Gungnir Continues to Advance Knaften Gold Target

SURREY, BC / ACCESSWIRE / August 3, 2021 / Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to provide an update on drilling and geophysics completed at the Company's Knaften gold target in Sweden. Please click this link for map (see map).

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.