Gungnir Resources Inc. reported further assays from drilling at the Lappvattnet nickel deposit in northern Sweden. Results are for three drill holes, LAP22-06B, -08 and -09. To date in 2022, the Company has drilled a total of approximately 2,800 metres in 18 holes with further results to follow from drill hole LAP22-10 onward.

Results are from 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. Drilling has now progressed to the sparsely drilled eastern two-thirds of the deposit where the resource is based on just thirteen drill intercepts, six of which contain individual assays of greater than 5% Ni. The company's current drilling in this area to date includes holes LAP22-16 to -19 which are currently being logged and prepped for cutting.

Holes LAP22-12 to LAP22-15 tested the Lappvattnet north target. Hole LAP22-11 was not drilled. All assays are pending.

Holes LAP-06B, -08 and -09 were drilled between Sections 10E and 12E to define part of the upper contact of the main peridotite body, the key source rock for nickel. Peridotite was intersected in two of the three holes, LAP22-6B (1.6 metre core length) and LAP22-08 (6 metre core length), the latter of which produced the wider nickel interval of 9.8 metres grading 0.82% Ni. Nickel intersections of 3.3 metres of 2.14% Ni and 2.45 metres of 1.87% Ni in holes LAP22-06B and LAP22-08, respectively, occur at the upper contact of the peridotite.

The high-grade silver of 349 g/t Ag including 0.48% Ni over 1.72 metres in hole LAP22-09 was intersected immediately before a massive sulphide interval which graded 5.15% Ni over 0.73 metres, both within sedimentary gneisses. All nickel intersections are within 80 metres vertically below surface. The Company also reports that it has received final drilling approvals to the end of 2023 for up to 10,000 metres.

Drill core was logged and tagged for sampling at the Company's core logging facility in Lycksele then shipped to ALS Minerals' Core Services Laboratory in Mala. 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.