Surrey BC – November 14, 2018 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) reports on final results of the 2018 drill program at its Rodingtrask volcanogenic massive sulphide (VMS) target on the Knaften project in northern Sweden. The Company has also posted a new, updated corporate presentation highlighting back-to-back target discoveries by Gungnir in 2017 and 2018, and up-graded potential at Knaften; see “Gungnir Presentation Q4 2018”.

Jari Paakki Gungnir’s CEO commented, “At Rodingtrask, final drill results received continue to demonstrate that we have encountered a large hydrothermal VMS system. With the right characteristics for deposit discovery, additional drilling is clearly warranted on this brand-new target. We are in the halo (or edge) of this mineralized system, and the goal now is to get into the core of it to test for higher grade massive sulphides.”

“We have had successful drill programs with back-to-back new discoveries in 2017 and 2018 at Knaften, and in fact, these were the Company’s first two drill programs it has conducted Sweden. The new discovery targets (Rodingtrask VMS and a Cu-Ni target) add significant up-side to previously gold-only Knaften project, and now we have multiple opportunities at deposit discovery by way of multiple targets and metals. All three targets on Knaften are wide-open for expansion and further discovery”, continued Mr. Paakki.

Long core intervals of base metal-enrichment were received in the final holes at the Rodingtrask target. Results show strongly elevated VMS metals (> 500 ppm Zn + Cu) in 70% of drill core sampled (as reference, this compares to less than 15% of samples showing these levels in the Company’s prospecting programs in the Knaften region). The strongest sulphide mineralization occurs with silicified rock below a prominent marker “exhalite” horizon at the base of the host argillaceous conglomerate (“conglomerate”). Anomalous gold was returned in strongly altered mafic volcanics near the end of hole KN18-10.

Hole KN18-10: intersected 120 metres of mineralized conglomerate including 28.5m @ 0.44% ZnEq from 109.5 to 139.0m at its base, and 0.2 g/t Au over 4.05m starting at 207.65m including 0.88 g/t Au over 0.6m in the footwall.

Hole KN18-09: intersected 230 metres of mineralized conglomerate including 21.2m @ 0.43% ZnEq from 171.3 to 192.5m at its base.

Hole KN18-08: hole was drilled down-dip and stopped at a depth of 87m but did hit interweaving conglomerate-hosted sulphide mineralization over 25 metres including 587 ppm (Zn + Cu) over 10.2m. This hole is estimated to be about 100 metres stratigraphically above the marker horizon hit in holes 7 (previously reported), 9 and 10.

NOTE: “ZnEq” (Zinc Equivalent) is provided here for illustrative purposes only to show metal enrichment.

Drill hole locations are shown in the Company’s Q4 presentation. In 2018, the Company completed ten holes (five holes in the Knaften 300 Gold Zone, four holes at the Rodingtrask discovery, and one hole into the new Cu-Ni target discovered by Gungnir in 2017) for a total of 2,028 metres. A total of 665 samples were submitted for assay.

All samples referred to in this release were tested at ALS Laboratories in Galway, Ireland. Cutting of drill core and sample preparation was completed by ALS in Mala Sweden. A 51-element package (ultra trace level method ME-MS41) by Aqua Regia and ICP-AES/ICP-MS was employed and method Au-ICP21, a 30-gram fire assay with ICP-AES finish, was used for gold analysis. Control samples (accredited gold standards and blanks) were inserted into the sample sequence on a regular basis to monitor precision of results. All results above are core lengths and may not represent the true width of the mineralization.

“ZnEq” (Zinc Equivalent) has been used to express the combined value of zinc, copper, silver and gold as a percentage of zinc, and is provided for illustrative purposes only. Nickel has been included in this calculation and may reflect contributions from a gabbroic intrusion, the likely heat-source responsible for mineralization at Rodingtrask. Calculations use metal prices of $1.15/lb zinc, $2.80/lb copper, $14.50/oz silver, $5.25/lb nickel, $1,200/oz Au and using the formula:

ZnEq% = ((%Zn)(22.0462)(US$lbZn) + (%Cu)(22.0462)(US$lbCu) + (%Ni)(22.0462)(US$ibNi) + (gptAg)(1/31.1035)(US$ozAg) +(gptAu)(1/31.1035)(US$ozAu)) / ((22.0462)(US$lbZn))

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 with a large portion of it focused on Cu-Zn-Pb-Ag-Au massive sulphides.

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 VMS base metal mines. The Company’s key project, Knaften (includes new Rodingtrask target and a separate copper-nickel target), 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 VMS-gold (Agnico Eagle and Barsele Minerals). The Company additionally 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:
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 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.