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

SURREY, BC / ACCESSWIRE / 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.