Gungnir Resources Inc. announced an impressive drill intercept of massive sulphides in drill hole LAP22-19 from continuing drilling at the Lappvattnet nickel deposit in northern Sweden. Notable massive sulphide intersection previously reported at Lappvattnet by the Company, include hole LAP21-02 which assayed 3.19% Ni over 4.25 metres within a 10.4-metre interval grading 1.51% Ni, and hole LAP21-05 which graded 2.62% Ni over 5.65 metres within a 14.0-metre interval grading 1.40% Ni. Hole LAP21-02 and LAP21-05 are located 320 and 280 metres west of hole LAP22-19, respectively.

Visually the best mineralization in drill hole LAP22-19 occurs in Box 9 consisting of massive, semi-massive, net-textured, veined, and disseminated sulphides. The mineralized zone extends from about 64 to 75 metres. Assays pending.

Hole LAP22-19 was drilled on Section 16E in the sparsely drilled central part of the Lappvattnet resource. It is part of the continuing, systematic drilling of the Lappvattnet nickel deposit with the goal of upgrading and expanding the existing resource with a focus on defining further high-grade nickel shoots. Hole LAP22-19 was drilled at an azimuth of 335 degrees at location 1,741,809mE and 7,165,274mN (RT90-2.5 co-ordinates).

The 195-metre-long hole was drilled at a dip of -75 degrees. See earlier news releases regarding above referenced high-grade nickel intersection in drill hole LAP21-02; August 31, 2021 (Gungnir Drills 7.38% Nickel Within 4.25 Metres Grading 3.19% Nickel) and drill hole LAP21-05; September 21, 2021 (Gungnir Drills 6.67% Nickel Within 5.65 Metres Grading 2.62% Nickel). Hole LAP21-02 was drilled on Section 8E and LAP21-05 was drilled on Section 9E.

Please also refer to the Company's most recent news release dated September 7, 2022 for Lappvattnet long section which includes reference section lines. Gungnir's nickel sulphide resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Company updated both resources which collectively total 177 million pounds of nickel.

The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities and are located about an hour drive from Boliden's mill complex. Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs (10.5 million kg) of nickel. Rormyrberget: Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs (70 million kg) of nickel.