v. phr. , informal 1. To discover oil, or a large vein of minerals to be mined, or a buried treasure. The old prospector panned gold for years before he struck it rich. 2. To become rich or successful suddenly or without expecting to. Everyone wanted to buy one of the new gadgets, and their inventor struck it rich. John did not know that he had a rich Uncle John in Australia. John struck it rich when his uncle left his money to John.
Compare: PAY DIRT 2 .