Blue Lagoon's Toll Mill Partner Starts Shipping Gold & Silver Concentrate

Rhea-AI Summary

Blue Lagoon Resources (CSE:BLLG; OTCQB:BLAGF) announced that its toll milling partner, Nicola Mining, has begun shipping gold and silver concentrate from the Dome Mountain underground mine. A total of 140 dry metric tonnes of concentrate, with estimated grades of 90 g/t Au and 500 g/t Ag, has been prepared. The company currently holds a treasury of $9 million and has over $4 million in-the-money warrants, ensuring financial stability for upcoming exploration plans.

Positive

• Initiation of concentrate shipping from Dome Mountain mine indicates operational progress.
• 140 dry metric tonnes of gold and silver concentrate produced, enhancing revenue potential.
• Company has $9 million in treasury and over $4 million in-the-money warrants, indicating solid financial position.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 1, 2021 / Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to report that the Company's toll milling partner, Nicola Mining ("Nicola"), has started to ship concentrate made from the mineralized material from its Dome Mountain underground mine. To date 140 dry metric tonnes of gold and silver concentrate grading an estimated 90 g/t Au and 500 g/t Ag have been prepared by Nicola for shipping. All concentrate assays were completed at Base Met Labs, an accredited metallurgical testing facility located in Kamloops, BC.

"We are very pleased with the opportunity to monetize this stockpile material that's been sitting underground in the mine for some time," said Rana Vig, President and CEO of Blue Lagoon Resources. "With an already healthy treasury of $9 million, plus more than $4 million in-the-money warrants and no debt, the additional cash from the sale of this concentrate will continue to ensure that we have a significant runway to execute on our aggressive exploration plans on this relatively unexplored project," he added.

Bags full of gold and silver concentrate made from Dome Mountain mineralized material await loading at Nicola's milling facility in Merritt, B.C.

Trucking of the Dome Mountain mineralized material, which began on June 14, 2021, has gone smoothly with approximately 15 trucks leaving the mine site on a weekly basis. To date more than 90 - forty ton trucks - have been dispatched to Nicola, delivering over 3500 tonnes of the Dome Mountain high-grade mineralized material. Weekly shipments are expected to continue until all 6,000 plus tonnes of material have been removed from the underground mine and processed at the Nicola Mining mill (see news release July 7, 2021).

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.

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 that may not show quality and quantity necessary for upgrading mineralization classification or for further exploration and exploitation of minerals deposits, market 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.

View source version on accesswire.com:
https://www.accesswire.com/662338/Blue-Lagoons-Toll-Mill-Partner-Starts-Shipping-Gold-Silver-Concentrate

FAQ

What recent developments did Blue Lagoon Resources report as of September 1, 2021?

Blue Lagoon Resources reported that its toll milling partner, Nicola Mining, has started shipping gold and silver concentrate from its Dome Mountain underground mine.

What are the grades of the gold and silver concentrate shipped by Blue Lagoon Resources?

The concentrate shipped has estimated grades of 90 g/t Au and 500 g/t Ag.

How much concentrate has Blue Lagoon Resources shipped to date?

To date, 140 dry metric tonnes of concentrate have been prepared for shipping.

What is the financial status of Blue Lagoon Resources?

Blue Lagoon Resources has a treasury of $9 million and over $4 million in-the-money warrants, with no debt.

What is the significance of the concentrate shipment for Blue Lagoon Resources?

The shipment of concentrate is expected to provide additional revenue, supporting further exploration plans.