Lion One Drills Exceptional High-Grade Intersections as Part of Metallurgical Drill Program

North Vancouver, British Columbia–(Newsfile Corp. – October 4, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce assay results from recent wide-diameter (PQ) core drilled for metallurgical test work at its Tuvatu Gold Project in Fiji.

These results complement the excellent results obtained by the infill drill program completed earlier this year and reported on February 23, 2022 (Lion One Reports Additional High Grade Intercepts, Completes Phase 1 Infill Drill Program at Tuvatu – Lion One Metals). The additional results provided by the metallurgical drill program reported here will be applied to the ongoing remodelling of the Tuvatu orebody that will inform the resource update scheduled for Q1 2023. Results of the metallurgical study that will be based on the material provided by this drilling program will be reported as they are received.

Highlight intercepts include:

TUDDM-001 intersecting the URW1 mineralized vein:

• 14.96 g/t Au over 24.0m from 81.8-105.8m including:
  • – 105.19 g/t Au over 0.3m from 86.9-87.2m
  • – 18.67 g/t Au over 0.6m from 91.4-92.0m
  • – 19.43 g/t Au over 0.6m from 93.2-93.8m
  • – 26.59 g/t Au over 0.9m from 95.6-96.5m
  • – 14.80 g/t Au over 0.6m from 96.5-97.1m
  • – 23.43 g/t Au over 0.6m from 97.1-97.7m
  • – 13.63 g/t Au over 0.6m from 97.7-98.3m
  • – 33.76 g/t Au over 0.6m from 98.3-98.9m
  • – 22.36 g/t Au over 0.6m from 98.9-99.5m
  • – 6.04 g/t Au over 0.9m from 99.5-100.4m
  • – 78.64 g/t Au over 2.4m from 103.4-105.8m which includes:
  • – 9.44 g/t Au over 0.6m from 104.6-105.2m
  • – 297.70 g/t Au over 0.6m from 105.2-105.8m

TUDDM-003 intersecting the URW1 mineralized vein:

• 65.13 g/t Au over 3.2m from 78.8-82.0m including:
  • – 98.88 g/t Au over 2.1m from 78.8-80.9m which includes:
  • – 58.18 g/t Au over 0.3m from 78.8-79.1m
  • – 624.81 g/t Au over 0.3m from 79.1-79.4m
• 23.27 g/t Au over 3.3m from 118.9-122.2m including
  • – 50.67 g/t Au over 1.5m from 118.9-120.4m which includes:
  • – 19.49 g/t Au over 0.9m from 118.9-119.8m
  • – 97.45 g/t Au over 0.6m from 119.8-120.4m

TUDDM-004 intersecting the SKL and URW1 mineralized veins:

• 260.44 g/t Au over 0.3m from 55.7-56.0m
• 213.52 g/t Au over 0.9m from 56.6-57.5m
• 40.08 g/t Au over 0.9m from 78.2-79.1m
• 10.03 g/t Au over 3.0m from 130.6-133.6m including:
  • – 59.82 g/t Au over 0.3m from 130.6-130.9m
  • – 11.39 g/t Au over 0.3m from 130.9-131.2m
  • – 13.64 g/t Au over 0.3m from 131.2-131.5m

TUDDM-005 intersecting the Murau (M) mineralized vein:

• 9.30 g/t Au over 5.4m from 127.7-133.1m including:
  • – 31.56 g/t Au over 0.6m from 128.9-129.5m
  • – 14.99 g/t Au over 1.2m from 129.5-130.7m
  • – 6.08 g/t Au over 0.9m from 132.2-133.1m
• 22.80g/t Au over 1.5m from 140.3-141.8m including:
  • – 9.55 g/t Au over 0.3m from 140.6-140.9m
  • – 10.54 g/t Au over 0.3m from 140.9-141.2m
  • – 58.59 g/t Au over 0.3m from 141.2-141.5m
  • – 32.03 g/t Au over 0.3m from 141.5-141.8m

TUDDM-006 intersecting the Murau (M) Lodes

• 9.87g/t Au over 3.9m from 141.8-145.7m including:
  • – 10.01g/t Au over 1.2m from 141.8-143.0m
  • – 13.74g/t Au over 0.6m from 143.3-143.9m
  • – 13.49g/t Au over 1.2m from 144.5-145.7m

All six metallurgical drill holes were drilled from surface using wide diameter PQ core (85mm) between June 6 and August 10, 2022. The purpose of the program was to collect samples from areas scheduled for mining in the first 3 years of development. These assays presented are a result of one eighth split core, with the remaining seven eighths being sent to Bureau Veritas metallurgical laboratory in Vancouver, Canada for test work to assist in the design of optimised recoveries. As this is a metallurgical program, the holes were designed to intersect some vein sets at an oblique angle in-order to maximise mineralized sample recovery and as such, while drill widths does not necessarily represent true widths, the results provide information on the continuity of Au grades. The URW1 lode is interpreted to strike north-south and dip steeply east and has a true width of approximately 1 to 7 metres. The Murau lodes are interpreted to strike east-west with a moderate southerly dip with multiple lodes of true-width between 0.3 and 4 metres. The SKL lodes are dip subhorizontally, with true-widths of between 0.3 and 1 metre.

Lion One CEO Walter Berukoff commented, “These latest results underscore the continuous, high-grade nature of the mineralization at Tuvatu. Each batch of drill results adds enormous value to the project in both addition of ounces to the total metal budget as well as clarification of important upside potential.”

Figure 1. Image from Leapfrog software long-section view west showing select results from metallurgical drilling campaign. The Murau (red) and SKL lode (purple) orientations are projected on to section.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/139412_3c08c4f0d449dba2_001full.jpg

Figure 2. Image from Leapfrog software plan view showing select results from metallurgical drilling campaign. The general outline of the Murau (red) and SKL lode (purple) is projected onto the plan.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/139412_3c08c4f0d449dba2_002full.jpg

Table 1: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are shown in red, and intervals > 9.0 g/t Au or longer than 1.2m are bolded.