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EDIT: nope, just checked it's 1000 points = 1%, not 100.
1,000 translates to 1%. Any time you have a luck rating for a profession, you can divide it by 1,000 to get the percentage probability that you can get the rare items.
With all gear bufffood trophy etc its possible to reach 12885 Luck
lifted from newworldfans:
"Mining Luck and You
The first thing I must explain is that 1,000 luck points equals 1% luck with Mining. The same can be said the other way; 1% Mining luck is equal to 1,000 luck points. This conversion works with Mining because all the loot tables used are 100,000 roll loot tables. In other cases a 100k loot table may not be used, making that conversion incorrect.
With this conversion in mind, the BiS Mining Luck turns out to be 52.3% fully buffed or 52,300 Mining Luck points.
The reason Luck is important for Mining is because it will increase the odds of you obtaining a rare Mining item and an increase to items gathered. There are some thresholds that must be reached in order to obtain the rare items. These thresholds can be obtained by just level Mining, but can be reached sooner with the help of the resources talked about not too long ago.
"