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Gungnir Drill Results Knaften 300 Gold Zone - 2017 to 2020 and Select Historic Highlights

Hole ID From (m) To (m) Length (m) Au (g/t)
KN20-01 55.90 59.50 3.60 0.49
including 57.50 58.50 1.00 1.10
  157.00 157.50 0.50 0.30
KN20-02 32.10 33.00 0.90 1.09
  111.00 115.90 4.90 0.94
including 115.50 115.90 0.40 4.26
  169.00 172.00 3.00 1.22
including 169.00 170.00 1.00 3.11
  175.00 177.00 2.00 0.42
KN20-03 43.50 44.00 0.50 0.24
  104.00 109.00 5.00 1.48
including 105.00 106.00 1.00 5.63
  175.00 176.10 1.10 2.06
  198.00 199.00 1.00 0.22
KN20-04 52.40 54.00 1.60 0.41
  96.00 100.00 4.00 0.26
  172.00 174.00 2.00 1.03
  227.00 228.50 1.50 1.41
  248.50 249.00 0.50 1.24
KN19-06 62.50 67.50 5.00 0.49
  138.75 143.00 4.25 14.07
including 142.00 143.00 1.00 59.60
  177.00 178.00 1.00 0.93
KN19-07 70.65 78.15 7.50 1.00
including 75.00 76.05 1.05 2.14
  182.00 182.65 0.65 0.81
  183.00 184.00 1.00 1.29
KN19-08 66.00 67.00 1.00 1.30
  67.00 67.70 0.70 0.94
  203.70 204.00 0.30 0.84
  204.00 205.00 1.00 2.02
KN19-09 95.00 96.00 1.00 1.08
  98.00 100.00 2.00 5.39
including 98.00 99.00 1.00 9.21
including 99.00 100.00 1.00 1.57
  242.10 243.00 0.90 4.94
KN19-10 57.00 57.25 0.25 2.90
  60.00 61.00 1.00 2.91
  162.00 163.00 1.00 1.54
KN18-01 84.70 95.65 10.95 1.35
  84.70 86.10 1.40 2.04
  89.55 90.55 1.00 4.01
  94.55 95.65 1.10 3.34
KN18-02 67.05 77.05 10.00 0.25
  83.00 87.50 4.50 0.21
KN18-03 57.05 63.60 6.55 0.45
  65.60 66.65 1.05 0.53
KN18-05       NSV
KN17-01 59.90 73.60 13.70 1.20
KN17-02 10.40 15.20 4.80 0.65
96009 # 67.05 77.80 10.75 3.45
200707 # 83.50 93.50 10.00 3.20
200707 # 81.50 94.50 13.00 2.92
200714 # 135.80 143.80 8.00 3.11
KNA01001 # 55.00 69.45 14.45 2.13
200710 # 190.50 197.20 6.70 2.01
200715 # 118.80 123.80 5.00 2.89
# results reported by previous operator    

Historic Drill Results Knaften 300 Gold Zone Area from 1995 to 2008

Hole_ID Easting (m) Northing (m) Azimuth/Dip Length (m) From (m) To (m) Length (m) Au (g/t)
200301 1634751 7150647 360/-90 80.3 64.05 73.05 9.00 0.70
200302 1634845 7150534 360/-90 79.4 71.80 75.80 4.00 0.33
200303 1634742 7150611 360/-90 74.9 55.10 60.10 5.00 0.24
200304 1634672 7150694 360/-90 77.6 55.45 62.45 7.00 0.46
200601 1634714 7150702 270/-65 167.6 64.50 73.50 9.00 1.14
200602 1634717 7150565 270/-65 152.4       NSV
200603 1634684 7150438 270/-65 190.4 47.00 52.40 5.40 0.89
200604 1634587 7150182 270/-45 200.1 79.10 82.60 3.50 0.99
200701 1634680 7150183 270/-45 200.1 96.30 108.70 12.40 0.51
200702 1634800 7150186 270/-55 202.0 134.65 135.65 1.00 0.80
200703 1634470 7150585 270/-55 105.3 21.50 22.50 1.00 0.50
200704 1634519 7150585 270/-55 84.1 27.20 32.30 5.10 0.22
200705 1634528 7150585 270/-55 154.0 29.40 29.60 0.20 3.30
200706 1634577 7150588 270/-55 201.3 47.15 48.15 1.00 1.64
200707 1634763 7150709 270/-55 220.2 83.50 93.50 10.00 3.20
200708 1634808 7150701 270/-55 218.3 93.10 96.10 3.00 1.01
200709 1634964 7150488 270/-55 211.9 93.40 94.40 1.00 0.59
200710 1634913 7150488 270/-55 209.4 190.50 197.20 6.70 2.01
200711 1635012 7150495 270/-55 140.0 89.80 92.80 3.00 0.98
200712 1634768 7150758 270/-55 134.5 85.55 86.55 1.00 0.74
200713 1634715 7150753 270/-55 200.3 73.80 74.50 0.70 0.70
200714 1634702 7150086 270/-55 160.0 135.80 143.80 8.00 3.11
200715 1634659 7150086 270/-55 150.0 118.80 123.80 5.00 2.89
200716 1634422 7150736 270/-55 161.3       NSV
200717 1634358 7150737 270/-55 148.7       NSV
200718 1634559 7150435 270/-55 148.8 16.75 20.75 4.00 1.80
200719 1634608 7150445 270/-55 140.3 14.50 17.50 3.00 3.42
200720 1634507 7150446 270/-55 139.0 22.50 24.50 2.00 0.64
200801 1634706 7150087 270/-55 200.5 no assays reported      
200802 1634704 7150087 270/-55 167.4 no assays reported      
200803 1634613 7150040 270/-55 159.2 no assays reported      
200804 1634660 7150042 270/-55 169.0 68.00 69.00 1.00 0.68
200805 1634661 7150139 270/-55 149.3 89.20 90.20 1.00 1.14
200806 1634612 7150140 270/-55 122.6 62.00 63.00 1.00 1.48
200807 1634613 7150390 270/-55 116.3 34.00 35.00 1.00 1.58
200808 1634559 7150384 270/-55 101.4 35.35 41.20 5.85 0.48
200809 1634552 7150336 270/-55 101.4 28.35 42.20 13.85 0.46
200810 1634521 7150340 270/-55 92.2 19.20 20.20 1.00 3.21
200811 1634610 7150343 270/-55 94.8 49.35 55.35 6.00 1.64
200812 1634861 7150464 270/-55 203.3 163.20 173.45 10.25 1.13
200813 1634811 7150464 270/-55 221.5 77.15 78.15 1.00 5.56
200814 1634689 7150239 270/-55 108.2 18.30 19.15 0.85 1.44
200815 1634639 7150239 270/-55 100.0 35.95 36.95 1.00 0.32
95001 1634927 7150436 320/-50 134.8 84.57 84.79 0.22 7.79
95002 1634835 7150545 320/-40 138.3 79.30 93.96 14.66 0.35
95003 1634745 7150652 320/-50 55.5 no assays reported      
95004 1634709 7150384 320/-45 139.1 66.86 69.44 2.58 0.37
95005 1634680 7150419 320/-45 120.0 26.45 29.03 2.58 0.58
95006 1634655 7150449 320/-45 101.4 no assays reported      
95007 1634629 7150480 320/-45 57.4 no assays reported      
95008 1634716 7150688 320/-45 152.0 75.75 82.99 7.24 1.29
96008 1634474 7151039 095/-45 300.1 no assays reported      
96009 1634719 7150684 320/-70 150.0 67.05 77.80 10.75 3.45
KNA01001 1634701 7150668 320/-70 91.0 55.00 69.45 14.45 2.13
KNA01002 1634740 7150698 320/-70 101.0 77.78 80.00 2.22 1.98
KNA01003 1634733 7150630 320/-70 87.0 60.00 68.00 8.00 0.64
KNARC001 1634802 7150516 232/-65 150.4 66.00 67.00 1.00 0.87
KNARC002 1634872 7150577 230/-70 150.4 75.00 76.00 1.00 0.44
co-ordinates in RT90 standard

Rodingtrask Drill Results (2018 and 2019)

The first hole testing a large electromagnetic conductor from a survey completed by Gungnir encountered 120 metres of mineralization hosted in a black conglomerate (likely debris flow). Discovery hole KN18-07 demonstrated widespread anomalous Zn, Cu and Ag across the entire mineralized conglomerate; grading 0.24% ZnEq over 120.50 metres, including 0.35% ZnEq over 28.2 metres at its base.

Long core intervals of base metal-enrichment were received in the final holes at the Rodingtrask target. Results show strongly elevated VMS metals (> 500 ppm Zn + Cu) in 70% of drill core sampled (as reference, this compares to less than 15% of samples showing these levels in the Company’s prospecting programs in the Knaften region). The strongest sulphide mineralization occurs with silicified rock below a prominent marker “exhalite” horizon at the base of the host argillaceous conglomerate (“conglomerate”). Anomalous gold was returned in strongly altered mafic volcanics near the end of hole KN18-10.

Hole KN18-10: intersected 120 metres of mineralized conglomerate including 28.5m @ 0.44% ZnEq from 109.5 to 139.0m at its base, and 0.2 g/t Au over 4.05m starting at 207.65m including 0.88 g/t Au over 0.6m in the footwall.

Hole KN18-09: intersected 230 metres of mineralized conglomerate including 21.2m @ 0.43% ZnEq from 171.3 to 192.5m at its base.

Hole KN18-08: hole was drilled down-dip and stopped at a depth of 87m but did hit interweaving conglomerate-hosted sulphide mineralization over 25 metres including 587 ppm (Zn + Cu) over 10.2m. This hole is estimated to be about 100 metres stratigraphically above the marker horizon hit in holes 7 (previously reported), 9 and 10.

In 2019, five additional holes were completed. Holes KN19-01 to -05, all encountered variably anomalous base metals.

To date, Gungnir has completed just nine holes in this large area of the property, and the Company is now in a position where it can start utilizing drill results (for metal vectors) to tighten the search area for a potential massive sulphide deposit at Rodingtrask.

The Company continues to review follow-up strategies for further evaluation of this target.

Nickel-Copper Discovery Drill Results (2017 and 2018)

Drill discovery of new, highly anomalous copper-nickel sulphides hosted in layered gabbro; up to 0.53% combined Cu+Ni in assays and high Cu tenor. KN17-05 drilled 212 metres of layered gabbro (its entire length) hosting three separate magmatic sulphide mineralized sections ranging from 0.3 to 6 metres consisting of variably disseminated, net-textured and blebby pyrrhotite with chalcopyrite. Tenors for individual samples ranged from 0.79 to 14.14% Cu and 0.54 to 2.06% Ni in 100% sulphide.

Hole KN18-06 followed-up last year’s discovery of Cu-Ni bearing sulphides. KN18-06 drilled mainly gabbroic rocks, cutting a magmatic sulphide interval assaying 0.38% CuEq over a core length of 14.35m.

The Company continues to review follow-up strategies for further evaluation of this target.

Analytical Methods and QA/QC

All 2017-2020 results have been disclosed in Gungnir Resources news releases. Samples were tested at ALS Laboratories in Galway, Ireland. Cutting of drill core and sample preparation was completed by ALS in Mala Sweden. A 51-element package (ultra trace level method ME-MS41) by Aqua Regia and ICP-AES/ICP-MS was employed and method Au-ICP21, a 30-gram fire assay with ICP-AES finish, was used for gold analysis. Control samples (accredited gold standards and blanks) were inserted into the sample sequence on a regular basis to monitor precision of results. All results above are core lengths and may not represent the true width of the mineralization.

All intersections in the above tables are core lengths.

The technical information above has been prepared and approved by Jari Paakki, P.Geo., CEO and a director of the Company. Mr. Paakki is a Qualified Person under National Instrument 43-101.

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