Blue Lagoon Files Updated Resource Report on Its Dome Mountain Gold Project

Limited New Drilling Leads To 145% Increase Of Gold In Indicated Category

February 3, 2022 – Vancouver, British Columbia – Blue Lagoon Resources Inc. (the “Company”) (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that it has filed a technical report on the Company's Dome Mountain Gold Project entitled “Mineral Resource Estimate for the Dome Mountain Gold Project, Smithers, British Columbia, Canada” (the “Technical Report”). The Technical Report was prepared pursuant to the form required under National Instrument 43-101 by Arseneau Consulting Services Inc.

“The significance of this new resource at Dome Mountain cannot be understated as our goal was to demonstrate that a limited amount of in-fill drilling would move ounces to a higher category, which was a complete success,” said William Cronk, Chief Geologist for Blue Lagoon Resources. “While the new resource increases the contained gold ounces by 30% and silver ounces by 46%, more importantly, limited amount of new drilling since Blue Lagoon acquired the project in 2020 allowed us to increase the indicated resource by 102,582 gold ounces - amounting to an increase of 145%. In addition, 45,000 gold ounces have been upgraded to the Measured category, a first for this project,” he added.

The resource model is limited to the mineralization around the Boulder Vein, which is defined by 42,869 metres of drilling from 355 drill holes drilled from 1985 to 2016 and 26 infill holes from 8 drill pads totalling 3,786 metres drilled in 2020 and 13 infill holes totalling 3,005 metres drilled in 2021.  Further information on the mineral resource estimate can be found in the Technical Report available at www.sedar.com and on the Company’s website.

The following table provides a summary of the updated mineral resource:

“People, such as world-renowned geologist Dr. Quinton Hennigh, who have carefully looked at the potential of Dome Mountain understand that this project is much more than just the Boulder Vein, which has primarily been the historical focus of past operators and the basis of this Technical Report,” said Rana Vig, President and CEO of Blue Lagoon Resources. “And although this report is an important milestone for the project that illustrates with greater certainty that the Company has a reported resource of gold and silver, the bigger story will continue to unfold with the potential of a ‘grand discovery by exploration’, which based on good science, so far has led to numerous newly identified zones on the project that are of great interest,” he added.

The Technical Report was authored by Dr. Gilles Arseneau, P.Geo., of Arseneau Consulting Services Inc.

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: [email protected]

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.