Surrey, BC – January 12, 2021 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to announce that the Company has received final approvals from Sweden’s Inspector of Mines for new exploration permits which expand the size of the Knaften property by over 75%.  Please click HERE for maps.

Highlights

• The expanded Knaften gold project comprises 4,887 hectares (or nearly 50 sq. km) and significantly adds to the potential of Gungnir’s Knaften intrusion-hosted gold target;
• Project now covers the entire prospective intrusion (4 x 5 km) which is comparable in size to that hosting Agnico Eagle’s Barsele gold deposit located to the north along the same gold corridor;
• The intrusion has only been drill-tested along its very northern edge resulting in discovery of the Knaften 300 gold zone (“Knaften 300”), results include:
• 14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06
  - includes 59.6 g/t Au over 1.00 m
• 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 Gold Target

The target is the bedrock source(s) of the large Knaften gold-in-till anomaly (“Knaften anomaly”), one of the largest in Sweden. The bedrock source is believed to be partially identified at Knaften 300, but based on the sheer size of the Knaften anomaly it is reasonable to expect more gold to be found in situ. Other gold-in-till anomalies in the region cover either current and past-producing gold mines or known gold resources, including the Barsele intrusive-hosted gold deposit (Agnico Eagle/Barsele JV with more than 2 million ounces of gold ⁽¹⁾) and the Boliden/Bjorkdal gold deposit area with more than 5 million ounces of gold produced ⁽²⁾.

Plans and On-Going Work

The Company is prioritizing targets with exploration work planned to re-start in Q2 2021. The work plan will include geophysics, drilling to test for structural extensions of Knaften 300 and initial scout drilling on the newly acquired permits which are essentially untouched. Drilling is also being planned at the Company’s Lappvattnet and Rormyrberget nickel deposits which collectively contain 177 million lbs of nickel based on new resource estimates tabled by Gungnir in 2020 (see news release dated November 25, 2020). Also of particular interest is grade and distribution of PGEs (platinum-palladium-gold) at Lappvattnet where Gungnir core sampling returned up to 50.91 g/t PGEs over 0.45 metres (see news release dated March 30, 2020).

Notes: (1) Barsele Minerals, February 21, 2019 Technical Report. Combined Pit and Underground Resources: Indicated 324,000 ozs Au @ 1.81 g/t Au + Inferred 2,086,000 ozs Au @ 2.54 g/t Au (based on 349 drill holes). (2) Swedish Geological Survey (SGU) and Mandalay Resources website site and Technical Report.

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. Gungnir’s key project, Knaften, 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. East of Knaften, the Company holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget. 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 releases includes, but is not limited to, statements with respect to: the belief of the bedrock source is partially identified at Knaften 300 and the expectation of more gold to be found in situ; Gungnir’s plans and on-going work; plans for future exploration and development of its properties and the timing thereof; 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 information is based on a number of key expectations and assumptions made by Gungnir, including, without limitation: 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; 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 these two news releases 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: no certainty that any economically viable mineral deposit will be located on Gungnir’s properties; that Gungnir may not be able to complete its work plans and exploration programs as anticipated or at all; the impacts of the COVID-19 pandemic on the Canadian and global economy, Gungnir’s industry and its business, which may negatively impact, and may continue to negatively impact, Gungnir and may materially adversely affect its investments, results of operations, financial condition and Gungnir’s ability to obtain additional equity or debt financing, and satisfy its financial obligations; general economic conditions; future growth potential; common share prices; liquidity; tax risk; tax laws currently in effect remaining unchanged; ability to access capital markets; environmental matters; changes in legislation or regulations; 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 and in Gungnir’s other news release disseminated as of today’s date 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.