Blue Lagoon Resources Accelerates Drill Program – Adds Second Drilling Rig to Dome Mountain
VANCOUVER, BC / ACCESSWIRE / July 5, 2021 / Blue Lagoon Resources Inc. (the “Company“) (CSE: BLLG) (FSE: 7BL) (OTCQB: BLAGF) is pleased to announce that it has added a second drill rig to the current drilling program on its Dome Mountain gold project – a property accessible throughout the world. year-round located a short 50 minute drive from Smither BC
On January 11, 2021, the Company announced the start of its 20,000 meter drilling program, of which 7,176.5 meters were completed by March 29, 2021. The start of phase two of the Company’s drilling program, announced June 14, 2021, to which a second drilling rig has been added, will consist of approximately 12,500 meters.
“Our entire technical team is working very hard, enthusiastically and focused on advancing the Dome Mountain gold project as quickly as possible in order to increase shareholder value on this vast and very promising land of nearly 19,000 hectares, of which 90% is have not yet been explored, ”said Rana Vig, President and CEO of Blue Lagoon Resources. “Currently our site is a hub of activity with a field team working on soil sample collection and prospecting; another team working underground extracting over 6,000 tonnes of mineralized material and loading trucks daily and sending them to our toll plant partner Nicola Mining; and now two crews working on two drilling rigs that are currently focusing on drill targets at Freegold, ”he added.
This phase of drilling continues to target geophysical targets, gold in soils and high grade veins on the Freegold showing, which is of particular interest as it not only includes quartz-carbonate veins at high grade historically sampled and underground work, but also the results of the Company’s 2020 airborne geophysical survey (the first property-wide survey ever conducted on the property) clearly defined that the Freegold veins are hosted in a potential Cu-type porphyry Mag anomaly hosted in a distinct intrusive and located along the southeast end of important high linear Mags.
NUMBER ONE DRILLING
Drill platform 1 drilled on the eastern margin of the MAG high pressure area at Freegold (Figure 1). The first hole was drilled at an azimuth of 260 degrees to cut the high MAG. The lithologies encountered include QFP and slightly to moderately magnetic volcanics, including strong local epidote-magnetite alteration. The second hole on the same platform is currently drilling and targeting the MAG high margin where soil samples taken in 2020 show anomalous values of gold, silver, antimony, copper and bismuth.
DRILL NUMBER TWO
Drill platform two is now located just south of the high grade NW trending veins on Freegold and drilling NE to intercept the SE extension of these veins (Figure 1). Historical values are one ounce or more per tonne and last year’s rock sampling on their surface exposure revealed their anomalous nature including 53.2 g / t Au; 14.1 g / t Au; 90.6 g / t Au; and 59 g / t Ag; 61.5 g / t Ag and 129 g / t Ag respectively (see press release dated January 18, 2021).
Figure 1: Dome Mountain drilling plans on Airborne MAG showing existing drill holes on Boulder and planned drilling at Freegold. Drilling in progress at Freegold by rig # 1 and rig # 2
INVESTOR RELATIONS AND MARKETING AGREEMENT
The Company also announces that it has entered into an investor relations and marketing agreement with Wallace Hill Partners Ltd., (“PVT“) a Vancouver BC company. WHP will provide financial publishing and digital marketing services to the Company and, pursuant to the Agreement, will raise awareness of the Company, including its social media presence, and promote of the Company’s activities The agreement is for an initial term of one year at a cost of US $ 200,000.
The scientific and technical data contained in this press release has been approved by William Cronk, geologist, a qualified person within the meaning of NI 43-101 and a consultant to the Company.
For more information, please contact:
President and CEO Telephone: 604-218-4766
The CSE has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.
Statement regarding forward-looking information: This press release includes certain statements which may be considered “forward-looking statements”. All statements in this press release, other than statements of historical fact, that deal with events or developments that Blue Lagoon Resources Inc. (the “Company” expects to occur) are forward-looking statements. Forward-looking statements are statements which are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends to”. “,” Believes “,” 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 of forward-looking statements. Factors that could cause actual results to differ materially from those of forward-looking statements include results of exploration activities which may not show the quality and quantity necessary for further exploration or future exploitation of mineral deposits. , the volatility of gold and silver prices and the continued availability of capital and financing, permits and other approvals, and general economic, market or business conditions. Investors are cautioned that these 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 management of the Company on the date the statements are made. Except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements in the event that the beliefs, estimates or opinions of management, or other factors, should change.