VANCOUVER, BC / ACCESSWIRE / January 14, 2020 / Blue Lagoon Resources Inc. ("Blue Lagoon" or the "Company") (CSE:BLLG)(FSE:7BL)(OTC:BLAGF) is pleased to announce that it is working diligently towards advancing its newly optioned property - the Gordon Lake Gold Project (the "Property") located 110 km north of Yellowknife, Northwest Territories (NWT), Canada.
The Company is getting ready to begin its Phase One program and has signed a General Services Agreement with Aurora Geosciences of Yellowknife, NWT.
"With over 30 years of experience in the region, Aurora is the right partner for us who has the knowledge, experience and the tools to provide a high level of expertise in moving the Gordon Lake Project forward," said Rana Vig, President & CEO of Blue Lagoon Resources.
The Company's chief Geologist, Bill Cronk, and Aurora are designing a near term focused drill program for Gordon Lake which is expected to take place during February 2020. The goals of the drill program are to verify high grade gold intercepts and metallurgy on the South Zone and, explore the downdip extent of high grade gold mineralization located within steeply dipping mineralized quartz veins located in a shear zone hosted gold setting (for more details, see the Company's previous news release dated December 18, 2019).
The South Zone sits between two other zones identified by drilling which, together, represent 800m of minimal strike length highlighted by previous mapping, sampling and, drilling. 14 other zones on the property have been identified but have yet to receive follow-up work and drilling.
"This first pass drilling will allow us to utilize the easy access to the Gordon Lake Property via the Winter Road which will keep our exploration costs to a minimum. Our Phase One RC drilling will allow us to drill high grade gold previously identified in historic drilling and gather important geo-chemical information as regards to coarse gold, pathfinder element associations and, metallurgical properties," said Bill Cronk, Chief Geologist of Blue Lagoon Resources.
Each drill hole setup will consist of two holes: one designed to hit known mineralization and one undercut hole designed to test continuity at depth.
Based on results, a Phase Two program is expected to be designed and executed in Q3 of 2020 which will include mapping, sampling, ground geophysics and, diamond drilling.
About the Gordon Lake Gold Property
The Gordon Lake property lies at the southern end of the Slave Structural Province within the Yellowknife Basin and is part of the Yellowknife Supergroup supracrustals (2.7 Ga) which form the bulk and core of the Yellowknife Basin and is situated along the eastern edge of a rift-like basin bounded by mafic volcanics.
The exploration target on the Gordon Lake property is shear zone hosted gold mineralization. The minimum dimensions of the mineralized zones explored to date are 140m long, from 1m to 11m in width and a minimum depth of 215m.
To date, approximately $2 million have been spent on the property and 17 zones of anomalous mineralization have been identified so far, with only three of those zones having been drilled.
Qualified Person
William Cronk, P.Geo., a qualified person and a consultant to the Company, reviewed and approved the scientific and technical disclosure contained in this news release.
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 and exploitation of minerals deposits, market 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.