Lucky Minerals Updates Wayka Epithermal Gold Discovery With Geophysics

VANCOUVER, May 3, 2021 - Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce it has continued work at the Wayka epithermal gold discovery at its 100% owned Fortuna Property ("Fortuna"). Fortuna comprises approximately 55,000 hectares in a known mineralized zone in southern Ecuador.

Lucky's CEO, Mr Francois Perron stated: "Our recent Wayka discovery of mineralized vuggy silica hosted in volcanics at surface confirms we are in a high-sulfidation epithermal system. The geophysical data from El Buitre-Emma which revealed a magnetic low anomaly leading to the interpretation of a NNE structure has now been confirmed to coincide with the alteration at surface. The anomaly is presently shown to be at least 3 km long in a north-easterly direction and extends to the limit of the current data. Our teams are pursuing work in the field that will lead to a better understanding of this system both in terms of scale and alteration types which could allow to identify potential feeder zones. This exciting work will lead to drill targets that will be tested in the coming months."

Wayka Update

Lucky's exploration team has continued with geological mapping and sampling at Wayka.

This field work has allowed the team to standardize some of the rock type nomenclature and prepare an updated outcrop geology map of the area. At Wayka most rock types are rhyolites, vuggy silica, dacite porphyry and breccias. Please click here to view updated outcrop geology map.

Wayka lies along an elevated ridge that trends northeast with elevations ranging from approximately 3,600 m to 3,700 m above sea level and is bound to the East by the El Buitre Porphyry Prospect and to the West by the Emma Porphyry Prospect.

Compilation of El Buitre-Emma geophysical survey leads to interpretation of a NNE fault coinciding with surface alteration.

A review of geophysical data from a mag survey completed by our former JV partner has improved our understanding of Wayka. The mag survey shows an anomalous elongated mag low that appears to coincide with the volcanics and alteration zones at Wayka. Please click here to view (looking north) image of the mag low anomaly.

The mag low anomaly trends northeast for approximately 3 km, of which 1.5 km appears to coincide with the surface alteration and mineralization identified to date at Wayka. Our exploration team will continue to extend the surface alteration along the interpreted fault both to the north and the south. The interpretation of the mag low extends to the limit of the current geophysical data both to the north and the south. Please click here to view (looking northeast) image of mag low anomaly.

To date we have received a total of 12 assay results from ALS Chemex Labs for Wayka (News Release dated April 20, 2021) with samples up to 2.9 g/t gold.

Additional sample results are expected in the following days and will include the balance of the initial samples from Wayka as well as some from follow up prospecting work at Sherman.

A total of 36 rock samples have been submitted for Terraspec analyses to determine the type of alteration minerals associated within this mineralized system. This work is expected to assist in identifying potential feeder zones. These results are still pending.

As geological work at Wayka continues, our understanding of the mineralized system is expected to improve as more detailed work is completed. At the moment, Wayka has been observed to remain open in all directions.

Next Steps at Wayka

Exploration teams are focused on gathering samples to further our understanding of current zones and expand the known footprint of the mineralized system. Samples are being submitted approximately every two weeks to ALS Chemex laboratories in Quito for prep work, and the analytical work will be completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. Results will be released as they are received.

Present work is focused on surface exploration which includes sampling and mapping. This will be followed by trenching leading to scout drilling.

El Garo Soil Sampling Continues

Present work at El Garo continues. El Garo is a large epithermal system with outcrops of dacite and vuggy silica. This system is less than 8 km north of Wayka. Due to a lack of outcrop, a soil sampling program was initiated last year and is in the process of being completed. Results from this program will be combined with trenching. A drilling program continues to be planned for El Garo.

QA/QC Protocols

All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.

The Company's Fortuna Project is comprised of twelve contiguous royalty-free 550 km² (55,000 Ha, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.

Covid-19 Safety Protocols

Lucky Minerals has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are housed in separate and private accommodations and are isolated from the community.

Qualified Person:

Victor Jaramillo, M.Sc.A., P.Geo., Lucky's Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.

ON BEHALF OF THE BOARD

"Francois Perron"
Chief Executive Officer

Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting Francois Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

SOURCE: Lucky Minerals Inc.