Blue Lagoon Announces Results Of 2022 Soils Sampling Program - Identifies New Zones for Priority Follow Up In 2023

VANCOUVER, BC - Blue Lagoon Resources Inc. (the 'Company') (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce the results from its 2022 soil sampling program completed on its Dome Mountain Gold Project - an all-year-round accessible property located a short 50-minute drive from Smithers, BC.

The Company's 2022 soil sampling program has resulted in the identification of priority target areas for follow-up in 2023.

The summer program consisted of collecting 2,175 samples covering new areas and infilling from previous campaigns (Figure 1). To date, 6,394 soil samples have been collected since the Company acquired the Dome Mountain gold project in 2020 (excluding quality control samples).

Most samples were collected at 25- or 50-metre stations along lines spaced 200 meters apart.

Anomalous pathfinder elements associated with the high gold values at Boulder Vein include antimony, zinc, lead, and silver. Noranda first drilled the Boulder Vein system at Dome Mountain in 1985 based on zinc-in-soil anomalies. After more than 45,000 meters of core drilling on the Boulder Vein, zinc is considered the premier pathfinder element at Dome Mountain due to its correlation with drill core samples containing high grade gold. However, given a larger database, cadmium may be a better pathfinder in soils for targeting drill holes (Figures 2 and 3). Figure 4 is an uncluttered map showing the importance of discreet Cd anomalies relative to know gold mineralization.

Zinc has a high correlation with drilled gold but the zinc-in-soil response results in broader, less defined targets when compared with Cadmium (Cd). Figure 2 shows Cd anomalies and Au in soils. Here we see discreet Cd anomalies that support already drilled anomalous gold and gives us clear targets for follow-up in 2023.

The large gold-in-soil anomaly in the lower right of the figures is at least partially due to alluvial deposition from Federal Creek. There is, however, a small coincident cadmium anomaly south of the creek which will require follow-up exploration.

Contact:

Rana Vig

President and Chief Executive Officer

Telephone: [phone]

Email: [e-mail]

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, 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.

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