Drilling Commenced on Yukon Luckystrike Property

VANCOUVER, July 09, 2019 - Luckystrike Resources Ltd. (LUKY.V) is pleased to announce Drilling has commenced on its 100%-owned Lucky Strike Property, located in the heart of the White Gold District, Yukon. The program will focus on expanding on discovery hole DDLS-18-06 which intersected 4.55 g/t Au over 7.6m within a newly discovered, unoxidized lower zone at Monte Carlo, that is comprised of a broad gold-sulphide rich unit. This drill hole was the only one to test the IP anomaly and confirms the lower zone directly corresponds to the large, subsurface, strong IP chargeability anomaly that is defined for 1.8 kilometres and remains open in all directions. Drilling is planned to test an 800-metre section of this buried, multi-line chargeability anomaly, providing very strong potential to quickly expand the scale and geometry of Monte Carlo gold zone both along strike and to depth.

Luckystrike Highlights

• 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 meters in the upper zone and 4.55 g/t Au over 7.6m in a newly discovered lower zone comprised of a broad gold-sulphide rich unit (see November13, 2018 news release).
  • This drill hole confirms the lower zone directly corresponds to a large, subsurface, strong IP chargeability anomaly that is defined for 1.8 kilometres and remains open in all directions.
  • The lower zone is considered highly significant, as drill hole DDLS-18-06 represents the only one to have targeted and confirmed the presence of a broad zone of high-grade gold mineralization within the IP anomaly.
• 2017 drilling in the upper oxidized zone returned 5.36 g/t Au over 22m (see November 20, 2017 news release).
• Trenching at Monte Carlo returned 0.94 g/t Au over 30m including 1.14 g/t Au over 24m
• The 2018 trenching has also significantly expanded the strike length of known gold mineralization along the Monte Carlo trend from 400m to 560m, and the zone remains open to the northwest and southeast. Soil sampling, rock grabs, and IP indicate a larger footprint of 1800m x 450m on Monte Carlo, part of the 10 km Lucky Strike Corridor.

Message from William (Bill) Chornobay, President and CEO:

“We look forward to receiving the drill results from the newly discovered gold zone. Drilling will be focused on expanding on the 2018 discovery hole DDLS-18-06 to trace the zone both along strike and to depth, which remains open in all directions. With continued drilling success the Luckystrike Property is poised to quickly evolve into a significant gold discovery."

Other

Stephen Roach, P. Geo., Chief Geologist, is a qualified person as defined by National Instrument 43-101, for Luckystrike's Yukon exploration projects and had supervised the preparation of, and has reviewed and approved, the technical information in this release.

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.