Gungnir Resources Inc. announced one of the top drill intersections at the Company's Lappvattnet nickel deposit in northern Sweden. Results reported are partial results for hole LAP22-19 which was drilled in the central part of the Lappvattnet nickel resource. Please click link for accompanying figures including drill core photo with assay labels.

Drilling continues between sections 14E and 18E in the sparsely tested eastern two-thirds of the Lappvattnet deposit. It is part of systematic drilling at Lappvattnet with the goal of upgrading and expanding the existing resource and a focus on defining further high-grade nickel shoots. So far in 2022, the Company has drilled 28 holes for approximately 3,900 metres.

Assays are pending for the lower part of drill hole LAP22-19 and LAP22-10 onwards. Hole LAP22-19, drilled on section 16E, intersected the nickel zone at approximately 60 metres vertically below surface where it remains open at depth. Length reported is the core length; true width has not been determined due to the lack of information on the drill section.

New, preliminary interpretations suggest structural folding (fold hinges) may control the localization of thickened high-grade nickel shoots which may be the case for hole LAP22-19. Geological work continues. See previous news release dated September 15, 2022 for location and drill collar details for hole LAP22-19.

Also as reported on September 15, 2022, the Company has received final drilling approvals to the end of 2023 for up to 10,000 metres drilling. Drill core was logged and tagged for sampling at the Company's core logging facility in Lycksele, Sweden, then shipped to ALS Minerals' Core Services Laboratory in Mala, Sweden. 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, CuOG46 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, certified standards and duplicates are routinely included in sample batches for quality assurance and control. 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.