Gungnir Drills 2.14% Nickel over 3.3 Metres, 5.15% Nickel over 0.73 Metres, 9.8 Metres of 0.82% Nickel and 349 g/t Silver over 1.72 Metres at Lappvattnet

SURREY, BC / ACCESSWIRE / September 7, 2022 / Gungnir Resources Inc. (TSXV:GUG, OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to report further assays from drilling at the Lappvattnet nickel deposit in northern Sweden. Results are for three drill holes, LAP22-06B, -08 and -09. To date in 2022, the Company has drilled a total of approximately 2,800 metres in 18 holes with further results to follow from drill hole LAP22-10 onward. Please view accompanying map (see Figure 1).

"Our nickel resource drill-off at Lappvattnet continues. Holes reported today were drilled to further define the limits and trend of the main peridotite body in the western part of the deposit. All three holes recorded a 5% or better nickel assay and a bonanza silver hit of 349 g/t in hole LAP22-09. Initial indications suggest both upper and lower contacts of the peridotite could be favourable sites for higher-grade concentrations of precious metals, silver as well as platinum group metals, including previously reported 44.9 g/t platinum, and 39.0 g/t platinum with 11.8 g/t palladium all of which can be valuable by-products in massive nickel sulphide deposits", commented Jari Paakki, CEO.

Results Table

Results are from continuing, systematic drilling of the Lappvattnet nickel deposit with the goal of upgrading and expanding the existing resource with a focus on defining further high-grade nickel shoots.

Drilling has now progressed to the sparsely drilled eastern two-thirds of the deposit where the resource is based on just thirteen drill intercepts, six of which contain individual assays of greater than 5% Ni. Our current drilling in this area to date includes holes LAP22-16 to -19 which are currently being logged and prepped for cutting. Holes LAP22-12 to LAP22-15 tested the Lappvattnet north target. Hole LAP22-11 was not drilled. All assays are pending.

Holes LAP-06B, -08 and -09 were drilled between Sections 10E and 12E to define part of the upper contact of the main peridotite body, the key source rock for nickel (see Figure 1). Peridotite was intersected in two of the three holes, LAP22-6B (1.6 metre core length) and LAP22-08 (6 metre core length), the latter of which produced the wider nickel interval of 9.8 metres grading 0.82% Ni. Nickel intersections of 3.3 metres of 2.14% Ni and 2.45 metres of 1.87% Ni in holes LAP22-06B and LAP22-08, respectively, occur at the upper contact of the peridotite. The high-grade silver of 349 g/t Ag including 0.48% Ni over 1.72 metres in hole LAP22-09 was intersected immediately before a massive sulphide interval which graded 5.15% Ni over 0.73 metres, both within sedimentary gneisses. All nickel intersections are within 80 metres vertically below surface.

Please refer to corporate presentation for all 2021 drill results and news release dated Aug 9, 2022 for the first batch of 2022 assays. Additional historic results are contained in the 2020 Technical Report. Highlight assay results are shown in Figure 1. Please note drill intercept points in this figure are preliminary; final positions to follow once down-hole surveys are all plotted.

See earlier news releases regarding above referenced high-grade platinum and palladium; Nov 10, 2021 (Gungnir Drills 44.90 g/t Platinum over 0.65 Metres, 13.65 Metres of 0.83% Nickel, 8.00 Metres of 1.03% Nickel, Peak Assay of 5.12% Nickel at Lappvattnet) and Mar 30, 2020 (Gungnir Samples 50.91 g/t Platinum-Palladium-Gold over 0.45 metres at Lappvattnet in Sweden).

The Company also reports that it has received final drilling approvals to the end of 2023 for up to 10,000 metres.

Drill core was logged and tagged for sampling at the Company's core logging facility in Lycksele then shipped to ALS Minerals' Core Services Laboratory in Mala. Core was sawed on site in Mala by ALS staff and prepped sample material was sent to ALS's Lab in Ireland. Core was analyzed for multi-elements using code ME-MS41, CuOG46 analysis for >10000 ppm Cu, NiOG46 analysis for >10000 ppm Ni, and Pt, Pd, and Au were analyzed using fire assay method PGM-ICP27. Blanks, certified standards and duplicates are routinely included in sample batches for quality assurance and control.

Nickel Resources

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.

The NI 43-101 Technical Report entitled "TECHNICAL REPORT on the LAPPVATTNET and RORMYRBERGET DEPOSITS, NORTHERN SWEDEN" was prepared by Reddick Consulting Inc. Qualified Persons are John Reddick, M.Sc., P.Geo., and Thomas Lindholm, M.Sc., Fellow AusIMM. The Effective Date is November 17, 2020.

The technical information in this news release has been prepared, verified 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, ASWRF: OTCPK) with gold and base metal projects in northern Sweden. Gungnir's assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and the Knaften project which hosts a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery. The Company has also recently added the Hemberget property to its Swedish Property Portfolio which covers an 11 km long gabbro-ultramafic intrusion, a greenfield copper-nickel target. 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.

Forward-Looking Information

Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: expectations of upgrading and expanding the existing resource; potential or projections related to peridotite; expectations of additional high-grade nickel shoots; expectations of future resource upgrades and that new drilling and assays will be incorporated into any resource upgrade; the expected timing for receipt of assay results; planned drilling locations and expected targets; extent of drilling and quantity of drilling holes; expectations of timely approvals for continued drilling; planned exploration program including anticipated drilling and the timing thereof; and Gungnir's plan for development of its properties and the timing thereof.

Forward-looking information is based on a number of key expectations and assumptions made by Gungnir, including, without limitation: expectations of upgrading, thickening and expanding the existing resource are reasonable; access to the resources will remain available year-round; transportation and infrastructure will remain available as anticipated; the COVID-19 pandemic impact on the Canadian and global economy and Gungnir's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect Gungnir's business; there will be a demand for Gungnir's services and products in the future; Gungnir will be able to operate its business as planned; Gungnir will be able to access capital markets on and successfully complete financings on terms it determines to be reasonable; and Gungnir's plans for future exploration and development of its properties is reasonable and will be possible within the anticipated timelines. Although the forward-looking information contained in this news release is based upon what Gungnir believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.

Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Those risks and uncertainties include, among other things, risks related to: expectations related to upgrading, thickening and expanding existing resources may not be accurate in part or at all; no certainty that any economically viable mineral deposit will be located on Gungnir's properties; that Gungnir may not be able to complete its planned drilling as anticipated; the impacts of the COVID-19 pandemic; the impacts of war and/or other international conflicts; ability to access capital markets and complete successful financings on terms Gungnir determines to be reasonable; environmental matters; changes in legislation or regulations; receipt of required licenses, permits and approvals; and resource estimates may not be accurate and may differ significantly from actual mineral resources. Management believes that the expectations reflected in the forward-looking information contained herein are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with such forward-looking information. The forward-looking information contained this news release is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to Gungnir. The forward-looking information is stated as of the date of this news release and Gungnir assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

SOURCE: Gungnir Resources Inc.