Lion One Discovers Tuvatu Style Lodes at Banana Creek; Accelerates Drilling

20.07.2020  |  Newsfile

North Vancouver, July 20, 2020 - Lion One Metals Ltd. (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to announce discovery of Tuvatu style lodes at Banana Creek, approximately 3 km northeast of the Tuvatu resource. Banana Creek is a new, high-priority greenfields target situated within Lion One's recently granted Navilawa tenement, part of its 100% controlled Tuvatu alkaline gold project, Fiji. Drill rig #1 recently completed two diamond drill holes at Tuvatu West and has now resumed deep drilling under the main Tuvatu lode system. Rig #2 has initiated drilling new targets within the Navilawa license area.

Highlights:

• Since commencement of the dry season, approximately one and a half months ago, Lion One has been aggressively opening roads and trench cuts within the new, large Navilawa tenement situated north of the Tuvatu mining license. At present, efforts are focused at Banana Creek located approximately 3 km northeast of the Tuvatu resource, where the Company's team has discovered multiple outcropping lodes of similar nature to those seen at Tuvatu (Figures 1, 2,and 3). Recent assay results including multiple high grade results from the current benching and mapping program are presented in the first table below. Results from outcropping lodes include 39.74 g/t Au over 0.60 m, 17.37 g/t Au over 0.45 m, 10.82 g/t Au over 0.70 m and 12.71 g/t Au over 0.40 m at Banana Creek and its access and 31.22 g/t Au over 0.80 m at the nearby Vunilolo prospect. Systematic sampling of newly discovered structures continues, and more discoveries are being made daily. Lion One will update the market as more assays return.

• Diamond drill rig #1 recently completed two holes, TUDDH496 and TUDDH497, both north-oriented, at the western extremity of the Tuvatu West lode network in an area underlain by a profound controlled source audio-magnetotelluric ("CSAMT") resistivity gradient thought to be a major, deep-rooted structural zone that may have allowed mineralizing fluids to ascend near surface. Hole TUDDH496, inclined at -55 degrees, encountered numerous mineralized intervals between 72.10 and 312.66 m (see Table 2), the most significant of which include 0.73 m grading 6.86 g/t Au beginning at 267.20 m and 1.8 m grading 6.41 g/t Au. Hole TUDDH497, drilled from the same pad at a somewhat steeper inclination of -62 degrees, similarly encountered numerous mineralized intervals between 31.00 and 417.60 m, the most significant of which include 3.00 m grading 6.19 g/t Au beginning at 304.50 m and 1.27 m grading 4.41 g/t Au beginning at 357.63 m. Given the broad distribution of numerous mineralized structures in these holes, Lion One believes these intercepts are a high level expression of a deeper gold system underlying this area. Further drilling is needed at a deeper level, perhaps 200 meters vertically below these intercepts to determine how these multiple mineralized structures might come together into a feeder zone.

• Rig #1 has recently been moved to the pad on which deep hole TUDDH495 is situated. The original plan was to re-enter this HQ-sized drill hole with smaller NQ-sized drill pipe and extend the hole through the target area underneath the Tuvatu lode system. Upon investigating the status of this hole, it was recognized that the upper portion had collapsed, likely a result of wet season torrential rains coursing through near-surface fractured zones. Therefore, a new hole has been collared at a slightly different azimuth and will be drilled through the target zone. The bottom of hole TUDDH495 displayed promising zones of alteration and veining at its very end, possibly an indication of proximity to mineralized lodes.

• Diamond drill rig #2 recently commenced drilling new targets within the Navilawa tenement. Biliwi, where high-grade samples were collected early in 2020, is the first target to be tested in this tenement. Depending on awaited results from newly discovered lodes at Banana Creek discussed above, this rig may be shifted to that area very soon.

• A third diamond rig recently purchased by the Company is currently in transit from South Korea. Arrival of this rig is expected in a few weeks at which point it will join rig #1 in undertaking the Tuvatu step-out and feeder test program.

"Crews in Fiji are finding new outcropping lodes daily at Banana Creek and surrounding areas as they open up roadcuts and trenches," commented Quinton Hennigh, technical advisor to Lion One. "Many of these are generating high-grade assays and appear similar to gold lodes seen at Tuvatu nearly 3 km to the southwest. We are now seeing a steady stream of assays come in from these new areas and we expect many more over coming months. Drill targets are quickly emerging at Navilawa. Two holes at Tuvatu West appear to have encountered high level splay structures, possibly above a deeper feeder structure. We plan more drilling at a deeper level in this area later this year. Meanwhile our Tuvatu step-out and feeder drill program continues. This is shaping up to be a busy, exciting year."

Table 1: Gold results from recent rock chip Bench sampling in Navilawa Tenement area

Although some samples from hole TUDDH497 have yet to be returned,
results from holes TUDDH496 and TUDDH497 received to date include:

Table 2: Drilling Results: TUDDH 496 & 497
(true widths still to be determined because of limited drilling in the area and depth below
existing drilling makes interpretation difficult at this stage of exploration)

Table 3: Drill hole logistics of the holes in the current diamond drilling program. Note, TUDDH494 and 495 were
terminated prior to target depths but will be followed up with TUDDH500

Maps showing drill hole locations are available at www.liononemetals.com

Figure 1: Current benching from Banana Creek prospect, SPL 1512, exposing intensely altered mineralised structures with sulphides rich veins and visible specks of bornite with magnesium oxide. Note that 5g/t Au was sampled from this area prior to benching.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/60078_77a7b1e554910ac3_001full.jpg

Figure 2: Highly silicified veins in the vicinity of Banana Creek. This exposed Iliesa Vein contains gold and visible galena and sphalerite plus vuggy texture with other sulphides.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/60078_77a7b1e554910ac3_002full.jpg

Figure 3: Exposed structure from recent benching at Banana Creek prospect. Lodes intersected are the same orientation as the Tuvatu UR lodes but dipping steeply to the west. Structure consist of intense alteration including quartz with sulphides rich veins and visible bornite.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/60078_77a7b1e554910ac3_003full.jpg

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Stephen Mann, P. Geo, Managing Director of Lion One, who is a qualified person pursuant to National Instrument 43-101 - Standards of disclosure for Mineral Projects ("NI-43-101).

Samples are analysed at the Company's own geochemical laboratory in Fiji, whilst duplicates of all results greater than 0.5g/t Au are sent to ALS laboratories in Australia. All samples are pulverised to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish (ALS code Au-AA26). Multielement results are determined by ICP-OES in the Lion One laboratory. Samples which have returned grades greater than 10g/t Au by Au-AA26 have been reanalysed by gravimetric method (ALS code Au-GRA22). Check results are analysed by ALS Townsville, Queensland, Australia and include Au-AA26, and also Au-GRA22 where applicable.

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report "Tuvatu Gold Project PEA", dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About Lion One Metals Limited

Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One's CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Ltd.
"Walter Berukoff"
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

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accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be "forward-looking statements" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Ltd.'s current beliefs and is based on information currently available to Lion One Metals Ltd. and on assumptions Lion One Metals Ltd. believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Ltd. or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Ltd., general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Ltd. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Ltd. does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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