Fieldwork Continues to Expand the Recently Discovered El Garo Epithermal Target Area

Vancouver, British Columbia, September 2, 2020 – Lucky Minerals Inc. (TSXV:LKY, OTC:LKMNF, FRA:LKY)  (“Lucky” or the “Company”)  is pleased to announce that continued exploration work at the Fortuna 1 concession continues to expand the recently discovered El Garo epithermal target area.

Structural analysis based on satellite imagery, on the Fortuna 1 concession, indicates that the El Garo epithermal alteration zone appears to be spatially related to the margins of a circular feature (caldera-like) which measures approximately 5 km in diameter. The intersections of radial/ring faults and fractures with northeast, northwest and east-west faults zones are excellent exploration targets.

The El Garo epithermal alteration zone has now been extended to an area of approximately 1.6 kms x 800 meters.

Lucky’s CEO, Mr. Adrian Rothwell stated: “The outlined surface alteration at El Garo is an exciting discovery by our field team on the newly defined Shincata Gold Trend. I am pleased to report that work has continued throughout the month of August, following strict COVID19 health & safety protocols. This has allowed our teams to forge ahead on many fronts. I am excited for upcoming results on multiple other targets on the Fortuna 3, 4, 9 and 10 South areas.”

To advance exploration work on the Fortuna 1 concession, Lucky has started the permitting process for initial trenching and scout drilling. Additionally, a soil grid sampling program over an area of approximately 4 by 2 kms is being prepared. Before outlining drill targets ground geophysics such as Induced Polarization / resistivity and mag will be completed in selected anomalous areas outlined in the soil sample results.

For more information on the Shincata Gold Trend, readers are encouraged to view the Company’s news release of August 18.

Image: Shincata Epithermal Gold Trend with location of El Garo area in Fortuna 1 and the south Fortuna 10 anomalies. El Mozo epithermal deposit shown just south of Fortuna 10. Also is the location of the El Buitre porphyry target area.

Image: Caldera-like structure (Fortuna 1),

Image: Structural interpretation with 9 additional target zones to be explored

Ring fracture faults generally develop during a caldera collapse, and radial and ring structures which generally develop during resurgence of the caldera, are considered good exploration targets for epithermal type mineralization.

At El Garo most rock outcrops are mainly of a porphyritic rhyodacite, with areas of advanced-argillic alteration, alunite and silicification. Also, breccia zones with silica flooding have been observed, as well as outcrops of vuggy silica.

Image: Hand specimen from El Garo - hydrothermal breccia with silica flooding, with presence of alunite and limonite.

Thus far a total of 17 rock chip samples from El Garo have been submitted to ALS Chemex laboratories in Quito for prep work, and the analytical work will be completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. Analytical results will be released once these are received.

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.

Image: The El Garo Alteration Zone and proposed soil grid outline

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 and Emigrant Projects.

The Company’s Fortuna Project is a royalty-free 550 km2 (55,000 Ha, or 136,000 Acres) exploration concession. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador. Lucky has a memorandum of understanding on Fortuna with First Quantum Minerals Ltd. (“First Quantum”) whereby First Quantum is able to earn up to 70% of copper targets. 

The Emigrant Creek Project covers a 15 km2 area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana.

Covid-19 Safety Protocols

After a country wide two-month shutdown due to the COVID-19 pandemic. The government approved new health and safety protocols for the transportation of workers to and from mine sites.

The company has presented all the necessary protocols required by the national government for the restart of activities, which comply with national and international safety standards, thereby guaranteeing the health and safety of the communities surrounding the Fortuna project, as well as our team on field. Lucky has commenced field work consisting of prospecting, geophysics and geochemical testing to confirm drilling targets.

Lucky Minerals will impose every action in coordination with national and provincial authorities. The company will have strict rules in place for all workers arriving to and from field sites.  All personnel will be tested upon arriving and leaving and be tested every two weeks. All personnel will be housed in separate and private accommodations and will not have opportunity to share in the community.  There are no more than three workers per vehicle. 

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 

“Adrian Rothwell”

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 Adrian Rothwell, President and CEO, by email at [email protected] 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.