Luckystrike Resources Provides Exploration Update

/EIN News/ -- VANCOUVER, British Columbia, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Luckystrike Resources Ltd. (LUKY.V) is pleased to report the successful completion of the 2019 drill program on the Lucky Strike Property. Four diamond drill holes for 1,105.82 meters were completed and 796 core samples were sent to Bureau Veritas for assay. All assays are currently pending and are expected in early September.

Drilling was focused on the Monte Carlo Zone and targeted a 1.8 kilometer-long induced polarization (IP) chargeability anomaly. This anomaly was intersected in diamond drill hole DDLS-18-06 during the 2018 drill program, yielding 4.55 g/t Au over 7.6m at 170 meters vertical depth. This intersection is significant as it represents a newly discovered, unoxidized lower zone of sulphide mineralization (see November 13, 2018 news release).

The 2019 drilling covered a strike length of 825 meters, with the deepest hole being drilled to a vertical depth of 316 meters. All holes intersected sulphide mineralization within an orthogneiss unit. Induced Polarization results indicate these intercepts represent the lower zone.

The four 2019 holes were designed to further define the strike and depth of mineralization at the Monte Carlo Zone which, through soil sampling, rock sampling, trenching, and geophysical surveys, has a footprint of about 1500 x 450 meters. The Monte Carlo Zone is the northern-most zone of the 10-kilometer long, SE-trending Lucky Strike Corridor.

In addition to targeting the chargeable anomaly at depth, two of the 2019 holes also targeted newly discovered mineralization in surface trenches completed in 2018. Hole DDLS-19-02 was drilled adjacent to trench LSTR-18-02 which yielded 0.90 g/t Au over 22.0m. Hole DDLS-19-04 was drilled adjacent to trench LSTR-18-01 which yielded 0.94 g/t Au over 30.0m (see November 13, 2018 news release).

The Lucky Strike Property, located in the heart of the Yukon’s White Gold District, is 100% owned by Luckystrike Resources Ltd. with no underlying payments or royalties.

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

“With the summer drill program successfully completed, we look forward to receiving the assay results from the Monte Carlo Zone. The presence of sulphides at depth is very encouraging; positive assay results would greatly expand the strike extent of the gold-rich sulphide zone discovered in 2018. This would extend the zone to 825 meters of strike length, and set the stage for future infill and expansion drilling on Monte Carlo and for exploration drilling on strike along the 10-kilometer corridor that remains to be drill tested.”

Other

Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101, for Luckystrike's Yukon exploration projects, 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.