Blue Lagoon Encounters 11.02 gpt Au and 2.31% Cu Over 5.65 Meters within 5.49 gpt Au and 1.21% Cu Over 16.55 Meters in a Major Step-Out Hole On the Boulder Vein

VANCOUVER, BC - Blue Lagoon Resources Inc. (the 'Company') (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce significant mineralized intercepts from the last of the 2022 Phase Two drill holes on its all year-round and road accessible Dome Mountain Gold Project, located a short 50-minute drive from Smithers, British Columbia. Drill results from diamond drill hole DM-22-273, a major step-out hole, include: 11.02 g/t Au, 115.8 g/t Ag and 2.31% Cu over 5.65 meters within 5.49 g/t Au, 80.9 g/t Ag and 1.21% Cu over 16.55 meters from the Boulder Vein.

Hole DM-22-273 is an aggressive step-out hole that tested continuation of mineralization in the Boulder Vein 200 meters below surface and 250 meters along strike to the east of previous deep intercepts (DM-22-229, -231) (Figure 2). The altered and mineralized intercept, encountered at a down hole depth of approximately 285 meters depth and persisting over 25 meters, is interpreted to be the structural zone hosting the Boulder Vein. The most recent modelling (2021) of the Boulder Vein did not extend this far east.

Significant mineralization within this zone extended over 16.55 meters returning 5.49 g/t Au, 80.9 g/t Ag and 1.21% Cu beginning at 291.45 meters and included a higher grade subinterval of 5.65 meters returning 11.02 gpt Au, 115.8 gpt Ag and 2.31% Cu beginning at 302.35 meters. The former intercept is the thickest mineralized core intercept across the Boulder Vein out of over 40,000 meters of previous drilling. True width of the intercept has yet to be fully confirmed but is estimated at approximately 75% of core length, or 12.41 meters wide.

'The high-grade gold intercept in hole DM-22-273 is one of the best Blue Lagoon has encountered on the Boulder Vein System to date,' said Bill Cronk, Chief Geologist for Blue Lagoon. 'The thickness of this mineralized zone, approximately 12.41 meters true width, is a game changer for us. At least an additional 250 meters of strike length is demonstrated by this intercept at depth. We expect that we will be able to add considerable tonnage to the vein as we pursue further drilling downdip and along strike. We currently have a drill rig located at the same collar location as hole DM-22-273 and will begin follow up drilling as part of our 2023 Phase One drill program scheduled to begin this week.'

Boulder-Cabin Vein surface sampling and drilling

Recent drilling conducted by Blue Lagoon on the Boulder-Cabin Vein (the western extension of the Boulder Vein in an area historically referred to as the Cabin Vein) (Figure 4), extends potential quartz-carbonate vein mineralization approximately 650 meters west of the current modelled resource. Historic trenching and drilling along this structure demonstrates that the mineralized structure hosting the known Boulder Vein resources does continue, however it was thought to be spotty and limited in gold grade. A surface dump of the vein material from historical trenching was also sampled during the 2022 work program. Randomized composite grab samples from eight stations across the dump returned gold grades ranging from 1.49 to 14.50 g/t Au and 34.7 to 376 g/t Ag along with significant copper, lead and zinc concentrations (Table 2). It is not known from what trench(es) this material was sourced and are only a demonstration of the expected grades from this area.

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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.

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