Luckystrike Arranges Financing

Vancouver, March 27, 2019 - Luckystrike Resources Ltd. (TSXV: LUKY) ("the Company or Luckystrike") is pleased to report it has arranged a non-brokered private placement for gross proceeds totalling $426,780. Upon final acceptance by the TSX Venture Exchange ("Exchange") the company will have in excess of $1 million dollars in general working capital and will also be fully funded to execute its 2019 diamond drill program on its flagship 100 % owned Yukon Lucky Strike property. The 2019 drilling will focus on expanding the new gold zone along an 800 m section of a 1.8-kilometre buried IP chargeability anomaly that directly corresponds with the gold zone discovered with drill hole DDL-18-06. This zone is comprised of an unoxidized gold/sulphide rich unit assaying 4.55 gpt Au over 7.66 meters and remains open both along strike and to depth as reported in the November 13^th press release.

The offering consists of flow-through units at a price of $0.25 per unit and non-flow-through units at the price of $0.20 per unit. Each flow-through unit comprises one common share, which is a flow-through share for Canadian income tax purposes, and one one-half share purchase warrant. Two $0.50 one-half warrants will entitle the holder to purchase one additional common share, which is not a flow-through share, at the price of $0.50 for 24 months after closing. Each non-flow-through unit comprises one common share, which is not a flow-through share, and one share purchase warrant. Each $0.40 warrant will entitle the holder to purchase one additional common share, which is not a flow-through share, at a price of $0.40 for a period of 36 months after closing. If, at any time four months after the date of completion of the offering, the company's shares have a closing price equal to or higher than $0.80 per share for 10 consecutive trading days on the Exchange (as defined herein), the company shall thereafter be entitled to give notice to the holders of all $0.40 warrants, by news release, that such warrants will expire at 4:30 p.m. ET on that date which is 30 days after the date of such news release, unless exercised before the expiry of that period. If, at any time after four months after the date of completion of the offering, the company's shares have a closing price equal to or higher than $1.00 per share for 10 consecutive trading days on the Exchange(as defined herein), the company shall thereafter be entitled to give notice to the holders of all $0.50 warrants, by news release, that such warrants will expire at 4:30 p.m. ET on that date which is 30 days after the date of such news release, unless exercised before the expiry of that period.

The company may pay finders' fees equal to six per cent of the gross proceeds from a portion of the financing in cash and six per cent finders' warrants equal to the number of units sold in accordance with the policies of the Exchange. The proposed private placement and finders' fees are subject to Exchange acceptance. All shares issued pursuant to the offering (including shares issued to finders), as well as any shares issued pursuant to the exercise of warrants, will be subject to a four-month hold period from the closing date.

November 13^th News Highlights Reported

Lucky Strike property, located in the heart of the White Gold district, Yukon:

• Diamond drill hole DDLS-18-06 intersected multiple gold-bearing zones at the Monte Carlo zone, returning 1.16 grams per tonne gold (g/t Au) over 8.3 metres in the upper zone and 4.55 g/t Au over 7.6 m in a newly discovered lower zone comprising a broad gold-sulphide-rich unit (Link to Nov 13^th Press Release). This drill hole confirms the lower zone directly corresponds to a large, subsurface, strong IP (induced polarization) chargeability anomaly that is defined for 1.8 kilometres and remains open in all directions. The discovery of this broad gold-mineralized unit significantly expands the zone to depth, with very strong potential to quickly expand the scale and geometry of Monte Carlo gold zone both along strike and to depth by targeting this clearly defined 1.8-kilometre IP anomaly with future drilling:

  • The lower zone is considered highly significant, as drill hole DDLS-18-06 represents the only one to have targeted the IP chargeability zone and confirmed the presence of a broad zone of high-grade gold mineralization within the IP anomaly.

• Trenching at Monte Carlo returned 0.94 g/t Au over 30 m including 1.14 g/t Au over 24 m.

• The 2018 trenching has also significantly expanded the strike length of known gold mineralization along the Monte Carlo trend from 400 m to 560 m, and the zone remains open to the northwest and southeast. Soil sampling, rock grabs and IP data indicate a larger footprint of 1,800 m by 450 m on Monte Carlo, part of the 10 km Lucky Strike corridor.

• Trenching and IP along the 10 km Lucky Strike corridor were also successful in delineating several new drill targets at both the Maverick and Belmont zones.

• Link to short video, providing an overview of the Luckystrike Property.

• Link to an updated company presentation.

Bill Chornobay, President and CEO of Luckystrike Resources stated: "With the summer drill program fully funded and fast approaching we look forward to following up on this new discovery. Drilling will be focused on expanding the new gold zone both along strike and to depth. With continued drilling success this zone could quickly evolve into the next big discovery."

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.

*NOT FOR DISSEMINATION IN THE UNITED STATES*

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43688