Blue Lagoon continues to produce high grade gold -11.78 gt Au and 39.9 gt Ag over 7.7 meters

VANCOUVER – Blue Lagoon Resources Inc. (the “Company”) (CSE: BLLG) (FSE: 7BL) (OTCQB: BLAGF) is pleased to announce that recent laboratory results from its 2022 Phase 1 drill program have encountered more interceptions high-grade veins, the latest from hole DM-22-232 at the 100% owned company, accessible year-round, Dome Mountain Gold Project located 50 minutes by car from Smithers, BC

Highlights of drilling DM-22-232: 11.78 g/t Au and 39.9 g/t Ag over 7.70 m including 15.50 g/t Au, 68.9 g/t Au over 3.07 m and 38.61 g/t Au and 85.3 g/t Ag over 1.10m

Hole DM-22-232, a 2022 Phase 1 follow-up hole, tested a zone above a high-grade intersection of 14.8 g/t Au and 38.3 g/t Ag on 7.3 meters encountered in hole DM-21-224, the last hole drilled in the 2021 phase two drill program (news posted February 2022). Hole DM-21-232 was drilled from a pad located 150 meters south of the pad from which hole DM-21-224 was drilled for the purpose of confirming and offset the aforementioned high-grade intersection so that further follow-up holes can be designed. Hole 232 was drilled at an azimuth of 178 degrees and an inclination of 050 degrees. The mineralized intersection in hole DM-21-232 consists of quartz-carbonate sulphide veins containing up to 20% pyrite, local chalcopyrite up to 3% and 1% arsenopyrite overall . These veins are hosted in a clay-altered crystalline tuff containing 3 to 4% pyrite.

Drilling in the Lucky Structural Zone was designed to test this northwest-trending structural zone for high-grade quartz carbonate veining. Several boreholes were drilled from individual drill rigs at different azimuths to test the boundaries of the structural zone. The high-grade results from hole DM-22-232 confirm and offset those encountered in hole DM-21-224 and represent the southernmost significant intersections encountered in the lucky area nowadays. Collectively, high-grade intersections in holes DM-21-224 and DM-22-232 occur in an area where the eastern extension of the Boulder vein system meets the Lucky Structural Zone. Follow-up holes are planned to further test this important area.

quinton hennighgeological/technical advisor to Capital of Crescatstrategic shareholder of Blue Lagoon Resources commented: “Once again, drilling at the recently discovered site Lucky Structural Zone generated impressive high quality results for Blue Lagoon. The 7.7 meter intersection of 11.8 g/t Au and 39.9 g/t Ag in hole DM-22-232 is near a previous intersection of 7.3 meters grading 14.8 g /t Au and 38.3 g/t Ag in hole DM-21-224 announced earlier this year. Since this structure appears to be steeply dipping, it appears that the true width of this gold-rich structure may be 70-75% of the reported drill intercept length, or approximately 5.0-6, 0 meters, a very impressive width. I am very pleased that the company is planning aggressive follow-up drilling on this vein host structure. Everything indicates that it is a carbonate-based metal-gold system, a subset of the family of alkaline gold deposits. These systems are generally deeply rooted and linked to underlying magmatic processes. It is imperative to evaluate this discovery longitudinally and in depth. It’s exciting to watch this new discovery unfold.

Contact:

Rana Vig

Tel: 604-218-4766

Email: [email protected]

Statement regarding forward-looking information

This press release includes certain statements that may be considered “forward-looking statements”. All statements contained in this release, other than statements of historical fact, that address events or developments that Blue Lagoon Resources Inc. (the “Company”) expects them 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’, ‘could’, ‘could’ or ‘should’ occur. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include results of exploration activities which may not show the quality and quantity necessary to continue exploring for and exploiting mineral deposits. , market prices and the continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that such statements are not guarantees of future performance and that 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 as of the date the statements are made. Except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.