SURREY, BC / ACCESSWIRE / July 31, 2020 / Gungnir Resources Inc. (TSX-V:GUG)(OTC PINK:ASWRF) ('Gungnir' or the 'Company') is pleased to share a new 'video' produced by InvestmentPitch Media highlighting the Company's key targets and on-going exploration work in Sweden.

The Company's main focus is its Knaften project where successful exploration by Gungnir has led to three new discoveries including high-grade gold, VMS and copper-nickel mineralization. All three targets on Knaften are wide-open for expansion and further discovery. Drilling is currently focused on expanding the Company's 2019 high-grade gold discovery of 59.60 g/t Au over 1.0 metre within a mineralized interval grading 14.07 g/t Au over 4.25 metres (see NR dated October 2, 2019).

Gungnir also holds permits covering two nickel deposits, Lappvattnet and Rormyrberget, east of Knaften. Highlight re-sampling results by the Company include 50.91 g/t PGE's (39.0 g/t platinum, 11.8 g/t palladium, 0.11 g/t gold) and 2.13% nickel over 0.45 metres at Lappvattnet (see NR dated March 30, 2020) and 2.33% nickel over 12.50 metres, including 3.00% nickel over 5.10 metres at Rormyrberget (see NR dated July 14, 2020). The next planned step is to update the historic estimates to current resources.

The Company's gold and base metal exploration permits are located in Sweden's Vasterbotten District which hosts 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing volcanogenic massive sulphide (VMS) base metal mines. The district continues to offer excellent ore discovery potential, in particular under glacial till which covers large areas of favourable geology. The Knaften area is of specific interest to Gungnir as it located immediately up-ice of one of the largest gold-in-till anomalies in Sweden which has yet to be fully sourced. This anomaly is one of three in the Vasterbotten District, the other two gold-in-till anomalies cover either gold mines or known gold resources.

Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

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.

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 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 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.

SOURCE: Gungnir Resources Inc.