BLUE LAGOON HITS 126 G/T AU AND 404 G/T AG AT CHANCE

Vancouver, British Columbia - Blue Lagoon Resources Inc. (the 'Company') (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce significant mineralized intercepts from the first holes of the Phase Two 2022 drill program on its all year-round and road accessible Dome Mountain Gold Project, located a short 50-minute drive from Smithers, British Columbia. Drill results include 126 g/t Au and 404 g/t Ag over 0.41 meters from the Chance Structural Zone (CSZ) in hole DM-22-247.

'While drilling the mineralized flat structural zone in the CSZ ('Flat Chance') we have encountered what we believe to be a new vein system of higher grade than those hosted in the Flat Chance Structure', said Bill Cronk, Chief Geologist for Blue Lagoon Resources. 'The Flat Chance Structure has been drilled down dip for 400 meters and along strike for 200 meters and the structure has been hit in all holes so far. This structural zone ranges from less than 1 meter up to 15 meters thick which may host multiple gold mineralized veins and attendant alteration. Our drilling to extend along strike also intersected a new structure that lies orthogonal to the Flat Chance Structure and appears, at least initially, much higher grade, and offers another opportunity to develop additional mineralized resources at Dome Mountain.'

As mentioned, the Flat Chance is a shallow-dipping to flat-lying structural zone extending at least 400 meters down dip at about 12-degreedip (Figure 2). Thickness of the structural zone ranges from 1 to 15 metres. Hole DM-22-247 (Figure 1 and Figure 3) was intended to target this structure but also encountered an upper vein which ran 126 grams/tonne gold and 404 grams/tonne silver over 0.41 meters (core length) and, along with other holes which have hit this structure, points to another mineralized structure which can be defined by drilling in the near future.

Contact:

Rana Vig

President and Chief Executive Officer

Telephone: 604-218-4766

Email: rana@ranavig.com

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 forwardlooking 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.