Targeting of Trenched Discovery Zone Completed, Mobilization for Drilling Begins

After a detailed review of the recent high-grade trenching results including 5.24 g/t gold across 14 metres, 8.02 g/t gold over 9 metres, 1.67 g/t gold over 61 metres by company geologists and external consultants a drill hole program layout has been completed. This first phase of drilling will include 3,000 metres of HQ core targeted initially within the area of multiple sub-parallel stacked strongly silicified lenses known as the Discovery Zone (Area of trenches T-5, T-6, T-14, T-17, T-18, T-19 and T-21). Drill holes DDHW-01 to DDHW-4 will be drilled into this zone.

Highlights from the Discovery Zone:

• Combined Length of Trench T-5 and T-6: Averages 1.67 g/t gold over 61 metres
  (see November 9, 2021 News Release)
  
• Trench T-14: Averages 8.02 g/t gold over 9 metres
  (see November 18, 2021 News Release)
  
• Trench T-21: Averages 5.24 g/t gold across 14 metres
  (see April 13, 2022 News Release).

Francois Perron, Lucky's CEO stated, "We are extremely pleased with our progress to date having only discovered the Wayka target last year in March 2021. Over the last 12 months the entire team in Ecuador has worked diligently to get the company to this current moment. It is very exciting to be drilling below the trenches where strong mineralization was sampled at surface. The main goal of the drilling program will be to extend these two-dimensional discoveries into the third dimension. We are hopeful that our understanding of the multiple mineralized structures that appear to be parallel and relatively close at surface will be improved."

The drill program is expected to begin in June. Drill holes DDHW-5 to DDHW-8 will be drilled based on the results of the initial drill hole results.

Drill holes DDHW-9 to DDHW-12 will be drilled into strongly silicified outcrops with alunite and pyrophyllite (known as the Wall Zone). See maps below of the drill hole layout.

The first 4 drill holes will be drilled into the area of multiple sub-parallel stacked strongly silicified lenses that were cut in trenches T-5, T-6, T-14, T-17, T-18 and T-19. See map below.

Map of drill hole layout at Wayka with trench locations in the Discovery and Wall Zones

Map of drill hole layout at Wayka with trench locations in the Discovery and Wall Zones (Alteration Map-left; Mag Map-right)

Current mineralization is interpreted to be controlled by pre-existing vertical faults. This will be tested as proposed drill holes will traverse several alteration zones.

Alteration Map showing interpreted potentially parallel stacked lenses in Discovery Zone

Wayka - Next Steps

• Mobilization for drilling campaign (underway)
• Drilling (June)
• Trenching (ongoing)
• Prospecting in other areas to increase understanding of overall Wayka area (ongoing)

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 submitted to ALS Chemex Labs in Quito for preparation work, and the analytical work is completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory.

ON BEHALF OF THE BOARD

"Francois 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.

Covid-19 Safety Protocols

Lucky 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 following COVID protocols with permanent disinfection procedures in place and are following correspondent social distancing while being isolated from the surrounding communities.

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.