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RELEASE: Gungnir resumes drilling at Lappvattnet high-grade nickel project, Sweden

The current two-year drilling permit at Lappvattnet is valid until the end of this year, with the possibility of further drilling upon submission of a new work plan.

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RELEASE: Gungnir resumes drilling at Lappvattnet high-grade nickel project, Sweden

The current two-year drilling permit at Lappvattnet is valid until the end of this year, with the possibility of further drilling upon submission of a new work plan.

Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to announce that drilling will commence this week at the Company's Lappvattnet high-grade nickel project in the north from Sweden. Drilling will continue to focus on upgrading and possible expansion of the Lappvattnet nickel deposit, specifically focusing on: (a) the shallow, downstream extension of the main nickel zone; (b) additional thickened high-grade nickel shoots within the eastern half of the existing inferred resources; and (c) the grade and continuity of the recently discovered lower wall zone."Drilling at Lappvattnet continues to produce high grade nickel sulphides, possibly with some of the highest grade nickel drill intercepts on record 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 wells with individual assays greater than 5% Ni, with a maximum assay of 7.38% We plan to build on these successes further," said Jari Paakki, CEO. In 2022, the Company drilled 30 holes for a total of 4,240 meters and 15 holes for 1,300 meters in 2021. The 45 wells were drilled in the western half of the property, covering a length of 450 meters with nickel intercept points (main nickel zone) at a vertical depth of about 100 meters. The total number of meters of drilling in 2023 will be based on continuity of results positive results and access to planned drilling sites. This winter's heavier-than-normal snowfall and subsequent snowmelt may cause prolonged wet conditions in the eastern parts of the planned drilling area. The Company is actively monitoring spring thaw and ground conditions. Please refer to the Gungnir nickel projects slideshow on the Company's website for maps, drill core photos, mining results tables, Assays and 3D modeling snapshots (link below): https://gungnirresources.com/_resources/pdfs/Sweden-Nickel-Projects.pdf?v=0.890 Gungnir's nickel resources in Sweden currently amount to 177 million pounds (80.5 million kg) Nickel:• Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million pounds (10.5 million kg) Nickel.• Rormyrberget: Inferred resource of 36,800,000 tonnes grading 0.19% nickel for 154 million pounds (70 million kg) of nickel. NI 43-101 technical report entitled "TECHNICAL REPORT on the LAPPVATTNET and RORMYRBERGET DEPOSITS, NORTHERN SWEDEN" has been produced by Reddick Consulting Inc. Qualified Individuals are John Reddick, M.Sc., P.Geo., and Thomas Lindholm, M.Sc., Fellow AusIMM. The effective date is November 17, 2020. All lengths listed are witness lengths; the actual width has not been determined. The technical information in this press release has been prepared, verified and approved by Jari Paakki, P.Geo., CEO and Director of the company. Mr. Paakki is a Qualified Person under National Instrument 43-101. About Gungnir Resources Gungnir Resources Inc. is a TSX-V listed Canadian mineral exploration company (GUG: TSX-V, ASWRF: OTCPK) with projects for gold and base metals in northern Sweden. Gungnir's assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with up-to-date nickel resources, and the Knaften project, which hosts an intrusion-hosted gold system under development, as well as VMS (zinc -copper) and copper-nickel, all open to expansion and new discoveries. The company has also recently added to its portfolio of Swedish properties Hemberget, which encompasses an 11 km long gabbro-ultramafic intrusion, a new copper-nickel target. For more information about the company and its properties, visit www.gungnirresources.com or www.sedar.com.

Contact Contact name: Head Office/Investor Relations Contact description: Head Office/Investor Relations Contact telephone number: 1-604-683-0484