Lucky Minerals Discovers Gold in the Initial 384 Metres of Drilling at Wayka

VANCOUVER, February 7, 2023 - Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce that it has discovered large intersections of gold mineralization in the initial stage of its ongoing drill program at the Wayka Project. Assay results for drill holes DDHW-001 to DDHW-005 have been received for a total of 384 metres.

Gold Discovery from Drilling at Wayka

Lucky has completed the first five drill holes at Wayka using lightweight drill equipment developed by the Company's drilling partner Hubbard Drilling. These shallow drill holes are designed to follow up on the trenches previously announced in the Discovery Zone.

Drill results include:

• 10 metres at an average grade of 0.68 g/t gold (DDHW-003-2023)
• 7 metres at an average grade of 0.64 g/t gold (DDHW-001-2023)
• 5.82 metres at an average grade of 0.87g/t gold (DDHW-005-2023)

The objective of this initial drill program was to prove the continuity of the siliceous lenses to depth and its lithological and/or structural control. As field observations indicate, part of the gold mineralization follows the rock foliation as shown in the interpretative cross section below.

Lucky's CEO, Mr. François Perron stated: "To have discovered large intersections of near-surface gold mineralization in our first five shallow holes at Wayka, totalling just 384 metres, is a substantial achievement and a credit to both the quality of our exploration team and the prospectivity of the project based on an analysis of the results to date, we believe that these initial drill holes have intersected the margins of the epithermal gold system and that additional drilling will allow us to vector into the higher-grade feeder structures within the system. Of the five holes drilled to date, every single hole has returned anomalous gold mineralization. Given these exciting results we will be intensifying work as we continue to drill test the newest gold discovery in Ecuador."

Further details:

The following diagram shows the layout of the initial drilling

Drill hole DDHW-001-2023 was drilled to intersect the gold mineralization outlined in the southern edge of trench 21 (see News Release dated April 13, 2022). Trench 21 returned 5.24 g/t gold over 14 metres. This drill hole intersected from surface to a depth of 7 metres strongly silicified rock containing gold mineralization. Please see assay table and image below.

Drill hole DDHW-002-2023 was drilled to intersect the down dip extension of the silicified rocks found in drill hole DDHW-001-2023. This hole intersected a zone of advanced argillic alteration with anomalous gold mineralization from 17.80 to 21.25 metres.

Drill hole DDHW-003-2023 was drilled to intersect the surface gold mineralization outlined between trenches 6 and 14. This drill hole intersected gold mineralization from a depth of 16 to 26 metres, associated with vuggy silica and pyrite. Please see assay table and image below.

Drill hole DDHW-004-2023 was drilled to a depth of 60.50 metres to intersect the gold mineralization below trench 17. This drill hole intersected a zone of faulting with anomalous gold.

Drill hole DDHW-005-2023 was drilled to a depth of 80.20 metres to intersect from surface the silicified zone sampled in trench 17. This drill hole intersected from a depth of 0.53 to 6.35 metres, a zone of gold-bearing vuggy silica with disseminated pyrite. Please see image and assay table below.

In drill hole DDHW-005 the interval from 3.0 to 6.35 metres, (width of 3.35 metres) returned 1.13 g/t gold. All drill holes had core recoveries mostly above 85%.

Below is an image of a mag survey completed on the Discovery Zone, where trenches (5, 6, 14, 17 and 21) and drill holes are shown. It can be observed that both trenches and drill holes are located on the periphery of a large mag-low which coincides with areas of silicification and advanced argillic alteration, typically found in these epithermal gold systems.

This initial phase of drilling has successfully shown that the gold mineralization lenses do have continuity at depth, and tends to follow the rock foliation, and appear to have the shape of an elongated ellipsoid. Company geologists have observed that these lenses may represent the margins of a high-sulphidation epithermal gold system (where generally lower-grades are expected). Exploration teams are working on locating the feeder or conduits through which the hydrothermal fluids have ascended and spread laterally along the foliation planes in both meta-granites and schists. These feeders are generally known to host higher gold grades.

ON BEHALF OF THE BOARD

"François Perron"
Chief Executive Officer

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, 550 km² (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.

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.

Samples are being submitted to Bureau Veritas Labs in Quito for preparation work, and the analytical work is completed at their lab facility in Lima, Peru. Bureau Veritas is an ISO certified and accredited laboratory. Results will be released as they are received.

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.

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

Or by contacting:

Renmark Financial Communications Inc.
Kerry Schacter: kschacter@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com

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 to 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 not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.

SOURCE: Lucky Minerals Inc.