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Gungnir Drills Mineralization in First Three Holes at Knaften in Sweden

Vancouver – July 10, 2018 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) reports that the first three drill holes for 2018 have been completed with KN18-01 to KN18-03 each cutting arsenopyrite mineralization over core lengths of 9.60 to 19.45 metres. Drilling tested the Knaften 300 Gold Zone (“Knaften 300”), a disseminated-style gold zone with arsenopyrite serving as an indicator of gold (as with other gold deposits in the region and in many gold camps elsewhere). Select photos of the drill core are available for viewing via the home page link on the Company's website at www.gungnirresources.com. All assays are pending.

The initial three holes focused on testing grade and continuity of gold mineralization at Knaften 300, and to establish structural controls on gold mineralization and optimal drill orientations. The next series of holes are underway (3-4 drill holes planned) located approximately 2.5 kilometres to the southwest of Knaften 300. These holes target an area where a wide zone (greater than 50-metre core length) of alteration, arsenopyrite and anomalous gold was discovered in one hole by the previous operator in 2008 and not followed-up. Gungnir then plans to drill electromagnetic anomalies in the area of the Company’s 2017 discovery of copper-nickel bearing sulphides and additional gold targets in the northern half of the property as the program moves forward.

Hole Co-Ordinates (Swedish Grid RT90)

Hole_ID Easting (m) Northing (m) Azimuth/Dip Length (m) Comments
KN18-01 1634763 7150706 270/-55 153.1 10.95 metre mineralized zone from 84.70 to 95.65 metres
KN18-02 1634774 7150714 310/-70 150.2 19.45 metre mineralized zone from 67.05 to 86.50 metres
KN18-03 1634704 7150676 240/-65 153.2 9.60 metre mineralized zone from 57.05 to 66.65 metres

Hole KN18-01 encountered a 10.95 metre zone of mineralization starting at a down-hole depth of 84.70 metres. Mineralization consists of fine-grained to very coarse-grained blades of arsenopyrite (steel grey coloured mineral in accompanying photos) ranging from 1 to 3% to heavier concentrations in decimetre-scale bands. Mineralization is hosted by mafic volcanics, sedimentary rocks and altered intrusives. Numerous calcite veinlets occur throughout the section. The hole was drilled immediately behind historic hole 2007-07 (3.3 g/t Au over 10 metres).

Hole KN18-02 intersected a 19.45 metre interval hosting disseminated arsenopyrite approximately 30-40 metres northeast of the mineralized intercept in KN18-01. Approximately 50 percent of the interval is mineralized with 1-3% fine- to coarse-grained disseminated arsenopyrite. The host rock is largely altered intrusive rock ranging from quartz diorite to gabbro with quartz veins.

Hole KN18-03 was drilled approximately 70 metres southwest of Hole KN18-01 where it cut a 9.60 metre interval of disseminated arsenopyrite mineralization with local chalcopyrite hosted by variably brecciated and altered intrusive rock with quartz-albite veins.

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. All drill intersections of mineralization are core lengths, and at this time it is estimated true widths are in the order of 70-90% of the core lengths. Collar locations shown are readings from a hand-held GPS unit and have not been precisely surveyed at this time; a discrepancy of up to +/- 10 metres may be possible.

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 within a region hosting 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing base metal mines. The Company’s key gold project, Knaften, is situated at the southern extension of the “Gold Line” which hosts a number of gold deposits including Faboliden and Svartliden (Dragon Mining), and Barsele (Agnico Eagle and Barsele Minerals). The Company holds a royalty stream from the sale of the Kenville Gold Project in BC with $3,000,000 still due in three further annual advance cash payments of $1,000,000 each. 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:

Jari Paakki, CEO
Tel: 705-507-4470
jpaakki@eastlink.ca

Chris Robbins, CFO
Tel: 604-683-0484
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 Resources’ plan for future funding, and exploration and development of its properties. 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, or that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs. 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.

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