have been lost. Gungnir's earlier re-sampling of Lappvattnet core returned up to 50.91 g/t PGE's (39.0 g/t platinum, 11.8 g/t palladium, 0.11 g/t gold) and 2.13% nickel over 0.45 metres (see NR dated March 30, 2020).

Sampled drill core is archived at the SGU (Swedish Geological Survey) core facility in Mala Sweden. Drill core samples represent one-quarter drill core which was halved by sawing already split drill core. Core was logged and tagged for sampling at the core facility, then brought to ALS Minerals' Core Services Laboratory also in Mala. Core was sawed on site by ALS staff and sample material was sent to ALS's Lab in Ireland. Ni was analyzed using fire assay method Ni-OG46 and Pt, Pd, and Au were analyzed using fire assay method PGM-ICP27. Sample lengths reported in the above table are core lengths.

Note 1: A qualified person for Gungnir Resources has not done sufficient work to classify the historical estimates as current resources and Gungnir is not treating the historical estimates as current mineral resources. Further information on Lappvattnet and historical estimate references and details, please refer to this link: http://www.gungnirresources.com/projects/lappvattnet-rormyrberget/overview/

The technical information in this news release has been prepared and approved by Jari Paakki, P.Geo., CEO and a director of the Company. Mr. Paakki is a Qualified Person under National Instrument 43-101.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal permits in northern Sweden. The Company's key project, Knaften, hosts high-grade gold, VMS (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery. The Company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

On behalf of the Board,

Jari Paakki, CEO and Director

For further information contact:

Head Office/Investor Relations
Phone: +1-604-683-0484

Jari Paakki, CEO
Email: jpaakki@eastlink.ca

Chris Robbins, CFO
Email: robbinscr@shaw.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Gungnir's plan for future exploration and development of its properties, Gungnir's plan for future disclosure relating to exploration and development of its properties within the timelines set out above or at all. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the properties, that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs as anticipated. Accordingly, undue reliance should not be placed on forward-looking statements or information. Gungnir does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.

SOURCE: Gungnir Resources Inc.