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Gungnir drills 6.10 meters of 2.47% nickel and reaches a zone 100 meters below the Lappvattnet nickel resource

The high-grade central core of the Main Zone shows good continuity, including a new intercept of 6.10 meters of 2.47% Ni, including 0.55 meters of 7.36% Ni in hole LAP23-01, along with several of Gungnir's high-grade nickel results 2021/22

Surrey, BC, September 29, 2023 - Gungnir Resources Inc. (TSX-V:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to report 2023 drilling results from the deposit Company's Lappvattnet high-grade nickel mill in northern Sweden. Drilling continued to define and expand the boundaries of both the Main Zone and the recently discovered Footwall Zone.

Highlights:

o Interception of the main zone 100 meters below the current nickel resource.

o Intersections in the footwall area of ​​up to 16.9 meters of 0.56% Ni.

o A very shallow subsidence is indicated to the east with a total potential extension of approximately 1.5 kilometers.

o The sparsely drilled eastern half of the property offers shallow to moderate depth prospecting potential.

o An extended multi-year drilling permit will be submitted.

"This round of drilling successfully met our 2023 targets and shows considerable potential to expand the deposit beyond Lappvattnet's current nickel resources by 2020, particularly the shallow downstream extension target in the eastern half of property, where historical drilling is very scarce. Our recently discovered Footwall Zone offers further growth potential at Lappvattnet. Significant drilling will be required to further advance and define this high-grade nickel sulfide deposit," commented Jari Paakki, Director Delegate.

The 2023 program at Lappvattnet consisted of eight holes drilled in three profiles (Sections 13E, 16E and 19E) for a total of 1,910 meters; see attached long section and results table below. Gungnir has now drilled 53 holes for 7,345 meters in three rounds at Lappvattnet from 2021 to 2023.

The Main Zone was cut in five holes with the deepest intercept at hole LAP23-08 located in section 19E approximately 100 meters below the current nickel resource with mineralization hosted in a thicker peridotite unit similar to the western part of the Deposit. Drillhole LAP23-01 further refined the high-grade central core of the Main Zone (>5% Ni; pink in accompanying long section) which appears to dip very shallowly to the east. The LAP23-02, -03 and -07 surveys defined the continuity of the main zone. Three boreholes, LAP23-04, -05 and -06, contributed to defining the upper and lower limits and the subsidence of the main zone. The main zone, in drilled sections, has a steep southward inclination of -70 to -80o and a total strike potential of approximately 1.5 km to the eastern boundary of the property. The eastern half of the property is sparsely drilled, with most of the historic holes exceeding the new refined target, and some holes drilled too deep and/or too short.

The subparallel zone of the footwall is located about 25 to 75 meters into the structural footwall, or north of the main zone from section 13E (apparent western boundary). It was found in three drillings. Footwall intercepts include 16.9 meters of 0.56% Ni (hole LAP23-02) and highly anomalous Ni mineralization in holes LAP23-05 and LAP23-08 (with individual assays up to 0.62 % Ni) up to 175 meters below the current resource block. In all three drillholes, nickel is found in sulfide-mineralized peridotite units and on their margins. The footwall zone is open in depth and possibly downward, sharing a similar structural trend with the main zone.

In addition to incorporating 2023 drilling data into the company's 3D model, next steps will also include field/data reviews on the eastern portion of the property prior to the next phase of work. The company plans to submit a multi-year extension of the drilling permit, which will include possible geophysical study plans. The company also plans to evaluate metallurgical testing options. At the same time as Lappvattnet's field testing, scheduled for October, management will examine drill cores from four short exploratory holes the company drilled on its Hemberget property.

For more information: www.gungnirresources.com or www.sedar.com.

Contact Contact name: Head Office/Investor Relations Contact description: Gungnir Contact phone: 1-604-683-0484