Blue Lagoon Kicks Off 20,000 Meter Drill Program On Its Dome Mountain Gold Project

Rhea-AI Summary

Blue Lagoon Resources (OTCQB: BLAGF) has initiated its 2022 drill program at the Dome Mountain Gold Project in British Columbia, mobilizing crews and drill rigs for a minimum of 20,000 meters of diamond drilling. Phase One will encompass approximately 10,000 meters focused on ground-based geophysics and follow-up soil sampling. Drilling aims to further explore previously identified mineralized zones and anomalous targets. Delays in lab assay results are noted, with turnaround exceeding 10 weeks.

Positive

• Initiation of a 20,000-meter drill program at the Dome Mountain Gold Project.
• Phase One aims to explore previously identified mineralized zones and new targets based on 2021 findings.
• Ground-based geophysics and further soil sampling are planned to enhance exploration accuracy.

Negative

• Lab turnaround time for core samples exceeds 10 weeks, delaying results.

VANCOUVER, BC / ACCESSWIRE / January 26, 2022 / Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG) (FSE:7BL) (OTCQB:BLAGF) is pleased to announce that it has mobilized its crew and its first drill rig to commence its 2022 drill program, which is expected to be a minimum of 20,000 meters of diamond drilling on its all year-round, road accessible Dome Mountain Gold Project, located a short 50 minute drive from Smithers, British Columbia.

In addition to diamond drilling, the first phase of the 2022 drill program, which is expected to be approximately 10,000 meters, will consist of ground based geophysics over the Freegold Intrusion and follow up soils, once snow free conditions are met, over anomalous zones found in results of the 2021 soils program. These follow up soils will also include areas not yet covered on the 22,000 ha property and will include further prospecting and ground or drone mounted Mag for detailed coverage to assess underlying structural targets associated with the anomalous soils.

Much of the planned 2022 Phase One drilling will target follow up on previously drilled holes in 2021 with lab assay results still outstanding. To date, turnaround time for core samples sent to the labs have been exceedingly long (10 + weeks).

"The 2022 drilling at Dome Mountain will be a game changer for us" said Bill Cronk, Chief Geologist of Blue Lagoon Resources." We have drill targets that build on the newly defined mineralized zones at Chance and Federal as well as targets over the Freegold Intrusion. In addition, anomalous soils from the 2020 program have not been fully followed up and several new zones identified by soils in 2021 will provide new drill targets. Also, the Boulder Vein will be targeted for deep vein intercepts that is expected to add significantly to resource expansion there." he said.

Ground based IP and CSAMT is planned for the Freegold area to further build on the highly anomalous rock, soils and 2021 drill intercepts there.

PHASE ONE DRILLING

The first hole of the Phase One drill program will be drilled from the same pad that ended the 2021 program. From this pad the Company drilled hole DM-21-224 and hit a 7 meter mineralized Zone striking roughly east-west in an area with some of the highest drill hole intercepts to date. This mineralized zone is hosted by a vein with anomalous sulfides present. This drill set up will test the southern end of the Chance Structural Corridor with drill holes planned with varying azimuths from the same pad. Once completed, this rig will move 100 meters southwest and test for down dip and further strike length to the vein mineralized zone hit in hole DM-21-224.

The scientific and technical disclosure 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 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.

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FAQ

What is the significance of the 20,000-meter drill program initiated by Blue Lagoon Resources on January 26, 2022?

The 20,000-meter drill program aims to explore mineralized zones at the Dome Mountain Gold Project, potentially enhancing resource estimates.

What exploration activities are included in the Phase One drill program for Blue Lagoon Resources?

Phase One includes approximately 10,000 meters of diamond drilling, ground-based geophysics, and follow-up soil sampling.

How has Blue Lagoon Resources addressed delays in lab assay results?

The company has acknowledged that lab turnaround time for core samples has exceeded 10 weeks, which may impact exploration timelines.

What are the exploration targets for the drilling program at Dome Mountain?

The drilling program will target previously drilled holes and areas identified by 2021 soil sampling results, including the Chance and Federal zones.

When did Blue Lagoon Resources commence its 2022 drill program?

The company commenced its 2022 drill program on January 26, 2022.