Gungnir Resumes Drilling at High-Grade Lappvattnet Nickel Project, Sweden

SURREY, May 8, 2023 - Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to announce that drilling will start this week at the Company's Lappvattnet high-grade nickel project in northern Sweden. Drilling will continue to focus on upgrading and potentially expanding the Lappvattnet nickel deposit, specifically targeting: (a) the eastern, shallow down-plunge extension of the main nickel zone; (b) additional, thickened high-grade nickel shoots within the eastern half of the existing inferred resource; and (c) grade and continuity of the newly discovered footwall zone.

"Drilling at Lappvattnet continues to deliver high-grade nickel sulphides with possibly some of the highest-grade nickel drill intersections recorded in Sweden. We had an 80% hit-rate with our drilling in 2021 and 2022 which returned numerous, impressive near-surface nickel intersections including twelve holes with individual assays greater than 5% Ni with a peak assay of 7.38% Ni. We plan to build on these successes moving forward," commented Jari Paakki, CEO.

Highlight drill results from 2021/22:

• 10.4 m @ 1.51% Ni including 4.25 m @ 3.19% Ni (ddh LAP21-02, from 45 m)
• 14.0 m @ 1.40% Ni including 5.65 m @ 2.62% Ni (ddh LAP21-05, from 60 m)
• 10.0 m @ 1.74% Ni (ddh LAP21-13, from 21 m)
• 36.0 m @ 0.93% Ni (ddh LAP21-04, from 49 m)
• 9.0 m @ 2.35% Ni including 5.66 m @ 3.02% Ni (ddh LAP22-19, from 66 m)
• 18.28 m @ 1.49% Ni including 5.76 m @ 4.04% Ni (ddh LAP22-25, from 58 m)

In 2022, the Company drilled 30 holes for a total of 4,240 metres and 15 holes for 1,300 metres in 2021. The 45 holes were drilled in the western half of the property covering a strike length of 450 metres with nickel intercept points (main nickel zone) to a vertical depth of about 100 metres.

The current two-year drill permit at Lappvattnet is valid to the end of this year with further drilling possible with a new work plan submission. The total amount of drill metres in 2023 will be based on continuing positive results and access to planned drill sites. Heavier than normal snowfall this winter and subsequent melt may result in prolonged wet conditions in the eastern parts of the planned drill area. The Company is actively monitoring spring thaw and ground conditions.

Please refer to Gungnir's nickel projects slide deck on the Company's website for maps, drill core photos, assay results tables and 3D modelling snap shots (link below):

https://gungnirresources.com/_resources/pdfs/Sweden-Nickel-Projects.pdf?v=0.890

Gungnir's nickel resources in Sweden currently total 177 million pounds (80.5 million kg) of nickel:

• Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs (10.5 million kg) of nickel.
• Rormyrberget: Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs (70 million kg) of nickel.

The NI 43-101 Technical Report entitled "TECHNICAL REPORT on the LAPPVATTNET and RORMYRBERGET DEPOSITS, NORTHERN SWEDEN" was prepared by Reddick Consulting Inc. Qualified Persons are John Reddick, M.Sc., P.Geo., and Thomas Lindholm, M.Sc., Fellow AusIMM. The Effective Date is November 17, 2020.

All lengths noted above are core length; true width has not been determined. The technical information in this news release has been prepared, verified 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, ASWRF: OTCPK) with gold and base metal projects in northern Sweden. Gungnir's assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and 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. The Company has also recently added the Hemberget property to its Swedish property portfolio which covers an 11 km long gabbro-ultramafic intrusion, a greenfield copper-nickel target. 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
Email: corporatecommunications@gungnirresources.com

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 release includes, but is not limited to, statements with respect to: drilling at Lappvattnet has delivered possibly some of the highest-grade nickel intersections recorded in Sweden, which is based on readily available information and current knowledge of nickel projects in Sweden; planned drilling and expected targets; expectations of future resource upgrades and that new drilling and assays will be incorporated into any resource upgrade or expansion; extent of drilling and quantity of drilling holes; planned exploration program including anticipated drilling and the timing thereof; and Gungnir's plan for development of its properties and the timing thereof.

Forward-looking information is based on a number of key expectations and assumptions made by Gungnir, including, without limitation: expectations of expanding and defining the existing resources are reasonable and possible; access to the resource will remain available; transportation and infrastructure will remain available as anticipated; 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; Gungnir will be able to access capital markets on and successfully complete financings on terms it determines to be reasonable; 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 this news release 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 planned geophysics and drilling as anticipated; the impacts of the COVID-19 pandemic; the impacts of war and/or other international conflicts; ability to access capital markets and complete successful financings on terms Gungnir determines to be reasonable; environmental matters; changes in legislation or regulations; receipt of required licenses, permits and approvals; 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 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.

SOURCE: Gungnir Resources Inc.