Surrey, BC – August 7, 2020 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to report that on-going drilling at the Knaften project in northern Sweden has significantly expanded mineralization at the Knaften 300 Gold Zone (“Knaften 300”). Multiple zones of disseminated arsenopyrite, the key indicator of gold mineralization on the property, were encountered. Mineralization now extends down-dip for a distance of more than 400 metres and remains completely open in all directions. Assays are pending. Please see attached cross-section and select photos (Figure 1).

Jari Paakki, Gungnir’s CEO, "We are now seeing potentially four stacked zones of arsenopyrite at Knaften 300, all of which are interpreted to extend to the top of bedrock immediately below overburden. As such, we are considering an induced polarization (IP) geophysical test survey over the current drill area to evaluate its effectiveness to target further shallow mineralization along strike and elsewhere on the property more cost effectively.”

Gold mineralization at Knaften 300 is associated with disseminated arsenopyrite zones ranging from about 2 to 20 metres wide, typically 5 metres (core lengths). Drilling highlights from Gungnir and previous operators include:

14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06
5.39 g/t Au over 2.00 m (from 98.00 to 100.00 m) in hole KN19-09
3.45 g/t Au over 10.75 m (from 67.05 to 77.80 m) in hole 96009
3.20 g/t Au over 10.00 m (from 83.50 to 93.50 m) in hole 200707
2.92 g/t Au over 13.00 m (from 81.5 to 94.50 m) in re-sample 200707
3.11 g/t Au over 8.00 m (from 135.80 to 143.80 m) in hole 200714
2.13 g/t Au over 14.45 m (from 55.00 to 69.45 m) in hole KNA01001
2.01 g/t Au over 6.70 m (from 190.50 to 197.20 m) in hole 200710
2.89 g/t Au over 5.00 m (from 118.80 to 123.80 m) in hole 200715

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.