Blue Lagoon Encounters Additional Significant Intersections from Drilling Along Strike West of The Boulder Vein Resource

VANCOUVER, February 14, 2023 - Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce final results from the 2022 Phase II drilling program on its year-round, road accessible, Dome Mountain Gold Project, located a short 50-minute drive from Smithers, British Columbia.

Significant intersections from drill holes drilled along the western strike extension of the Boulder Vein, include:

• DM-22-280 - 8.68 g/t Au, 68.4 g/t Ag and 0.27% Cu over 3.55 meters including 24.40 g/t Au, 158.0 g.t Ag, 0.50% Cu over 0.60 metres, and,
• DM-22-283 - 7.28 g/t Au, 60.0 g/t Ag and 0.94% Cu over 3.87 meters, including 14.98 g/t Au, 78.5 g/t Ag, 0.53% Cu over 1.40 metres

These drill holes were part of a series of holes to test the Boulder structure at depth (> 200 metres from surface) and along strike to the west beyond the current (2021) resource model.

DM-22-280 intersected typical quartz-carbonate vein material within altered tuffs, mineralized with mainly pyrite and lesser chalcopyrite, sphalerite and galena at a drill depth of 226.00 to 229.55 metres grading 8.68 g/t Au, 68.4 g/t Ag and 0.27% Cu over 3.55 meters including 24.40 g/t Au, 158.0 g.t Ag, 0.50% Cu over 0.60 metres. The vein orientation appears to be steeper in this area - greater than 70° to the south.

DM-22-283 intersected two wide mineralized quartz-carbonate veins and strong clay-sericite altered zones, with the upper zone from 307.00 to 316.00 metres returning 3.69 g/t Au, 28.2 g/t Ag, and 0.43% Cu over 9.00 metres, including a higher grade core of 7.28 g/t Au, 60.0 g/t Ag and 0.94% Cu over 3.87 meters. The lower zone was drilled from 349.30 to 364.45 metres, returning 1.97 g/t Au, 38.5 g/t Ag and 0.39% Cu over 15.15 metres, including 4.30 g/t Au, 80.0 g/t Ag, and 0.79% Cu over 4.27 metres. The lower zone also included a short interval (0.43m) of massive sulphides.

Table 1: Selected significant intersections (>1 g/t Au)

¹ True widths are estimates, vein dip is variable.

Figure 1: 2022 Phase 2 Boulder-Cabin area drilling plan map

The 2022 Phase 2 drill program totalled 41 drill holes totalling 12,327 meters (Figure 1).

Figure 2: Schematic long section, Boulder Vein, looking north

Previously released results (January 16, 2023) from shallow, up-dip drilling in this area included DM-22-263 (3.68 g/t Au and 37.4 g/t Ag over 6.44 meters and including 1.24 meters of 15.10 g/t Au and 103 g/t Ag) and DM-22-264 (7.76 g/t Au and 218.3 g/t Ag over 1.82 meters and including 0.89 meters of 13.80 g/t Au and 345 g/t Ag).

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, BC. Core was crushed, split, and pulverized with 250 grams passing 200 mesh. Each sample was analyzed for gold by fire assay with ICP-OES finish (Act Labs Code 1A2-ICP) and for multi-elements by 4-acid total digestion ICP with OES finish.(Act Labs Code 1F2) Any gold overlimits (>30 ppm Au) were analyzed by gravimetric fire assay. Standards and blanks were inserted by Company staff. The drilling and sampling program was undertaken by Company personnel and under the direction of Ted Vanderwart, P.Geo.

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.