The Buzz Surrounding: Blue Lagoon Resources Inc. (OTCQB: BLAGF) (CSE: BLLG) | Financial Buzz

The Buzz Surrounding: Blue Lagoon Resources Inc. (OTCQB: BLAGF) (CSE: BLLG)

Blue Lagoon Resources is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals.

According to the company it is on track to own 100% of the Pellaire gold property located 160 km southwest of William’s Lake in the Chilcotin range of south-central British Columbia. The Pellaire project covers over 4,400 hectares and is known to have 10 gold-bearing veins on the property.

The company also has an option to acquire an 80% interest in the Gordon Lake gold property, which consists of 2 contiguous mineral leases located 110 kilometers northeast of Yellowknife in the Northwest Territories of Canada.

Our “Buzz on the Street” Show Featuring Blue Lagoon Resources Inc.

Investor Recap

Recent Developments

April 23, 2020 - Blue Lagoon Initiates PEA for its Dome Mountain Gold Mine

Blue Lagoon Resources Inc. (the “Company“) (CSE:BLLG);(FSE:7BL);(OTCQB:BLAGF) is pleased to announce that it has initiated a Preliminary Economic Assessment (“PEA”) for its Dome Mountain Gold Mine Project (“Dome Mountain Mine”) which holds a 75,000 tonne per year mine permit. In addition, the Company holds a long term Milling and Mining Profit Share Agreement with Nicola Mining Inc. (“Nicola”), which operates a modern mill facility located near Merritt, BC. Under the terms of the Agreement, Nicola will process material from the Company’s high-grade gold Dome Mountain Mine.

Roughstock Mining Services LLC (“Roughstock “) of Bozeman, MT. has been engaged to complete the PEA, which expects to analyze and present the economics of an underground mine utilizing an offsite milling facility. The PEA will include the following key elements:

  1. Outline a mine plan for the Dome Mountain Gold Mine Project.
  2. Identify mine CapEx and OpEx including economics of off-site milling, smelting, and refining.
  3. Recommendations for a 2020 definition drilling program focused on upgrading existing inferred resources to the indicated category.
  4. Provide a current NI 43-101 mineral resource estimate that incorporates data from exploration completed during the Company’s 2016 exploration program.

“The Roughstock team is comprised of experts in underground mine design. It’s also clear that from past technical reviews of the project, their team has an excellent understanding of the existing underground development and exploration data at the Dome Mountain Mine,” said Rana Vig, President and CEO of Blue Lagoon Resources.

“This PEA will also provide for a current mineral resource estimate by incorporating results from a 7,210 meter infill drill program that took place in 2016 where four new veins were discovered within the Boulder Vein System. That drill program added 330 meters of strike length to the Boulder Vein which remains open along strike to the west, east and at depth. Past historical mineral resource estimates didn’t include that extensive additional drill data. The 2016 drill data also adds considerably to the understanding of the delineation of the mineralization,” he said.

The PEA technical report is expected to be filed within the next 8 weeks, and Blue Lagoon anticipates announcing a summary of the key results much sooner.

The Company has not made a production decision with respect to the Dome Mountain Gold Mine Project.

The scientific and technical data contained in this news release was prepared and reviewed by William Cronk, P.Geo., a qualified person as defined in NI 43-101 and a consultant to the Company.

For Full Release : https://www.accesswire.com/586480/Blue-Lagoon-Initiates-PEA-for-its-Dome-Mountain-Gold-Mine

April 16, 2020 - Corporate Update

Blue Lagoon Resources Inc. (“Blue Lagoon” or the “Company“) (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) would like to inform shareholders and key stakeholders that it has not experienced any disruptions at this time on its various stages of planning with regards to moving its Dome Mountain Gold Mine project forward. The Company is currently engaged in several discussions and activities, including dialogue with all key suppliers and contractors that are essential to sustaining a positive momentum of the overall project.

“We are monitoring the situation closely and our highest priority is to ensure the health and well-being of all our consultants and suppliers,” said Rana Vig, President and CEO of Blue Lagoon Resources. “The Dome Mountain Gold Mine has had multiple millions spent on it in recent years and we are now in the process of organizing and planning on how to rapidly move the project forward. These are steps that can be accomplished via tele or video conferencing and are not being affected by the COVID-19 outbreak,” he added.

In addition to taking steps to advance the Dome Mountain Gold Mine project towards development, the Company’s chief geologist, Bill Cronk, and staff are continuing to analyze various geological data in order to determine targets for a summer drill program expected to commence within the next 90 days. Driftwood Diamond Drilling (“Driftwood”) has confirmed that they are ready and able under the current COVID-19 guidelines to complete diamond drilling on the Dome Mountain Gold Mine project located a short fifty minutes drive to the mine site from the town of Smithers, B.C. Driftwood, which is also conveniently based in Smithers, B.C., has assured the Company that they have local qualified staff as well as safety protocols in place to ensure the successful execution and completion of the Company’s upcoming planned drill program.

Blue Lagoon will continue to monitor the COVID-19 impact in the region with a goal to identify and maintain the best applicable scope of work which fits the current and changing health and safety environment.

The Company is also pleased to announce that it has entered into an investor relations agreement with Star Finance GmbH, a Switzerland-based company, for European corporate communication services. Star Finance has offices in Steinhausen, Switzerland, and Cologne, Germany.

Star Finance is owned and operated by Michael Adams who is an experienced communications professional with more than 15 years of experience assisting Canadian public companies with introductions to investors, primarily in Germany and German-speaking Europe. Among other services, Star Finance owns and operates two established investment-focused financial websites and provides information about investment opportunities to its audience through e-mail newsletters, websites and various social media channels in the form of written articles as well as video content.

The investor relations agreement provides for the introduction of the Company to Star Finance’s network, audience and subscribers, as well as the distribution of Company news releases through Star Finance’s channels and/or the creation of investment-related content.

Star Finance has advised the Company that it does not hold any direct or indirect interest in the Company or its securities, or any right to acquire any such interest, with the exception of certain discretionary stock options, which the company’s board of directors may, at its sole discretion, grant to Star Finance from time to time during the term of the agreement.

The arrangement will have an initial six-month term at a cost of 6,000 euros per month and is effective immediately.

As a result of its focus on the Dome Mountain Gold Mine project, the Company has determined that it will not proceed with its option to earn-in to an up to 70% interest in Mag One.

For Full Release : https://www.accesswire.com/585358/Corporate-Update

March 31, 2020 - Blue Lagoon Completes Acquisition Of Metal Mountain Resources Inc.

Blue Lagoon Resources Inc. (the “Company”) (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce that it has completed the acquisition of Metal Mountain Resources Inc. in exchange for 12,151,220 common shares of the Company (the “Transaction”). Concurrently with the Transaction, Blue Lagoon issued 1,372,000 common shares of the Company to acquire 27.44% of Gavin Mines Inc.

Following the transactions, the Company will hold, through its ownership of Metal Mountain, a 78.28% interest in Gavin Mines Inc. and a100% interest of Lloyd Minerals Inc. Gavin Mines owns the Dome Mountain mine, a high-grade gold project located in northwest British Columbia. Lloyd Minerals Inc. (“Lloyd Minerals”), holds the Big Onion property, a porphyry copper project also located in northwest British Columbia.

The Blue Lagoon shares issued pursuant to both transactions will be subject to an initial hold period of 12 months from closing, and thereafter the hold period will expire in installments over a period of 30 months.

“In a very short time, management’s focus has lead Blue Lagoon from being a newly listed junior mining exploration company to one that just acquired a very promising high grade gold property in British Columbia that holds both a Mining Permit for up to 75,000 tonnes annually and an Environmental Management Act Permit” said Rana Vig, President and CEO of Blue Lagoon Resources.

Bill Cronk, the Company’s chief geologist added “this is a very exciting and pivotal moment for the company that will take it one step closer towards transforming into a development stage gold company in a time when gold is maintaining near 5 year highs during unprecedented times of economic turmoil.”

The Company notes that no decision to proceed to production has been made at this time, and a future production decision will be based on a full technical and economic review of the project.

DOME MOUNTAIN PROJECT INFO & HISTORICAL ESTIMATES

The Dome Mountain Project is the subject of a NI 43-101 technical report entitled Technical Report on the Dome Mountain Gold-Silver Project dated April 2010, prepared by Gary Giroux, P. Eng., Giroux Consultants Ltd. for Gavin Mines. The technical report provides the following historical resource estimate for the Boulder Vein System based on 285 surface diamond drill holes and 37 underground diamond drill holes (the “2010 Historical Resource Estimate”):

Historical Indicated Resource within the Mineralized Veins


Historical Inferred Resource within the Mineralized Veins


This resource occurs principally at and above the 1290 level and has been adjusted to remove the volumes previously mined. The 2010 Historical Resource Estimate is considered historical in nature by the Company, is provided for background information purposes only, and is not a current resource estimate due to significant additional exploration work conducted subsequent to the date of the report. A qualified person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource.

Subsequent to the 2010 Historical Resource Estimate, Gavin Mines conducted 7,210 meters of infill drilling in 2016 to upgrade the inferred resource. Four new veins were discovered within the Boulder Vein System during the 2016 drill program. The 2016 drilling program added 330 meters of strike length to the Boulder Vein which remains open along strike to the west, east and at depth.

Gavin Mines engaged Roughstock Mining Services LLC of Bozeman, MT to prepare an internal estimate based on the additional data from the 2016 drill program, as follows (the “2016 Historical Resource Estimate”):

Historical Dome Mountain Mine Indicated Resource at 3.42 g/t Cut-off (undiluted) as at December 30, 2017


Historical Dome Mountain Mine Inferred Resource at 3.42 g/t Cut-off (undiluted) as at December 30, 3017


Blue Lagoon does not consider the 2016 Historical Resource Estimate to be a current resource as defined in NI 43-101. While Blue Lagoon believes the information to be generally reliable, Blue Lagoon has conducted only preliminary technical due diligence on the Dome Mountain Mine, and has not conducted the work necessary to independently verify the resource estimate, and specifically has not conducted a comprehensive review of the drill sample data used in the estimate, or other analysis necessary to confirm the cut-off grade and other factors used in calculating the resource, including the method of calculation of the resource. Readers should not treat the 2016 Historical Resource Estimate as a current mineral resource. The historical estimate does not use the categories or procedures required by CIM Best Practice Guidelines for Mineral Resources and Mineral Reserves or CIM definitions for mineral resources.

For Full Release : https://www.accesswire.com/583244/Blue-Lagoon-Completes-Acquisition-Of-Metal-Mountain-Resources-Inc

March 23, 2020 - Metal Mountain Resources Shareholders Approve Transaction With Blue Lagoon

Blue Lagoon Resources Inc. (the “Company“) (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce that shareholders of Metal Mountain Resources Inc. (“Metal Mountain“) approved the business combination with Blue Lagoon, with 99.97% of shares represented at the meeting voting in favour of the transaction. Blue Lagoon and Metal Mountain will now proceed with the final steps required to close the transaction, which is currently scheduled to be completed on or before March 27, 2020.

Pursuant to the transaction, Metal Mountain will on closing amalgamate with a newly-incorporated subsidiary of the Company to form one corporation that will be a wholly-owned subsidiary of the Company. The shareholders of Metal Mountain will receive 0.97266 common shares in the capital of the Company in exchange for every four outstanding common shares of Metal Mountain held by them.

The Company is also pleased to announce that it has entered into a definitive agreement with A.G. Partners Holdings Ltd. to acquire its 27.44% share interest in Gavin Mines Inc. concurrently with the closing of the Metal Mountain transaction. Gavin Mines holds 100% of the Dome Mountain mine. Metal Mountain holds a 50.84% interest in Gavin Mines Inc. Upon completion of the acquisition of the additional Gavin Mines shares, Blue Lagoon will directly and indirectly control 78.28% of the outstanding shares of Gavin Mines Inc.

For Full Release: https://www.accesswire.com/582048/Metal-Mountain-Resources-Shareholders-Approve-Transaction-With-Blue-Lagoon

March 10, 2020 - Blue Lagoon Enters Into Definitive Business Combination Agreement With Metal Mountain Resources Inc.

Blue Lagoon Resources Inc. (“Blue Lagoon” or the “Company“) (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce that the Company has entered into a definitive business combination agreement dated March 9, 2020 (the “Agreement“) with Metal Mountain Resources Inc. (“Metal Mountain“) to acquire Metal Mountain in exchange for approximately 12.15 million common shares of the Company (the “Transaction“). Metal Mountain holds a 50.84% interest in Gavin Mines Inc. (“Gavin Mines“), which holds a 100% interest in the Dome Mountain mine, and 100% of Lloyd Minerals Inc., which holds a 100% interest in the Big Onion porphyry copper project, both located in northwest British Columbia.

Pursuant to the terms of the Agreement, Metal Mountain will amalgamate with a newly-incorporated subsidiary of the Company to form one corporation under the provisions of the Business Corporations Act (British Columbia) (“Amalco“). Amalco will be a wholly-owned subsidiary of the Company. The shareholders of Metal Mountain will on closing receive 0.97266 common shares in the capital of the Company in exchange for every four outstanding common shares of Metal Mountain held by them. The board and management of Gavin Mines will be reconstituted, such that the Company will have control of the board of Gavin Mines on closing of the Transaction.

Completion of the Transaction is subject to satisfaction of a number of conditions, including completion of due diligence investigations of Metal Mountain to the satisfaction of the Company; Metal Mountain using reasonable efforts to ensure its outstanding debt on closing of the Transaction does not exceed $5.5 million – to be paid out of the proceeds of future production; approval of the Transaction by the Metal Mountain shareholders; and the receipt of any required regulatory and third party consents.

The Transaction is also subject to the Company having acquired the shares of Gavin Mines held by AGC Investments Inc. (“AGC“), or receipt of satisfactory documents and approvals relating to such transfer. Blue Lagoon has a binding letter of intent with AGC, a private company which holds a 27.44% interest in Gavin Mines, to acquire AGC’s interest in Gavin Mines.

“The signing of this definitive agreement is a major milestone for Blue Lagoon as we continue to move the Company towards the goal of transforming it into a development stage gold company focused on advancing a very promising gold property in British Columbia that holds both – a Mining Permit and an Environmental Management Act Permit – which provides for up to 75,000 tonnes annually,” said Rana Vig, President and CEO of Blue Lagoon Resources.

The company will continue to move expeditiously on closing the transaction and, in subsequent news releases, will be providing further information on its plans for the Dome Mountain Gold Mine Project as well as its other properties.

Readers are cautioned that no decision to proceed to production has been made at this time.

For Full Release: https://www.accesswire.com/579917/Blue-Lagoon-Enters-Into-Definitive-Business-Combination-Agreement-With-Metal-Mountain-Resources-Inc

March 9, 2020 - Blue Lagoon Provides Due Diligence Update on Dome Mountain Gold Mine Project

 

Blue Lagoon Resources Inc. (the “Company“) (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to report that as part of the Company’s due diligence, Rana Vig, Blue Lagoon’s President & CEO along with the Company’s chief geologist, Bill Cronk, visited with Metal Mountain’s senior management and went on an extensive site visit at the Dome Mountain mine site during the week of February 23, 2020 and had the following comments about the project.

Blue Lagoon’s President & CEO Rana Vig (right) with the Company’s chief geologist, Bill Cronk in front of the Dome Mountain Mine portal entrance

“We are extremely happy with our visit to Metal Mountain’s facilities in Smithers, B.C. The Dome Mountain mine site shows close attention to detail and a focus on organization of all site facilities. We found our visit underground supported the recorded geology and highlights the target Boulder Vein,” said Bill Cronk, the Company’s chief geologist.

Rana Vig, President & CEO commented, “I was very impressed with the amount of thought that has clearly gone into the construction and preparation of the mine site. Looking around the site, one can really appreciate and see the results of the $28 million spent by Gavin Mines in the last dozen years and the $40 million previously spent by Timmins and Noranda for mine permitting and infrastructure construction as well as underground development and exploration drilling. The facility is top notch and well thought out,” he said.

“And with last week’s signing of the binding letter agreement, we are one step closer for Blue Lagoon to transform into a development stage gold company focused on the prompt advancement of a very promising gold property in British Columbia that holds a Mining Permit and Environmental Management Act Permit providing for up to 75,000 tonnes annually,” he added.

No decision to proceed to production has been made at this time.

Dome Mountain Mine’s mine manager and geologist give underground tour (above);  he mine is clean, dry and safe.

Dome Mountain Mine’s onsite office building and staff facilities (left) and Blue Lagoon’s chief geologist, Bill Cronk, discussing the project’s geology during the underground tour of the mine.

Dome Mountain Mine is efficiently designed and well maintained.

For Full Release: https://www.accesswire.com/579776/Blue-Lagoon-Provides-Due-Diligence-Update-on-Dome-Mountain-Gold-Mine-Project

March 3, 2020 - Blue Lagoon Provides Update on Transaction With Metal Mountain Resources Inc.

Blue Lagoon Resources Inc. (the “Company“) (CSE:BLLG; FSE:7BL; OTCQB:BLAGF) provides additional technical information regarding the mineral projects of Metal Mountain Resources Inc. (“Metal Mountain”). The Company previously announced on February 27 that it had entered into a binding letter agreement to acquire 100% of the outstanding shares of Metal Mountain, a private British Columbia company.

Metal Mountain holds a 50.84% interest in Gavin Mines Inc. (“Gavin Mines”), which in turn holds a 100% interest in the Dome Mountain Mine located near the town of Smithers in northwest British Columbia. Blue Lagoon also has a binding letter of intent with AGC Investments Inc. (“AGC”), a private company which holds a 27.44% interest in Gavin Mines, whereby Blue Lagoon may acquire AGC’s interest on closing of the acquisition of Metal Mountain.

With the acquisition of Metal Mountain’s 50.84% interest and AGC’s 27.44% interest, Blue Lagoon will hold a total of 78.28% interest in the Dome Mountain Mine.

Additionally, Metal Mountain also holds a 100% interest in the Big Onion Property, a porphyry copper project located 16 kilometres east of the town of Smithers and consists of 13 contiguous mineral claims comprising a total area of 4,493 hectares. The company will provide additional information on the Big Onion project in subsequent news releases.

DOME MOUNTAIN PROJECT INFO & HISTORICAL ESTIMATES

The Dome Mountain Project is the subject of a NI 43-101 technical report entitled Technical Report on the Dome Mountain Gold-Silver Project dated April 2010, prepared by Gary Giroux, P. Eng., Giroux Consultants Ltd. for Gavin Mines. The technical report provides the following historical resource estimate for the Boulder Vein System based on 285 surface diamond drill holes and 37 underground diamond drill holes (the “2010 Historical Resource Estimate”):

Historical Indicated Resource within the Mineralized Veins

Au

Cut-off

(g/t)

Tonnes >

Cut-off (tonnes)

Grade>Cut-off

Contained Metal

Au (g/t)

Ag (g/t)

Au (ozs)

Ag (ozs)

4.00

143,000

14.76

72.83

67,900

334,800

5.00

138,000

15.10

73.93

67,000

328,000

6.00

133,000

15.46

75.36

66,100

322,200

Historical Inferred Resource within the Mineralized Veins

Au Cut-off (g/t)

Tonnes > Cut-off (tonnes)

Grade>Cut-off

Contained Metal

Au (g/t)

Ag (g/t)

Au (ozs)

Ag (ozs)

4.00

173,000

12.43

57.03

69,100

317,200

5.00

154,000

13.42

60.63

66,500

300,200

6.00

137,000

14.43

64.49

63,500

284,000

This resource occurs principally above the 1290 level and has been adjusted to remove the volumes previously mined. The 2010 Historical Resource Estimate is considered historical in nature by the Company, is provided for background information purposes only, and is not a current resource estimate due to significant additional exploration work conducted subsequent to the date of the report. A qualified person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource.

Subsequent to the 2010 Historical Resource Estimate, Gavin Mines conducted 7,210 meters of infill drilling in 2016 to upgrade the inferred resource. Four new veins were discovered within the Boulder Vein System during the 2016 drill program. The 2016 drilling program added 330 meters of strike length to the Boulder Vein which remains open along strike to the west and at depth.

Gavin Mines engaged Roughstock Mining Services LLC of Bozeman, MT to prepare a non-43-101 resource estimate for the Boulder Vein system for internal use, based on the additional data from the 2016 drill program, as follows (the “2016 Historical Resource Estimate”):

Historical Dome Mountain Mine Indicated Resource at 3.42 g/t Cut-off (undiluted) as at December 30, 2017

 

Tonnes

Grade (g/t)

Grams

Ounces

Boulder Vein

164,735

12.76

2,102,654

67,601

Boulder East Vein

8,736

22.22

194,137

6,241

         

TOTAL

173,471

13.24

2,296,791

73,843

Historical Dome Mountain Mine Inferred Resource at 3.42 g/t Cut-off (undiluted) as at December 30, 3017

 

Tonnes

Grade (g/t)

Grams

Ounces

Boulder Vein

171,611

8.96

1,538,017

49,448

Boulder East Vein

166,852

8.17

1,362,590

43,808

Argillite Vein

75,486

12.97

979,050

31,477

Boulder HW Vein

46,079

7.62

351,222

11,292

TOTAL

480,028

9.20

4,230,879

136,025

The scientific and technical data contained in this news release was prepared and reviewed by William Cronk, P.Geo., a qualified person as defined in NI 43-101 and a consultant to the Company.

For Full Release:  https://www.accesswire.com/578745/Blue-Lagoon-Provides-Update-on-Transaction-With-Metal-Mountain-Resources-Inc

February 27, 2020 - Blue Lagoon Signs Binding Letter Agreement with Metal Mountain Resources Inc.

 

Blue Lagoon Resources Inc. (“Blue Lagoon” or the “Company”) (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce the Company and Metal Mountain Resources Inc., a private BC Company, have replaced the non-binding letter of intent announced on February 25 with a binding letter agreement, for the acquisition by Blue Lagoon of 100% of the outstanding shares of Metal Mountain in exchange for approximately 12.15 million shares of Blue Lagoon.

Pursuant to the letter agreement, on closing of the transaction, Metal Mountain will amalgamate with a new subsidiary of Blue Lagoon to be incorporated for the purpose of this transaction. The shareholders of Metal Mountain will on closing receive 0.97266 shares of Blue Lagoon for every 4 common shares of Metal Mountain held by them. The Blue Lagoon shares will be subject to a hold period for an initial 12 months from closing, and thereafter the hold period will expire in installments as follows:

  • 10% on each of 12 and 15 months from the closing date
  • 15% on each of 18 and 24 months from the closing date
  • 25% on each of 27 and 30 months from the closing date

Metal Mountain will schedule and call a meeting of its shareholders for the purposes of seeking approval of the transaction, including the amalgamation. Closing of the transaction is subject to various conditions, including any required stock exchange approvals, shareholder approval of Metal Mountain, and completion of due diligence investigations. The parties are working to prepare and settle the terms of a definitive agreement to replace the letter agreement.

For Full Release: https://www.accesswire.com/578144/Blue-Lagoon-Signs-Binding-Letter-Agreement-with-Metal-Mountain-Resources-Inc

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