Gungnir Continues to Advance Knaften Gold Target

Aug 3, 2021

Surrey, BC – August 3, 2021 – Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to provide an update on drilling and geophysics completed at the Company’s Knaften gold target in Sweden.

Jari Paakki, CEO commented, “Our exploration work continues to advance the large, Knaften intrusion-hosted gold target which has potential for broad zones of disseminated style gold mineralization, as well as high-grade gold. Not only have we recently outlined significant IP targets in the southern unexplored half of the intrusion, our current drilling along the northern edge of it continued to expand zones of disseminated arsenopyrite, a key indicator of gold at Knaften. Prior drill results in this area include 3.45 g/t Au over 10.75 metres and 59.6 g/t Au over 1.00 metre. In addition to progressing Knaften, we will soon be commencing drilling and geophysics at our nickel projects in Sweden and expect to deliver news updates well into the second half of 2021.”

2021 Drilling:

Three, 100 metre step-out holes were drilled east, south and north of the Knaften 300 Gold Zone (“Knaften 300”) totaling 700 metres at the northern edge of the 4 x 5 km host quartz diorite intrusion. All three holes intersected zones of disseminated arsenopyrite, with the most abundant mineralization encountered in hole KN21-03, the furthest north hole drilled at Knaften 300. Hole KN21-03, a 250-metre hole, cut three separate zones of disseminated arsenopyrite with the widest zone over a core length of 12 metres. Assays are pending.

IP Geophysics Update:

In addition to IP (Induced Polarization) geophysical survey results reported on July 7, 2021 in the southern unexplored part of the Knaften project (acquired in January 2021), the Company reports that it has received final survey results which includes additional survey lines and a new IP anomaly in the southwestern part of survey block “B”. This anomaly is located approximately one kilometre west of the largest and strongest IP anomaly in the survey (measuring 1,200 metres by at least 700 metres with IP values up to 40 mV/V). In all, four IP anomalies were identified and all are open-ended. As gold mineralization at Knaften is associated with disseminated sulphide minerals (arsenopyrite), IP is a valuable tool to generate drill targets. As a first step, the Company is planning prospecting in the areas of the new IP anomalies.

Drilling Highlights at Knaften 300 from Gungnir and Previous Operators:

  • 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

Logged drill core is currently being shipped from the Company’s core logging facility in Lycksele (near the Knaften project) to ALS’s laboratory in Mala, Sweden for cutting and sample prep before being shipped for analyses to ALS in Ireland. A total of 119 samples, including certified reference material and blanks, will be assayed for Au and analyzed by a multi-element ICP package.

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 projects in northern Sweden. Gungnir’s assets include the Knaften project 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, with updated nickel resources. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

Regards,

Chris Robbins

CFO

Gungnir Resources Inc.

Tel: 604.683.0484

Fax: 604.683.7497

http://www.gungnirresources.com/

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