Surrey, BC – July 08, 2020 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) reports up to 4.64% Ni over 0.65 metres at its Lappvattnet property in Sweden. Results are from re-sampling of archived drill core at the Lappvattnet nickel deposit.

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

DDH_ID	From (m)	To (m)	Length (m)	Ni %	PGE's g/t *	Pt g/t	Pd g/t	Au g/t
76008 #	95.33	95.85	0.52	1.53	0.38	0.01	0.09	0.28
76009 #	85.34	87.00	1.66	1.37	0.26	0.03	0.16	0.07
76010 #	131.77	132.42	0.65	4.64	0.40	0.04	0.20	0.16
76005 #	84.66	85.05	0.39	3.08	0.38	0.01	0.25	0.12
75002	91.59	91.65	0.06	5.86	0.22	0.04	0.12	0.06
75001	78.40	79.29	0.89	0.89	0.09	0.01	0.02	0.06
74226 #	93.18	95.07	1.89	2.45	0.25	0.03	0.12	0.10
74226	97.07	97.53	0.46	2.63	0.33	0.01	0.15	0.17
75006	85.70	85.77	0.07	2.56	0.23	0.04	0.12	0.07
75003	88.00	89.08	1.08	0.91	0.08	0.01	0.02	0.05
75004	150.36	152.08	1.72	0.63	0.03	0.01	0.01	0.01
75007 #	138.52	139.45	0.93	2.00	0.13	0.01	0.08	0.04
75008	39.65	39.76	0.11	2.19	0.71	0.37	0.13	0.21
74212	48.24	48.70	0.46	2.10	0.11	0.01	0.03	0.07
74001	28.33	28.45	0.12	2.51	0.34	0.06	0.12	0.16
* PGE's g/t = platinum (Pt) + palladium (Pd) + gold (Au) # contains narrow sections of missing core; a value of 0.00% Ni and 0.00 g/t PGE's has been assigned to these intervals

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.

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