DGAP-News

Gungnir Resources Inc.: Gungnir Drills 44.90 g/t Platinum Over 0.65 Metres, 13.65 Metres of 0.83% Nickel, 8.00 Metres of 1.03% Nickel, Peak Assay of 5.12% Nickel at Lappvattnet - Seite 3

The Company's recently completed 15-hole (1,300 metre) drill program at Lappvattnet tested the western part of the deposit with a series of tight-spaced holes to better define the geometry of the mineralized zone. Drilling covered a strike length of 140 metres which represents just 20% of the total strike length of the nickel deposit (sections 7.5E to 11E); please refer to map in Corporate Presentation on the Company's website. New drilling and assays are expected to be incorporated into future resource upgrades.

Drill hole LAP21-08 was drilled on Section 11E, holes LAP21-09 and -10 were drilled on Section 8.5E and LAP21-14 was drilled on Section 9.5E spanning a strike length of 100 metres. Hole LAP21-08 hit two narrow high-grade nickel intervals at both upper and lower contacts of a peridotite confirming the eastern continuation of the ultramafic intrusion and high-grade nickel in gap between historic holes LAP74212 and LAP74214B. Holes LAP21-09 and LAP21-10 were drilled on a section with no previous drilling. Here, nickel mineralization is hosted in both gneissic sedimentary rocks and peridotite. The new high-grade platinum intersection (44.90 g/t Pt over 0.65 metres) in hole LAP21-14 is located 60 metres east of the previous high of 39.00 g/t Pt over 0.45 metres from Gungnir sampling of historic hole LAP07-002 which also included 11.80 g/t palladium (see news release dated March 20, 2020). Partial assay results for hole LAP21-14 include PGE analysis for all samples from this hole (19 total) with Pt ranging from <0.01 to 44.90 g/t, <0.01 to 0.15 g/t for Pd and <0.01 to 0.48 g/t for Au; analyses pending for multi-elements including Ni, Cu and Co.

Hole LAP21-08 was drilled 73.8 metres at a dip of -75 degrees at location 1,741,620mE and 7,165,201mN, LAP21-09 was drilled 101.8 metres at a dip of -65 degrees and LAP21-10 was drilled 101.7 metres at a dip of -80 degrees both at location 1,741,530mE and 7,165,161mN, and LAP21-14 was drilled 101.7 metres at a dip of -60 degrees at location 1,741,571mE and 7,165,176mN. All co-ordinates above are in Swedish co-ordinate system RT90-2.5, and all holes were drilled at an azimuth of 340 degrees.

QA/QC:

Drill core was logged and tagged for sampling at the Company's core logging facility in Lycksele then shipped to ALS Minerals' Core Services Laboratory in Mala. Core was sawed on site in Mala by ALS staff and prepped sample material was sent to ALS's Lab in Ireland. Core was analyzed for multi-elements using code ME-MS41, Cu OG46 analysis for >10000 ppm Cu, NiOG46 analysis for >10000 ppm Ni, and Pt, Pd, and Au were analyzed using fire assay method PGM-ICP27. Blanks and certified standards are routinely included in sample batches for quality assurance and control. Results today are reportable analytical data from three separate workorders.