09:34:13 EDT Sun 25 Sep 2022
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Blue Lagoon Resources Inc
Symbol BLLG
Shares Issued 101,227,210
Close 2022-09-19 C$ 0.285
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Blue Lagoon drills 0.41 m of 126 g/t Au at Dome

2022-09-19 10:35 ET - News Release

Mr. Rana Vig reports


Blue Lagoon Resources Inc. has released significant mineralized intercepts from the first holes of the phase 2 2022 drill program on its year-round and road-accessible Dome Mountain gold project, located a short 50-minute drive from Smithers, B.C. Drill results include 126 grams per tonne (g/t) gold (Au) and 404 g/t silver (Ag) over 0.41 metre from the Chance structural zone (CSZ) in hole DM-22-247.

"While drilling the mineralized flat structural zone in the CSZ (Flat Chance) we have encountered what we believe to be a new vein system of higher grade than those hosted in the Flat Chance structure," said Bill Cronk, chief geologist for Blue Lagoon Resources. "The Flat Chance structure has been drilled down dip for 400 metres and along strike for 200 metres, and the structure has been hit in all holes so far. This structural zone ranges from less than one metre up to 15 metres thick, which may host multiple gold-mineralized veins and attendant alteration. Our drilling to extend along strike also intersected a new structure that lies orthogonal to the Flat Chance structure and appears, at least initially, much higher grade, and offers another opportunity to develop additional mineralized resources at Dome Mountain."

As mentioned, the Flat Chance is a shallow-dipping to flat-lying structural zone extending at least 400 metres down dip at about 12 degrees dip. Thickness of the structural zone ranges from one m to 15 m. Hole DM-22-247 was intended to target this structure but also encountered an upper vein which ran 126 g/t gold and 404 g/t silver over 0.41 metre (core length), and along with other holes which have hit this structure, points to another mineralized structure which can be defined by drilling in the near future.

Hole DM-22-247, 248 and 250 were all successful hitting the Flat Chance structure as well as this new mineralized structure. This new mineralized vein structure has a thickness of up to 1.73 metres including the vein itself and mineralized wallrock (Table 2 Significant intercepts in 2022 Phase 2 drilling at Chance).

A second drill has been added to the program. Drilling will continue to the Christmas break.

In addition to drilling, Blue Lagoon has completed a ground-based IP (induced polarization) and CSAMT (controlled-source audio-frequency magnetotellurics) geophysical survey over the Chance structural zone and the Freegold intrusion. The final report is yet to be delivered.

Soil sampling has been completed on the 2022 Dome Mountain summer program. A total of 2,453 soil samples have been collected with results for 53 per cent yet to be received. It is expected that the final results will be returned by mid-October.

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 Activation Laboratories Ltd. located in Kamloops, B.C. Core was crushed, split and pulverized with 250 grams passing 200 mesh. Each sample was analyzed for gold by fire assay with ICP-OES (inductively coupled plasma optical emission spectrometry) finish (Act Labs Code 1A2-ICP) and for multielements by four-acid total digestion ICP with OES finish (Act Labs Code 1F2). Any gold overlimits (more than 30 parts per million gold) were analyzed by gravimetric fire assay. Standards and blanks were inserted by company staff. The sampling program was undertaken by company personnel and under the direction of Ted Vanderwart, PGeo.

The scientific and technical disclosure in this news release was approved by William Cronk, PGeo, a qualified person as defined in NI 43-101 and a consultant to the company.

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