Wayka’s Kelly Zone Channel 21 Returns 0.98 g/t gold over 11.0 metres

VANCOUVER, January 17, 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.

Kelly Zone (North Wayka) channel 21 (C-21) returns 0.46 g/t gold over 25 metres, including 0.98 g/t gold over 11 metres.

Channel 21 has returned gold values within a silicified breccia zone comprised of subrounded to subangular fragments of dacite, meta-granite and schist. It lies within the Kelly Zone which is located approximately 950 metres north of trench T-5 (Discovery Zone). See C-21 assay tables below.

Kelly zone has a mineralized breccia that has been identified over a 100 metre strike length

When the current work is combined with the previous trenches a significant breccia has now been confirmed. This breccia extends over a 100 metre strike length and has several areas with confirmed gold mineralisation.

Approximately 40 metres southeast of C-21 and at approximately 3,635 metres elevation lies trench 12 (T-12), which returned an average of 1.21 g/t gold over 10 metres (Please see news release October 25, 2021). Other channels in the Kelly Zone, C-24 and C-25 are in silicified hydrothermal breccias and returned anomalous gold. Channel 15 returned 19 metres with 0.19 g/t gold. Channel 20 returned 1.04 g/t gold across 13 meters (Please see news release December 12, 2022).

Channel 21 Sample and Assay Table - Higher Grade Interval

Assay results for Channel 22 mostly returned anomalous assays from 14 to 82 ppb gold. In this channel most of the alteration is argillic. The first 4 samples taken from the southern edge in an advanced argillic zone returned the following (See table below):

Channel 22 samples and assays from southern edge of channel

Alteration Map showing location of Channels 21 and 22, also that of other Channels and trenches in the Kelly Zone (North Wayka).

Topography and channel locations (Kelly Zone) with superimposed mag low anomalies in blue. To the north is a low mag anomaly where there is potential for a breccia zone.

Both Channel 20 and Trench 12 lie within a breccia zone that coincides with a mag low. Above is a map of an aerial photo that is overlain by an image showing a mag low (blue area). This map includes the location of Channels 15, 20, 21 and Trench 12.

The location of this breccia zone which coincides with a magnetic low is significant, even more so by the fact that these breccias do carry gold. The low mag anomalies result from the passage of hydrothermal fluids through rocks which destroy magnetite and cause the low magnetic signatures. The fluids alter the rocks producing alteration zones such as silicification and advanced argillic altered rocks which we have identified in the Kelly breccia zone.

Francois Perron President and CEO states "Recently the team has been working in the Kelly zone where there is better outcrop exposure. Mineralization is being exposed and confirms the presence of a large breccia unlike those seen in the structurally controlled feeders of the Discovery zone. Work to date confirms a size of approximately 100 by 40 metres for the breccia. Recent results for the channels confirm that where the alteration is advanced argillic or siliceous there is the presence of gold. The presence of rounded fragments in the breccia is encouraging and could reflect the fact that we are high up in the system. Through their hard work the team has continued to define more alluring drill targets which we look forward to."

Fortuna - Next Steps

Wayka

Current field work is focused on surface trenching around the Discovery and Kelly zones. There are another 236 assays pending from ongoing field work.

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 investors@luckyminerals.com or by telephone at (866) 924 6484.

Or by contacting:

Renmark Financial Communications Inc.
Kerry Schacter: kschacter@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
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.