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Gungnir Resources Reports More Gold at Knaften

Surrey, BC – November 5, 2019 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to report final results of the 2019 drill program at its Knaften project in northern Sweden. Results from holes KN19-08, -09 and -10 continue to demonstrate continuity of two gold zones at Knaften (Knaften 300 Gold Zone) and further discovery potential. New assays include an upper zone intercept of 5.39 g/t Au over 2 metres (includes 9.21 g/t Au over 1 metre) and 4.94 g/t Au over 0.90 metres in the lower zone in hole KN19-09. Please see Figure 1.

Jari Paakki, Gungnir’s CEO, "We were five-for-five with our drilling this year testing a new structural model at the Knaften 300 Gold Zone. Each of the five holes cut two mineralized zones including discovery of a new lower zone with high-grade gold (59.60 g/t Au). With our recently received cash payment of $1 million we are in good financial shape and plan to continue drilling at Knaften in 2020.”

Knaften 300 Gold Zone
Knaften 300 consists of two sub-parallel gold zones (Upper and new Lower Zone) hosted within disseminated arsenopyrite mineralization. The shallow-dipping zones extend down-dip for close to 250 metres to the east, beyond historic drilling, and are open for expansion. With a working thrust-fault model, there is a possibility of additional stacked zones (mineralized thrust faults) at depth. Further out, areas to the north, south and west of Knaften 300 also remain untested.

2019 Knaften 300 Gold Zone Results

Hole ID Zone From (m) To (m) Length (m) Au (g/t)
KN19-08 Upper 66.00 67.00 1.00 1.30
    67.00 67.70 0.70 0.94
  Lower 203.70 204.00 0.30 0.84
    204.00 205.00 1.00 2.02
KN19-09 Upper 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
  Lower 242.10 243.00 0.90 4.94
KN19-10 Upper 57.00 57.25 0.25 2.90
    60.00 61.00 1.00 2.91
  Lower 162.00 163.00 1.00 1.54
KN19-06 * Upper 62.50 67.50 5.00 0.49
  Lower 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 * Upper 70.65 78.15 7.50 1.00
  including 75.00 76.05 1.05 2.14
  Lower 182.00 182.65 0.65 0.81
    183.00 184.00 1.00 1.29

* Previously reported; see news release dated October 2, 2019.
All intersections are estimated to be about 80-90% of core lengths reported.

Analyses and QA/QC
All samples referred to in this release 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. Over-limit gold (>10 g/t) employed method Au-GRAV21, a 30-gram fire assay (FA-GRAV finish). Control samples (accredited gold standards and blanks) were inserted into the sample sequence on a regular basis to monitor precision of results.

The technical information in this news release 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.

About Gungnir Resources
Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal permits in northern Sweden. The Company’s key project, Knaften, hosts high-grade gold, VMS (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

On behalf of the Board,
Jari Paakki, CEO and Director

For further information contact:
Head Office/Investor Relations
Phone: +1-604-683-0484

Jari Paakki, CEO
Email: jpaakki@eastlink.ca

Chris Robbins, CFO
Email: robbinscr@shaw.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Gungnir’s plan for future exploration and development of its properties, Gungnir’s plan for future disclosure relating to exploration and development of its properties, receipt of the remaining consideration and the completion of the transaction within the timelines set out above or at all. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the properties, that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs or that the transaction will complete as anticipated. Accordingly, undue reliance should not be placed on forward-looking statements or information. Gungnir does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.

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