LIO.V · 2022-08-15 12:00:00

Lion One Confirms High-Grade Gold Feeder Zone at Tuvatu, Fiji with TUDDH-601 Returning 54.9m of 12.22 g/t Au Including 20.10m of 23.03 g/t Au

Drill Results

Lion One Confirms High-Grade Gold Feeder

Zone at Tuvatu, Fiji with TUDDH-601 Returning

54.9m of 12.22 g/t Au Including 20.10m of 23.03

g/t Au

North Vancouver, British Columbia--(Newsfile Corp. - August 15, 2022) -

Lion One Metals Limited

(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)

("Lion One" or the "Company")

is pleased to announce

results from ongoing follow-up drilling to the previously reported high-grade intercept of 75.90m of 20.86

g/t Au in TUG-141 (June 6, 2022 NR), at its Tuvatu Alkaline Gold Project in Fiji.

Results for the first two diamond drill holes carried out as follow-up drilling from the significant new feeder

zone mineralization in TUG-141 and reported on June 6, 2022 have been received and compiled.

TUDDH-601 was drilled from surface at -85° and was designed to further test the high-grade zone

encountered in TUG-141, and TUG-145 was drilled from the same underground collar location as TUG-

141, collared at 3° steeper, and designed to test directly below the TUG-141 drill trace (Figure 1).

TUG-

145 drifted to the west and lifted more than expected.

Highlight intercepts from holes TUDDH-601 and TUG-145 include:

TUDDH-601

26.20 g/t Au over 1.20m from 165.7-166.9m;

115.42 g/t Au over 1.80m from 252.4-254.2m;

12.22 g/t Au over 54.90m

from 576.1-631.0m, including

- 23.02 g/t Au over 20.10m

from 576.1-596.2m, which includes 29.24 g/t Au over 15.6m;

8.09 g/t Au over 20.70m

from 602.5-623.2m, which includes

9.25 g/t Au over 7.80m

and

15.03 g/t Au

over 5.40m

TUG-145

6.72 g/t Au over 15.30m

from 110.4-125.7m, including

- 41.16 g/t Au over 1.20m from 117.3-118.5m;

20.38 g/t Au over 0.90m from 278.7-279.6m;

28.68 g/t Au over 1.80m from 305.4-307.2m;

4.69 g/t Au over 10.20m from 357.9-368.1m, including

- 9.58 g/t Au over 1.20m from 358.8-360.0m,

- 6.99 g/t Au over 1.20m 362.1-363.3m, and

- 8.41 g/t Au over 1.50m from 363.9-365.4m

17.80 g/t Au over 0.30m from 405.9-406.2m;

8.73 g/t Au over 6.00m from 424.2-430.2, including

- 31.94 g/t Au over 1.20m from 426.3-427.5m

18.15 g/t Au over 0.60m from 598.5-599.1m

TUDDH-601 drilled from surface, was a near-vertical drill test of the high-grade gold zone encountered

by TUG-141.

TUDDH-601 is estimated to have drilled to within <2m of TUG-141.

This test indicates that

high-grade mineralization corresponding to that in TUG-141 is indeed hosted primarily by altered

andesite rather than adjacent monzonite. High-grade mineralization, 54.9m of 12.22 g/t Au, was first

intersected at a downhole depth of 576.1m continuing virtually uninterrupted to a downhole depth of

631.0m (Figure 2). Only one low-grade interval, hosted by monzonite and measuring 6.3m long was

intersected.

Above this low-grade interval, 23.02 g/t Au over 20.1m was encountered including 29.24 g/t

Au over 15.60m, and below, 8.09 g/t Au over 20.7m, including 15.03 g/t Au over 5.40m and 9.25 g/t Au

over 7.80m, respectively (Figure 3).

TUG-145 represented an inclined hole 3° steeper than TUG-141, drilled from the same underground

collar location (Table 2 below).

The hole drifted west and lifted such that the effective distance between

TUG-141 and TUG-145 was approximately 21m at the 600m depth mark, with TUG-145 west of TUG-

141.

While TUG-141 drilled out of the less favourable monzonite and into the favourable andesite at

approximately 390m depth, TUG-145 remained in monzonite until a depth of approximately 600m,

indicating a southward shift of this lithological contact at this location, as illustrated schematically in

Figure 4. It is thought that the monzonite to andesite contact recorded by TUG-141, is shifted south along

a N-S structure, likely UR1, and that the high-grade continuous mineralization recorded by TUG-141 is

largely focussed on the andesite side (east side) of this contact. Therefore, Lion One believes that the

lithological contact between monzonite and andesite forms a primary control on high-grade

mineralization at this location, and that the projection of this contact to depth as well as along strike,

represents a first-order target for further follow-up drilling.

The next two planned follow up holes to TUG-141 are shown on Figure 5 below. One hole from surface,

already underway as TUDDH-608, was collared at a planned azimuth of N089° and dip of -65°, targeting

the high-grade intercept in TUG-141, and a second hole will collar from underground, approximately

180m further south along the decline from the TUG-141 and 145 collars, and target the same high-grade

intercept at a planned azimuth of N139° and dip of -66°.

The combination of these two holes should

provide good information on the potential width and possible down plunge extent of the TUG-

141/TUDDH-601 high-grade zone, which should allow for a realistic estimate of the volume, and hence

contained Au ounces, in this zone.

Additional follow-up holes are being planned as well.

Lion One technical advisor Quinton Hennigh stated, "As we drill more, the geologic setting of this

important feeder zone is coming into clarity. It occurs at a major structural intersection where the north-

south-trending UR1 & 2 lodes meet the northeast-trending UR4 & 5 lodes. Importantly, high-grade

mineralization appears to be focussed within andesite host rocks just outboard from the contact with less

favourable monzonite. With this understanding, we believe that further high-grade can be pursued along

this contact at depth. The team is currently lining up more holes to test this extension."

Lion One CEO Walter Berukoff further stated, "The spectacular discovery previously announced as the

result of drilling hole TUG-141 has been confirmed by follow-up drilling in hole TUDDH-601.

The positive

confirmation of the longest high-grade intercept yet recorded at Tuvatu gives us further confidence that

we are just now beginning to unlock the true potential of the 500 Zone high-grade feeder. The persistent

success of our systematic drilling programs at Tuvatu underscores the significance of Tuvatu as a

potentially multi-million ounce, world-class high-grade Au deposit."

Figure 1.

Image from Leapfrog software showing the modeled lodes representing the Tuvatu resource in

semi-transparent gray with the traces of drill holes TUG-141, TUG-145 drilled from the same location

along the exploration decline, and TUDDH-601 drilled at a dip of -85° from surface. Lower image

overlays the mineralized intervals as colored discs that reflect grade (see Figure 3 caption for grade

scale).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/133850_lionone_fig1.png

Figure 2. A)

TUDDH-601 at 579.7m showing pervasively altered andesite grading 142.33 g/t

Au;

close-up of photo A;

TUDDH-601 at 580.0m grading 108.99 g/t Au;

close-up of photo C.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/133850_lionone_fig2.png

Figure 2 contd. E)

TUDDH-601 at 580.2m qtz-py hydrothermal bx vein grading 140.99 g/t Au;

close-

up of photo A;

TUDDH-601 at 583.5m showing hydrofractured qtz-py vein grading 4.73 g/t

Au;

TUDDH-601 at 593.9m showing coarse visible gold in qtz-py veining grading 230.37 g/t Au.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/133850_lionone_fig2cont.png

Figure 2 contd. I)

TUDDH-601 at 592.2m showing very fine py-VG veins in pervasively altered andesite

grading 33.77 g/t Au;

close-up of photo I;

TUDDH-601 at 609.0m qtz-py-roscoelite vein grading

10.49 g/t Au;

TUDDH-601 at 610.8m qtz-py vein grading 20.31 g/t Au.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/133850_lionone_fig2cont2.png

Figure 2 contd. M)

TUDDH-601 monzonite-andesite contact at 617.0m grading 5.48 g/t

Au;

TUDDH-601 at 617.8m qtz-py vein in bleached andesite grading 11.67 g/t Au;

TUDDH-601 at

621.5m qtz-py vein in bleached andesite grading 2.54 g/t Au;

TUDDH-601 at 628.3m qtz-py vein in

sercitized andesite grading 20.14 g/t Au.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/133850_lionone_fig2cont3.png

Figure 3.

Vertical section looking West of the mineralized intervals in TUG-141 and TUDDH-601 that

were drilled in essentially the same plane. Grades in ppm Au shown as colored discs are as follows: 0.1-

0.2, blue; 0.2-0.3, light blue; 0.3-0.5, green; 0.5-1.0, yellow; 1-3, orange; 3-10, red; >10, fuschia.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/133850_1ce6c2b80467589e_063full.jpg

Figure 4.

Schematic diagram of a horizontal plan at approximately RL= -260m illustrating the interpreted

interplay between mineralized lodes and lithologic contact between monzonite (pink) and andesite

(green), in the area of the TUG-141 high-grade discovery. The NE-trending monzonite-andesite contact

is shifted to the south along UR1 at the location of the mineralization intersected by drill holes TUG-141

and TUDDH-601. Lodes UR1-UR2 pair appears to merge together at depth, with the NS-oriented lodes

intersected by the NE-SW UR4 lode.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/133850_1ce6c2b80467589e_064full.jpg

← Back to feed