Lucky Minerals Identifies a New Epithermal System the Wayka Target: with Outcrop Samples up to 2.90 g/t Gold, Fortuna Property, Ecuador

VANCOUVER, April 20, 2021 - Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce it has identified the Wayka target ("Wayka"), a new epithermal system in which initial assay results from surface outcrop panel samples have returned up to 2.90 g/t gold 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: "Lucky Minerals is excited to have made this discovery of a previously unknown gold bearing system based on surface outcrop sampling. Our current work is focused on increasing our understanding of this system and to continue to extend the scale of the mineralized area. While still early in the program, we are pleased that a significant portion of the samples are mineralized with gold. This is the first set of results received and we are awaiting results from another 38 samples that have been sent for assaying. Our work in the field continues and consists of further prospecting and mapping. We are also in the process of reviewing the data that we received in this particular area of Fortuna.

This new target is of significant interest and we intend to start work on Wayka while we continue our prospecting and testing at the El Garo and Sherman prospects."

The Wayka Target

The Wayka target lies within a topographic high (ridge) that trends approximately NNE and is bound to the east by the El Buitre Porphyry Prospect and to the west by the Emma Porphyry Prospect.

Wayka consists of a large mineralized area within a surface expression presently estimated at 1.2 km long by approximately 0.5 km wide. It is characterized by outcrops of rhyolite with vuggy silica, breccias, alunite and jarosite, which are all typical of epithermal gold systems.

In the middle area lies a dacite porphyry and breccia zone which is approximately 600 m by 400 m. To date we have received a total of 12 rock assay results from ALS Chemex Labs for Wayka please refer to table below or for a larger image please click here to view data table.

Table 1: Rock Sample Assay Results at Wayka Target

As the geological work at Wayka is at an early stage, our understanding of the mineralized system is expected to improve as more detailed work is completed. Thus far, gold values have been observed not only within rhyolites, but also in the contact zones and within meta-granites and schistose rocks.

At the moment the Wayka target remains open to the south, north and east.

Please click here to view the outcrop geology map of the Wayka target.

The map shows a total of seven rock sample and assay locations. Six of these samples are shown in Table 1 above, and one sample #261065, taken last year (Panel 1.0 m x 0.80 m), returned 0.219 g/t gold. Sample #261065 was initially considered part of the Emma Prospect.

A total of 36 rock samples have been submitted for Terraspec analyses to determine the type of alteration minerals associated within this mineralized system.

Please click here to view Sample # 261586: Vuggy silica - 0.652 g/t gold

Please click here to view Sample # 262670: Vuggy silica - 2.90 g/t gold

Please click here to view location of sample # 262670 - 2.90 g/t gold

Next Steps

An additional 38 rock chip samples from Wayka have been submitted to ALS Chemex laboratories in Quito for preparation work which will be followed by analytical work to be completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. All analytical results will be released once received.

Current field work is focused on surface exploration and includes additional sampling in order to better understand the size of the mineralized system at surface. This will be followed by detailed mapping and then scout drilling.

QA/QC protocols are in place 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 Fortuna Property is comprised of twelve contiguous royalty-free concessions and occupies 550 km² (55,000 Ha, or 136,000 Acres). 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, consultants and service providers 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.