Surrey, BC – September 14, 2020 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to announce that it has entered into  an agreement with Palisades Goldcorp Ltd. (“Palisades”) pursuant to which Palisades has agreed to purchase a non-brokered private placement of 6,666,667 units of the Company (the “Units”) at a price of $0.06 per Unit (the “Unit Price”), for total gross proceeds of $400,000 (the “Offering”). Each Unit will consist of one common share in the capital of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share (each, a “Warrant Share”) at a price per Warrant Share of $0.09 per share for a period of 36 months from the closing of the Offering.

The net proceeds of the Offering will be used to continue the exploration program, inclusive of drilling, at the Company's 100% owned projects in Sweden, concentrating on the Knaften Gold zone and our two nickel resources, Rormyrberget and Lappvattnet.

Knaften Gold Zone

Gold mineralization at Knaften 300 is associated with disseminated arsenopyrite zones ranging from about 2 to 20 metres wide, typically 5 metres (core lengths). Drilling highlights from Gungnir and previous operators include:

14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06

5.39 g/t Au over 2.00 m (from 98.00 to 100.00 m) in hole KN19-09

3.45 g/t Au over 10.75 m (from 67.05 to 77.80 m) in hole 96009

3.20 g/t Au over 10.00 m (from 83.50 to 93.50 m) in hole 200707

2.92 g/t Au over 13.00 m (from 81.5 to 94.50 m) in re-sample 200707

3.11 g/t Au over 8.00 m (from 135.80 to 143.80 m) in hole 200714

2.13 g/t Au over 14.45 m (from 55.00 to 69.45 m) in hole KNA01001

2.01 g/t Au over 6.70 m (from 190.50 to 197.20 m) in hole 200710

2.89 g/t Au over 5.00 m (from 118.80 to 123.80 m) in hole 200715

Rormyrberget and Lappvattnet Nickel Properties

The Company holds the Rormyrberget and Lappvattnet nickel deposits, located in the same general area of the Knaften property. The two deposits collectively contain over 70 million pounds of nickel, 10 million pounds of copper and two million pounds of cobalt in historic resources. At Lappvattnet, the historical estimate is 1,139,000 tonnes at 0.91 per cent Ni, 0.19 per cent Cu and 0.02 per cent Co for 22.9 million pounds of Ni, 4.8 million pounds of Cu and 500,000 pounds of Co.

A qualified person for Gungnir Resources has not done sufficient work to classify the historical estimates as current resources, and Gungnir is not treating the historical estimates as current mineral resources. The Company is currently updating the historical estimate.

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.

The Offering is expected to close on or about September 30, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange (“TSXV”) and the applicable securities regulatory authorities. All securities to be issued under the Offering will be subject to a hold period expiring four months and one day from the closing date of the Offering.

As consideration for the services of certain finders, the Company will pay a cash commission of 8% of the gross proceeds of the Offering and that number of non-transferrable finder units (the “Finder Units”) as is equal to 8% of the aggregate number of Units sold under the Offering. Each Finder Unit is priced at $0.06 and will consist of one Common Share and one common share purchase warrant (each, a “Finder Warrant”). Each Finder Warrant entitles the holder to acquire one Common Share (each, a “Finder Warrant Share”) at a price per Finder Warrant Share of $0.09 per share for a period of 36 months from the closing of the Offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there  be  any  sale  of  the  securities  in  any  state  in  which  such  offer,  solicitation  or  sale  would  be  unlawful.  The  securities  being  offered  have  not  been,  nor  will  they  be,  registered  under  the  1933  Act  and  may  not  be  offered  or  sold  in  the  United  States  absent  registration  or  an  applicable  exemption from the registration requirements of the 1933 Act, as amended, and application state securities laws.

About Palisades Goldcorp

Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.

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. The Company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.