Lucky Minerals Inc V.LKY

Lucky Minerals Provides Update to Wayka Project

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Lucky Minerals Provides Update to Wayka Project

VANCOUVER, BC / November 8, 2022 / Lucky Minerals Inc. (TSXV:LKY, OTC PINK:LKMNF, FRA:LKY) ("Lucky" or the "Company") is pleased to announce it continues geological mapping, trenching and channel sampling at the Wayka epithermal gold discovery at its 100% owned 55,000 hectare Fortuna Property ("Fortuna") in Ecuador.

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

Interpreting the upper portion of the high sulfidation system.

Approximately 188 metres north of Trench 14, a hydrothermal breccia 5 metres wide, comprised of silicified meta-granite and schist fragments in a silica matrix was sampled (Trench 31). Assay results returned anomalous gold (up to 0.043 g/t Au). This trench was excavated near the bottom of a partially eroded lithocap comprised mainly of silica, which is exposed as a silicified ridge. See map and a schematic cross section below.

Francois Perron President and CEO states "The team has resumed work at Wayka. We are very pleased to continue to find feeders with silicification in these breccias. Trench 31, while showing only anomalous values of gold confirms that we continue to find the right plumbing. The system is mineralized, and we continue to find additional feeders as we go north from the initial discovery zone. As we are closer to the interpreted barren lithocap, we believe that we are relatively high up in the system and that this work is opening up the potential of the area below this anomalous upper portion."

The interpreted schematic cross section below, shows the remnant silica cap in relation to trenches and channels sampled (T-5, T-6, T-14, C-1, C-2, C-8 and T-31). Mineralization exposed by erosion in Trench 14 returned 8.02 g/t gold across 9 metres (News Release November 18, 2021) and in Trench 21 returned 5.24 g/t gold across 14 metres (News Release April 13, 2022). Both trenches lie below the interpreted silica cap, whereas Channel 8 and Trench 31 lie within and at the base of the silica cap and returned mainly anomalous gold values. The current interpreted lithocap appears to be present at an elevation from approximately 3,697 m to 3,643 m while the higher grades trenches (trenches 14 and 21) are located at an elevation of approximately 3624 m.

Schematic Cross Section showing mineralized structures in relation to lithocap

Lithocaps associated with high sulphidation epithermal systems typically occur as silicic altered rocks with pyrite, either as stratabound replacements, veins and/or breccia cement. Silica caps are erosional remnants of what were once extensive lithocaps and may be considered the upper sections of epithermal systems. Silica caps are mostly barren and/or weakly anomalous of significant gold mineralization.

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

Wayka Trench Geology Map

Fortuna - Next Steps

Wayka

Current field work is focused on surface trenching around the discovery zone. There are another 35 assays pending from an area in the discovery zone and 7 assays from an area NE of this zone.

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 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. Results will be released as they are received.

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 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 [e-mail] or by telephone at [phone].

Or by contacting:

Renmark Financial Communications Inc.
Kerry Schacter: [e-mail]
Tel: [phone] or [phone]
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 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 as expressly required by Canadian securities law.

SOURCE: Lucky Minerals Inc.