Additional High-Grade, Visible Gold Drilling Results From the Chance Zone at Blue Lagoon's Dome Mountain Project

VANCOUVER, April 20, 2022 - Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG);(FSE:7BL);(OTCQB:BLAGF) is pleased to announce that recent lab results from its 2021 Phase Two program has encountered high-grade vein intercepts, some with visible gold, at the Company's 100% owned, year-round accessible, Dome Mountain Gold Project located a short 50-minute drive from Smithers, B.C.

Highlights:

• 16.8 g/t Au over 0.42 meters, 22.12 g/t Au over 2.14 meters and 33.08 g/t Au over 1.40 meters in hole DM-21-200
• 10.51 g/t Au over 1.05 meters and 14.49 g/t Au over 1.91 meters in hole DM-21-206 with visible gold

Significant assays from new results for holes drilled in the Chance Zone are fully summarized in Table 1. These results continue to show the high degree of prospectivity offered by the Chance Zone and clearly indicate that follow-up drilling is warranted.

Drilling in the Chance Zone was designed to test this northwest trending structural zone for high-grade quartz carbonate veins. Multiple holes were drilled from the same pads at varying azimuths designed to test the boundaries of the structural zone. Recent results show multiple new veins were hit in most holes including DM-21-200 which encountered 16.8 g/t Au over 0.42 meters; 22.12 g/t Au over 2.14 meters and 33.08 g/t Au over 1.40 meters and hole DM-21-206 which encountered 10.51 g/t Au over 1.05 meters and 14.49 g/t Au over 1.91 meters including some intervals displaying visible gold (Figure 1).

Gold mineralization is consistently associated with quartz-carbonate veins displaying pyrite and other sulfides including galena, sphalerite, arsenopyrite and chalcocite. Strong carbonate wall rock alteration is ubiquitous and narrow, zone parallel quartz carbonate veinlets up to 30-50 veins per meter are common in the hangingwall and footwall of mineralized zones.

Hole DM-21-200 was drilled from a pad 275 meters southwest of the pad for holes DM-21-186 (with visible gold) through DM-21-189. Hole 200 was drilled sub-vertical (-85 degrees) and encountered sulfide rich quartz carbonate veins between 77.5 meters to 78.9 meters that contained 10% pyrite and trace to 2% arsenopyrite that grade 33.08 g/t Au and 72.3 g/t Ag.

Hole DM-21-206 was drilled from a pad located 130 meters southeast of hole DM-21-200. Hole 206 was drilled at an azimuth of 235 degrees and at a -50 degree inclination and encountered a 1.91 meters intercept from 101.32 to 103.23 meters, including visible gold at 103.10 meters, that grades 14.49 g/t Au and 29.2 g/t Ag hosted within a quartz carbonate vein with up to 20% pyrite.

"The significance of these intercepts cannot be understated" said Bill Cronk, Chief Geologist for Blue Lagoon Resources. "Most holes drilled thus far have encountered multiple high-grade veins highlighting the fact that there are many new veins for follow up within the prolific newly identified Chance Structural Zone. Only about 1/3 of the strike of this zone has been tested and every single pad drilled to date has resulted in significant gold intercepts," he added.

Figure 1

TABLE 1

*True widths not yet defined

Geological, geochemical and structural data and observations support the current deposit model as a carbonate-hosted, base metal gold (alkali gold) deposit.

QUALITY ASSURANCE AND CONTROL
Core selected for sampling was cut in half with a core saw or split with a hydraulic splitter with one half bagged for shipping. Strict chain of custody storing, and shipping protocol was maintained. All core preparation and analyses were completed by Bureau Veritas Minerals, located in Vancouver, BC. Core was crushed, split, and pulverized with 250 grams passing 200 mesh. Each sample was analyzed for gold by fire assay with ICP-MS finish (BVM code FA350) and for multi-elements by 4-acid digestion ICP with ES finish (BVM code MA250) Any gold overlimits (>10 ppm Au) were analyzed with by gravimetric fire assay (BVM code FA550). Standards and Blanks were inserted by Company staff. The sampling program was undertaken by Company personnel by and under the direction of Lorrie Farrell P.Geo.

The scientific and technical data contained in this news release was approved by William Cronk, P.Geo., a qualified person as defined in NI 43-101 and a consultant to the Company.

For further information, please contact:
Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: rana@ranavig.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration and exploitation of minerals deposits, market prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE: Blue Lagoon Resources Inc.