Blue Lagoon Announces Results Of 2022 Soils Sampling Program – Identifies New Zones for Priority Follow Up In 2023

VANCOUVER, December 12, 2022 - Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce the results from its 2022 soil sampling program completed on its Dome Mountain Gold Project - an all-year-round accessible property located a short 50-minute drive from Smithers, BC.

The Company's 2022 soil sampling program has resulted in the identification of priority target areas for follow-up in 2023.

The summer program consisted of collecting 2,175 samples covering new areas and infilling from previous campaigns (Figure 1). To date, 6,394 soil samples have been collected since the Company acquired the Dome Mountain gold project in 2020 (excluding quality control samples).

Most samples were collected at 25- or 50-metre stations along lines spaced 200 meters apart.

Anomalous pathfinder elements associated with the high gold values at Boulder Vein include antimony, zinc, lead, and silver. Noranda first drilled the Boulder Vein system at Dome Mountain in 1985 based on zinc-in-soil anomalies. After more than 45,000 meters of core drilling on the Boulder Vein, zinc is considered the premier pathfinder element at Dome Mountain due to its correlation with drill core samples containing high grade gold. However, given a larger database, cadmium may be a better pathfinder in soils for targeting drill holes (Figures 2 and 3). Figure 4 is an uncluttered map showing the importance of discreet Cd anomalies relative to know gold mineralization.

Zinc has a high correlation with drilled gold but the zinc-in-soil response results in broader, less defined targets when compared with Cadmium (Cd). Figure 2 shows Cd anomalies and Au in soils. Here we see discreet Cd anomalies that support already drilled anomalous gold and gives us clear targets for follow-up in 2023.

The large gold-in-soil anomaly in the lower right of the figures is at least partially due to alluvial deposition from Federal Creek. There is, however, a small coincident cadmium anomaly south of the creek which will require follow-up exploration.

Follow-up targets have been generated for the 2023 summer field season (figure 8).

Figure 1 Map showing soil samples collected on the Dome Mountain Project showing samples collected in 2020 (green), 2021 (Yellow) and 2022 (red)

Figure 2 Cadmium with gold in soils Dome Mountain Gold Project

Figure 3 Cadmium in soils Dome Mountain Gold Project

Figure 4

Figure 5 Arsenic with Gold in Soils Dome Mountain Gold Project

Figure 6 Antimony with Gold in Soils Dome Mountain Gold Project

Figure 7 Zinc with Gold in soils Dome Mountain Gold Project

Figure 8 follow up targets

QUALITY ASSURANCE AND CONTROL

The Company submitted 2,175 soil samples for analysis which were collected on the Dome Mountain Gold Project in late 2021. QAQC samples consisted of field duplicated collected at a rate of 1 for every 25 routine samples.

SAMPLE PROTOCOLS

Soil samples were collected using two-man teams equipped with a track shovel and/or auger Samples were collected from the B-horizon at a depth ranging from 10 cm to 90 cm. Sample spacing along the lines varied from 25 meters to 50 meters depending upon location and target area with line spacing at 200 meters.

Sample data collected at the sample locations included location, depth of sample, colour, moisture content, texture (sand, silt, clay), and percentage, angularity and lithology of pebbles and or cobbles. Samples collected amounted to approximately 1 kilogram of material and placed in a Hubco sample bag. At the end of each day, all samples were placed inside the Company's secure shop facility on racks and dried for at least one week before shipping to ALS Minerals in North Vancouver, BC.

Sample preparation at ALS utilized Prep 41 method (dry and sieve to -80 mesh) and followed up analysis for gold by method Au-AA24 (by fire assay) and 48-elements by method ME-MS61, (four acid digestion with ICP-MS finish).

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, 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 or future exploitation of minerals deposits, volatility of gold and silver 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.