Lucky Minerals Announces the Start of the 2021 Exploration Program

VANCOUVER, February 24, 2021 - Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") announces that field work has begun at its Fortuna Property in southern Ecuador. A team of four geologists, field assistants and an experienced prospector are on site. Field work will initially be focused on the El Garo high sulphidation epithermal Prospect.

El Garo Prospect

El Garo is characterized by a large advanced argillic alteration area measuring approximately 2 km x 1 km confirmed by outcrop sampling and terraspec rock analyses,and is open in all directions. The host rocks are dacite tuffs with outcrops of vuggy silica, hydrothermal breccias, alunite, and jarosite. These rock types and alteration minerals are typical of high sulphidation precious metal systems.

At El Garo two geological teams have started collecting soil samples following a grid with 200-meter line separation, and samples taken every 50 meters along lines. A total of approximately 900 soil samples over an area of about 4.4 km x 2 km will be taken. Total soils samples to date are 275. The remainder of the soils will be taken within approximately 3 to 4 weeks.

Outcrop sampling at El Garo has been restricted by the scarcity of outcrop. It is expected that as the grid continues to the east, there will be exposed bedrock which will allow for more sampling. It is important to observe that as the grid moves to the east, different elevations in the lithology are expected to be exposed and thus sampled.

Once all soils are assayed and a Geochem interpretation of these is completed, a hand dug trench program will start. This work will be followed by ground geophysics, and subsequently a drill program is expected in July.

Fortuna

The Fortuna Project is comprised of twelve royalty free exploration concessions and occupies 550 km² within the central cordillera in the heart of a proven and highly mineralized Miocene age volcanic belt which extends from Chile and Peru into Ecuador. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.

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.

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 in Ecuador, which is its primary exploration project.

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 investors@luckyminerals.com 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 regulations.

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 update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

SOURCE: Lucky Minerals Inc.