Gungnir To Re-Evaluate Potential of its Nickel-Copper-Cobalt Assets in Sweden; Geophysics Underway

Vancouver – November 28, 2017 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCBB) (“Gungnir” or the “Company”) is commencing a thorough review of its nickel-copper assets in Sweden following the Company’s drill-discovery of layered gabbro with nickel-copper bearing sulphides at its Knaften property this fall. The Company has commenced a ground geophysical survey at its Lappvattnet and Rormyrberget permits located east of Knaften, and plans to re-sample selective archived drill core and 3D-model the mineralized zones in advance of planning future work.

“Now that we have nickel-copper mineralization on a third property in northern Sweden, the Company is taking a fresh look at its two staked nickel deposits, Lappvattnet and Rormyrberget, which collectively contain over 70 million pounds of nickel, 10 million pounds of copper and 2 million pounds of cobalt in historic resources. Within both deposits, very good nickel drill intersections are reported including 5 metres of 3.21% Ni + 4.28 g/t TPM (Total Precious Metals, Pt+Pd+Au) at Lappvattnet and 12.5 metres of 2.63% Ni at Rormyrberget. With additional value-added TPM’s reported, and several previous drill holes not assayed for Pt, Pd or Au, sampling of archived drill core, planned during the upcoming winter months, will include TPM assays. On the geophysical side, we have a crew on the ground today commencing a detailed magnetics survey on both Lappvattnet and Rormyrberget in order to get our own initial data for deposit modelling purposes, and to evaluate potential deposit extensions and undrilled magnetic anomalies which could be related to pyrrhotite (magnetic Fe-sulphide), the key host to the nickel-copper sulphides “, commented Gungnir’s CEO, Jari Paakki.

“Our focus in Sweden remains gold, but with a base metal slant. At Knaften we have both gold and now promising drill targets for nickel-copper mineralization. Finding a decent nickel-copper deposit at Knaften could bode well for regional synergies with Lappvattnet and Rormyrberget”, continued Mr. Paakki.

Highlights of Previous Drill Intersections (Note 1):

TPM: Total Precious Metals (Pt+Pd+Au); NR: precious metals not assayed/reported (see Note 1); LAP=Lappvattnet, ROR=Rormyrberget. Gungnir believes previous assays are credible; however, the Company has not confirmed these results with its own sampling.

Historical Estimates and Contained Metal (Note 2):

A qualified person for Gungnir Resources has not done sufficient work to classify the historical estimates (in 2009 RCI report; see Note 2) as current resources and Gungnir is not treating the historical estimates as current mineral resources.

Mr. Jari Paakki, M.Sc., P.Geo., is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Paakki prepared the technical information contained in this news release and has approved its disclosure.

Notes:

1. From Blackstone Ventures Inc. news releases dated May 8, 2007 and June 23, 2008, SGU files/archived drill core and tables of historic drill hole intersections in RCI report.

2. The historical estimates are based on an NI 43-101 report entitled "TECHNICAL REPORT ON RESOURCE ESTIMATES FOR THE LAINEJAUR, LAPPVATTNET AND RORMYRBERGET “ROR” DEPOSITS, NORTHERN SWEDEN”, prepared for Blackstone Ventures Inc. by Reddick Consulting Inc. (RCI), effective May 5, 2009 and filed on SEDAR on June 16, 2009 (“RCI report”). These historical estimates cannot be fully verified, and are only referred to in this news release as an indication of previously defined nickel mineralization. Gungnir has not taken steps to identify what work needs to be done to upgrade or verify the historical estimates as current mineral resources or mineral reserves. 

In the RCI report, historical resource estimates at Lappvattnet were estimated using a US$100 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt. At Rormyrberget historical resources were estimated using a US$40 gross metal value (GMV) cut off using the same metal prices. At the Lappvattnet deposit RCI estimated the historical mineral resources using polygonal estimation methods whereas the historical mineral resources at the Rormyrberget deposit were estimated by RCI using by 3D computer block modelling and an Ordinary Kriging (OK) grade interpolation method. Historical mineral resources are not current mineral resources or mineral reserves and do not have any demonstrated economic viability. The estimate of the RCI historical mineral resources may be materially affected by commodity prices, environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. The quantity and grade of reported historical resources in the RCI estimation are uncertain in nature and there has been insufficient exploration to define these historical resources as current mineral resources and it is uncertain if further exploration will result in upgrading them to current mineral resources or mineral reserves. The RCI historical mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005. Further work recommended by RCI includes: metallurgical testing, undertaking a survey to obtain baseline environmental data, re-sampling of archived drill core and continued deposit definition drilling. 

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 base metal mines. The Company’s key gold project, Knaften, 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 (Agnico Eagle and Barsele Minerals). The Company also has permits covering two nickel deposits in Sweden, Lappvattnet and Rormyrberget which collectively host 70 million pounds of nickel in historical resources (see NR dated February 24, 2015). Gungnir additionally holds a $5,000,000 royalty stream and received the first annual payment of $1,000,000 on May 2, 2017. The next annual payment of $1,000,000 is due on April 30, 2018. 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:
Jari Paakki, CEO
Tel: 705-507-4470
jpaakki@eastlink.ca

Chris Robbins, CFO
Tel: 604-683-0484
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.