Luckystrike Resources Reports Results of 2019 Drill Program at the Lucky Strike Property, White Gold District, Yukon

VANCOUVER, Sept. 18, 2019 - Luckystrike Resources Ltd. (LUKY.V) is pleased to report the results of its 2019 diamond drill program on the Lucky Strike Property. Four diamond drill holes totalling 1,105.82 meters were completed (see accompanying map for collar locations here).

The Lucky Strike Property, located in the heart of the Yukon’s White Gold District, is 100% owned by Luckystrike Resources Ltd. with no underlying payments or royalties.

The 2019 drilling focused on the Monte Carlo zone and was designed to target a previously discovered 1.8-kilometer long Induced Polarization (IP) chargeability anomaly. The intent was to understand the anomaly’s relationship to gold mineralization on the property.

Table 1 displays assay intercepts from the 2019 drill program.

• Drill hole DDLS-19-01 intersected a broad, gold mineralized zone assaying 0.10 g/t Au over 67.0m.
• DDLS-19-01 also yielded multiple sub-zones, such as 1.91 g/t Au over 2.0m from 249.0 to 251.0m. These intercepts are typically marked by quartz veins with albitic alteration and pyritic mineralization.
• DDLS-19-01 intersected gold mineralization at depth, assaying 0.88 g/t Au over 6.0m from 273 – 279 meters downhole, indicating good potential for deeper gold-bearing zones.
• Drill hole DDLS-19-02 intersected multiple zones of low-grade gold mineralization. Oxidized orthogneiss intersected near-surface assayed 0.29 g/t Au over 4.2m from 17.0 – 21.2m. A fault zone within a mica schist unit assayed 0.21 g/t Au over 10.3m from 67.7 – 78.0m.
• DDLS-19-02 also intersected pyritic quartz-albite veining at depth, assaying 0.27 g/t Au over 5.0m from 199m – 204m. Small breccia units and isolated gold-bearing quartz veins were identified towards the bottom of the hole. These yielded assays of 0.91 g/t Au over 1.0m from 289m - 290m and 0.48 g/t Au over 1.0m from 294 - 295m, and also indicate good potential for gold mineralization at further depth.

The results of the 2019 drill program indicate that the 800-meter section of the IP anomaly that was drill-tested did not correlate well with the gold mineralization intersected in 2018 drill hole DDLS-18-06 (4.55 g/t Au over 7.6m). The source of the IP chargeability anomaly appears to be lithological in origin, likely caused by a magnetite-bearing chlorite schist unit.

The 2019 drilling revealed intercepts of lode-style mineralization throughout holes DDLS-19-01 and 19-02. Future drilling will focus on the Monte Carlo structure; a large, kilometer-scale, northwest-trending shear zone hypothesized as the source or main conduit of auriferous fluids occurring at Monte Carlo. The 2019 drill program did not target this structure; rather it was designed to test the chargeability anomaly along strike.

The Monte Carlo zone has a footprint of 1500 x 450 meters, determined from soil and rock sampling, trenching, and geophysical surveying.

Monte Carlo is the northernmost zone of the 10 kilometer-long, SE-trending Lucky Strike corridor. Along trend to the southeast is the Belmont, Samson, Boss, and Maverick zones, all which remain to be drill tested.

Table 1: Assay highlights (see Table 2 for drill collar information).

*3.05m zone of poor recovery within this interval

Table 2: Drill collar information

Message from William (Bill) Chornobay, President and CEO:

“The results of this program indicate the potential for deeper, structurally-controlled gold mineralization. The 2019 data will aid in the planning of future drill programs as we continue to gain a better understanding of the property.”

Other

Sample analysis and assaying for all of Luckystrike’s projects have been conducted by the Vancouver laboratory of Bureau Veritas Mineral Laboratories Canada (formerly Acme Analytical Laboratories Ltd), an ISO-9001 accredited company. Rock and drill core samples were crushed, split and pulverized to provide a 250 g pulp at 200 mesh. For gold analysis, a 50 g split was fire assayed with an ICP-ES finish (FA350-Au). Samples assaying >10 ppm Au were run with a gravimetric finish (FA550-Au). Samples also underwent 45-element analysis involving a multi-acid digestion and ICP-ES/MS analysis (MA200). Rigorous quality assurance (QA) procedures were in place regarding sample collection, chain of custody and data entry. Certified quality control (QC) reference material, comprising “standard” samples and blank samples with known values, were routinely inserted into the sample stream to ensure the accuracy and lack of contamination of the assay process.

Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101, for Luckystrike's Yukon exploration projects, and has reviewed and approved the technical information in this release.

ON BEHALF OF THE BOARD
William Chornobay, President and Chief Executive Officer

For new information from the Company's programs, please visit Luckystrike's website at LuckystrikeRes.com or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Luckystrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.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.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Luckystrike has attempted to identify important factors and risks that could affect Luckystrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Luckystrike’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Luckystrike may not be able to confirm historical exploration results and other risks set forth in Luckystrike's public filings at www.sedar.com. In making the forward-looking statements in this news release, Luckystrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Luckystrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.