North Vancouver, Canada – 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.”

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

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

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2178/139412_3c08c4f0d449dba2_002.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.

Hole ID From (m) To (m) Interval Metres Lode
TUDDM-001 62.0 62.9 0.9 0.58 SKLW7
TUDDM-001 70.4 71.3 0.9 0.78 SKLW8
TUDDM-001 76.4 77.3 0.9 1.04 Undefined
TUDDM-001 79.4 80.6 1.2 1.56 SKLW12
TUDDM-001 81.8 105.8 24.0 14.96 URW1
Incl. 86.9 87.2 0.3 105.19 URW1
Incl. 91.4 92.0 0.6 18.67 URW1
Incl. 93.2 93.8 0.6 19.43 URW1
Incl. 95.6 96.5 0.9 26.59 URW1
Incl. 96.5 97.1 0.6 14.80 URW1
Incl. 97.1 97.7 0.6 23.43 URW1
Incl. 97.7 98.3 0.6 13.63 URW1
Incl. 98.3 98.9 0.6 33.76 URW1
Incl. 98.9 99.5 0.6 22.36 URW1
Incl. 99.5 100.4 0.9 6.04 URW1
Incl. 103.4 105.8 2.4 78.64 URW1
Which Incl. 104.6 105.2 0.6 9.44 URW1
and incl. 105.2 105.8 0.6 297.70 URW1
TUDDM-001 107.3 112.4 5.1 4.40 URW1
Incl. 107.3 107.9 0.6 17.00 URW1
Incl. 107.9 108.5 0.6 5.63 URW1
TUDDM-001 122.9 123.8 0.9 6.07 M7
Incl. 122.9 123.5 0.6 6.12 M7
Incl. 123.5 123.8 0.3 5.96 M7
TUDDM-002 11.5 19.4 7.9 0.93 ME1
TUDDM-002 23.0 23.3 0.3 2.93 ME1
TUDDM-002 24.8 26.6 1.8 1.31 ME1
TUDDM-002 28.7 29.0 0.3 1.11 ME1
TUDDM-002 30.8 36.2 5.4 3.29 SKLW6
Incl. 33.2 33.5 0.3 19.60 SKLW6
Incl. 33.5 34.1 0.6 6.03 SKLW6
TUDDM-002 40.1 41.0 0.9 1.45 SKLW7
TUDDM-002 47.6 48.2 0.6 1.55 SKLW8
TUDDM-002 51.2 51.5 0.3 14.26 SKLW9
TUDDM-002 55.1 55.7 0.6 0.84 SKLW9
TUDDM-002 59.0 59.6 0.6 3.71 SKLW9
Incl. 59.3 59.6 0.3 5.15 SKLW9
TUDDM-002 61.1 61.7 0.6 0.89 SKLW9
TUDDM-002 64.7 72.6 7.9 2.39 URW1
Incl. 65.6 66.2 0.6 6.76 URW1
Incl. 67.7 68.0 0.3 5.81 URW1
Incl. 69.8 70.1 0.3 5.14 URW1
TUDDM-002 75.3 75.6 0.3 1.66 M8
TUDDM-002 78.9 81.5 2.6 4.83 M8
Incl. 79.7 80.3 0.6 6.75 M8
Incl. 80.3 80.9 0.6 6.71 M8
TUDDM-002 84.2 86.3 2.1 4.24 M8
Incl. 84.2 84.5 0.3 11.91 M8
Incl. 84.5 84.8 0.3 7.41 M8
Incl. 84.8 85.1 0.3 5.17 M8
TUDDM-002 97.8 98.4 0.6 0.81 M9
TUDDM-002 101.1 101.7 0.6 1.71 M9
TUDDM-003 8.6 10.4 1.8 2.52 Undefined
Incl. 9.5 9.8 0.3 6.76 Undefined
TUDDM-003 12.2 13.1 0.9 0.73 Undefined
TUDDM-003 14.3 16.1 1.8 0.64 Undefined
TUDDM-003 17.6 17.9 0.3 0.82 Undefined
TUDDM-003 19.4 20.0 0.6 0.69 Undefined
TUDDM-003 23.6 23.9 0.3 1.43 Undefined
TUDDM-003 26.3 35.9 9.6 2.47 ME1
Incl. 31.7 32.0 0.3 6.79 ME1
Incl. 34.1 34.4 0.3 45.68 ME1
TUDDM-003 37.1 42.3 5.2 0.61 SKLW6
TUDDM-003 45.6 47.1 1.5 0.89 SKLW8
TUDDM-003 49.1 49.7 0.6 2.34 SKLW8
TUDDM-003 50.9 55.1 4.2 2.84 SKLW9
Incl. 51.5 51.8 0.3 5.16 SKLW9
Incl. 54.2 54.5 0.3 7.39 SKLW9
TUDDM-003 65.9 67.4 1.5 0.65 SKLW9
TUDDM-003 71.0 73.4 2.4 9.74 URW1
Incl. 71.6 72.2 0.6 5.00 URW1
Incl. 72.2 72.8 0.6 14.41 URW1
Incl. 72.8 73.4 0.6 16.77 URW1
TUDDM-003 78.8 82.0 3.2 65.13 URW1
Which Incl. 78.8 80.9 2.1 98.88 URW1
Incl. 78.8 79.1 0.3 58.18 URW1
Incl. 79.1 79.4 0.3 624.81 URW1
Incl. 79.4 79.7 0.3 6.20 URW1
TUDDM-003 91.9 93.1 1.2 1.00 URW1
TUDDM-003 95.2 98.9 3.7 4.89 M4
Incl. 95.2 95.8 0.6 12.44 M4
Incl. 97.6 97.9 0.3 18.60 M4
TUDDM-003 101.0 106.4 5.4 4.17 M5
Incl. 101.0 102.2 1.2 9.01 M5
Incl. 103.1 103.7 0.6 10.33 M5
Incl. 103.7 104.3 0.6 5.52 M5
TUDDM-003 118.9 122.2 3.3 23.29 M7
Which Incl. 118.9 120.4 1.5 50.67 M7
Incl. 118.9 119.8 0.9 19.49 M7
Incl. 119.8 120.4 0.6 97.45 M7
TUDDM-003 132.1 133.3 1.2 1.13 M7
TUDDM-004 8.6 8.9 0.3 1.22 M7
TUDDM-004 10.1 10.7 0.6 0.71 M7
TUDDM-004 12.5 16.7 4.2 0.42 M7
TUDDM-004 17.9 18.2 0.3 2.19 M7
TUDDM-004 19.4 22.1 2.7 1.85 M7
Incl. 19.7 20.0 0.3 6.95 M7
TUDDM-004 23.3 23.9 0.6 0.99 M7
TUDDM-004 26 29.6 3.6 0.78 ME1
TUDDM-004 31.1 36.8 5.7 1.11 ME1
TUDDM-004 38.6 39.8 1.2 0.77 Undefined
TUDDM-004 43.4 44.0 0.6 0.56 SKLW6
TUDDM-004 55.7 56.0 0.3 260.44 SKLW8
TUDDM-004 56.6 57.5 0.9 213.52 SKLW8
TUDDM-004 64.7 68.6 3.9 0.85 Undefined
TUDDM-004 78.2 79.1 0.9 40.08 SKLW10
TUDDM-004 83.0 83.9 0.9 1.40 Undefined
TUDDM-004 85.7 86.9 1.2 21.10 SKLW11
Incl. 86 86.9 0.9 26.72 SKLW11
TUDDM-004 89.6 92.3 2.7 3.13 Undefined SKL
Incl. 91.7 92.0 0.3 10.05 Undefined SKL
Incl. 92.0 92.3 0.3 11.03 Undefined SKL
TUDDM-004 95.9 101.2 5.3 4.13 Undefined SKL
Incl. 96.4 97.0 0.6 9.28 Undefined SKL
Incl. 97.0 97.6 0.6 6.87 Undefined SKL
Incl. 100.6 101.2 0.6 7.30 Undefined SKL
TUDDM-004 112.9 114.4 1.5 14.14 Undefined SKL
Incl. 112.9 113.2 0.3 22.61 Undefined SKL
Incl. 113.2 113.5 0.3 11.88 Undefined SKL
Incl. 113.5 114.4 0.9 12.07 Undefined SKL
TUDDM-004 116.2 117.4 1.2 0.95 Undefined SKL
TUDDM-004 121.6 122.5 0.9 4.02 Undefined SKL
TUDDM-004 124.9 125.5 0.6 6.02 URW1
Incl. 125.2 125.5 0.3 11.51 URW1
TUDDM-004 128.5 129.1 0.6 1.09 URW1
TUDDM-004 130.6 133.6 3.0 10.03 URW1
Incl. 130.6 130.9 0.3 59.82 URW1
Incl. 130.9 131.2 0.3 11.39 URW1
Incl. 131.2 131.5 0.3 13.64 URW1
TUDDM-004 136.3 136.9 0.6 2.80 URW1
TUDDM-004 153.0 153.6 0.6 9.79 URW1
TUDDM-005 74.3 79.7 5.4 1.69 M1
Incl. 77.3 77.6 0.3 11.66 M1
TUDDM-005 80.9 83.0 2.1 5.89 M2
TUDDM-005 85.7 86.9 1.2 1.85 M3
TUDDM-005 105.5 106.4 0.9 8.84 M4
TUDDM-005 123.8 126.5 2.7 10.98 M8
Incl. 124.4 124.7 0.3 8.51 M8
Incl. 125.9 126.2 0.3 64.21 M8
Incl. 126.2 126.5 0.3 18.15 M8
TUDDM-005 127.7 133.1 5.4 9.30 M8
Incl. 128.9 129.5 0.6 31.56 M8
Incl. 129.5 130.7 1.2 14.99 M8
Incl. 132.2 133.1 0.9 6.08 M8
TUDDM-005 136.7 139.1 2.4 11.50 M9
Incl. 138.2 138.5 0.3 50.06 M9
Incl. 138.5 138.8 0.3 16.66 M9
Incl. 138.8 139.1 0.3 10.14 M9
TUDDM-005 140.3 141.8 1.5 22.80 M10
Incl. 140.6 140.9 0.3 9.55 M10
Incl. 140.9 141.2 0.3 10.54 M10
Incl. 141.2 141.5 0.3 58.59 M10
Incl. 141.5 141.8 0.3 32.03 M10
TUDDM-006 56.3 56.6 0.3 0.53 M10
TUDDM-006 93.2 95.6 2.4 4.20 M3
Incl. 94.4 95.6 1.2 6.30 M3
TUDDM-006 98.9 99.5 0.6 9.06 M4
Incl. 99.2 99.5 0.3 15.96 M4
TUDDM-006 113.9 114.8 0.9 3.39 M5
TUDDM-006 136.7 138.5 1.8 3.64 M8
Incl. 137.3 138.5 1.2 5.12 M8
TUDDM-006 141.8 145.7 3.9 9.87 M9
Incl. 141.8 143.0 1.2 10.01 M9
Incl. 143.3 143.9 0.6 13.74 M9
Incl. 144.5 145.7 1.2 13.49 M9

Table 2: Survey details of diamond drill holes referenced in this release

Hole No Coordinates (Fiji map grid) RL final depth dip azimuth

E N
m
(TN)
TUDDM-001 1876337 3920739 227.2 151.4 -90
TUDDM-002 1876348 3920796 209.5 112.4 -76 219
TUDDM-003 1876350 3920793 206.7 159.4 -59 197
TUDDM-004 1876352 3920798 209.7 154.2 -59 180
TUDDM-005 1876335 3920737 227.3 173.6 -69 304
TUDDM-006 1876335 3920738 227.2 180.1 -59 302

Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

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 Limited
Walter Berukoff
Chairman and CEO

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

Neither the TSX Venture Exchange nor its Regulation Service Provider 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 Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited 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 Limited 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 Limited, 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 Limited 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 Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.


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