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Gungnir Resources Provides Drilling Update in Sweden

Surrey BC – August 6, 2019 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to provide an update on its on-going drill program at the Company’s Knaften project in Sweden.

To date this summer, the Company has completed five drill holes and a sixth hole is in progress. Five holes have been completed (one in progress) in the Rodingtrask volcanogenic massive sulphide (VMS) target area which was discovered by Gungnir in 2018, and one drill hole has been completed at the Knaften 300 Gold Zone. Core logging and sample preparation is on-going. Assays are pending.

Jari Paakki Gungnir’s CEO, “We are off to an exciting start in Sweden and expect to continue drilling our Knaften targets into late September. At Rodingtrask, we have encountered some sphalerite and chalcopyrite in three of the five holes we drilled. These results continue to tighten our search area for a base metal deposit on this large property. At the Knaften 300 Gold Zone, our first of four holes planned cut two zones of disseminated arsenopyrite (see photo) which is the key indicator of gold mineralization in the region including Knaften 300.”

Highlights:

Hole_ID Target Location Length (m) Mineralization Highlights
KN19-01 Rodingtrask VMS 450m SW of KN18-07 150 IF's + pyrite/carb exhalite with diss sph
KN19-02 Rodingtrask VMS 100m SE of KN18-07 139 carb stringers with sph from 25 to 49m
KN19-03 Rodingtrask VMS 540m NW of KN18-07 143 largely po/py
KN19-04 Rodingtrask VMS 1.2km NW of KN18-07 152 largely po/py; more sheared
KN19-05 Rodingtrask VMS 100m west of KN18-07 in progress cpy in several locales starting at 76 metres
KN19-06 Knaften 300 Gold SW hole of 4 hole fence  197 2 aspy zones (6 and 6.5m); cpy in lower zone

Notes: KN18-07 is Rodingtrask VMS target discovery hole; sphalerite (sph), chalcopyrite (cpy); arsenopyrite (aspy);
pyrrhotite (po); pyrite (py); IF (iron formation); carbonate (carb); diss (disseminated)

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. Mr. Paakki has 30 years-experience in mineral exploration focused on Cu-Zn-Pb-Ag-Au massive sulphides, Ni-Cu sulphides and numerous types of gold systems.

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. Successful drill programs in 2017 and 2018 at its Knaften project resulted in back-to-back new base metal target discoveries; the Rodingtrask VMS and an adjacent Cu-Ni target. These new targets add significant up-side to the previously gold-only Knaften project, and now the Company has numerous opportunities at deposit discovery by way of multiple targets and metals. All three targets on Knaften are wide-open for expansion and further discovery. 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, receipt of the remaining consideration and the completion of the transaction 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 or that the transaction will complete 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.

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