Mr. Walter Berukoff reports

LION ONE'S FIRST WEDGE HOLE CONFIRMS HIGH-GRADE LODE AT TUVATU GOLD PROJECT IN FIJI

Lion One Metals Ltd. has encountered high-grade gold mineralization in a diamond wedge hole, drilled to a depth of 709 metres (TUDDH500w1), and is now drilling a second daughter wedge hole (TUDDH500w2) from mother hole TUDDH500 to further retest the newly discovered high-grade zone under the Tuvatu lode system (please refer to a company news release dated July 24, 2020). The current wedge hole program is designed to gather multiple pierce points on the new high-grade lode to more precisely determine its orientation.

Highlights:

• High-grade intervals from daughter wedge hole TUDDH500w1 include 85.7 grams per tonne gold over 3.3 metres, including two narrower intervals of 305 grams per tonne gold over 0.3 m and 255 grams per tonne gold over 0.6 m (please see an attached table). High-grade intervals encountered in mother hole TUDDH500 include two m grading 46.7 grams per tonne gold and 12.7 m grading 55.43 grams per tonne gold, including 4.7 m grading 120.16 grams per tonne gold, with an exceptionally high-grade core of 0.9 m grading 582.33 grams per tonne gold.
• Oriented core data from daughter wedge hole TUDDH500w1, combined with that from mother hole TUDDH500, are shedding further light on the orientation of this important high-grade structure. Interestingly, it appears to have an east-to-east-northeast orientation and is dipping steeply at an as-yet-undetermined incline. This orientation means the high-grade zone is nearly at right angles to the main Tuvatu lode structures that trend north to north-northeast and dip near vertical.
• An east-to-east-northeast orientation of the high-grade lode makes it of similar orientation to the nearby Murau lodes that comprise the West Tuvatu lode system extending westward from the main Tuvatu lode system. Because of this relation, Lion One thinks it is possible that this high-grade zone may project under the entirety of the West Tuvatu lode system, a horizontal distance of at least 700 metres west of these high-grade drill intercepts. The structure is also open along strike to the east and at depth. A deep-rooted controlled-source audio-frequency magnetotelluric (CSAMT) resistivity gradient indicates this occurs along what is likely a major deep-rooted structure.
• As was the case in mother hole TUDDH500, high-grade mineralization encountered in daughter wedge hole TUDDH500w1 displays characteristics that are typical of feeder-style mineralization in alkaline gold systems. Predominant vein minerals include a combination of quartz, potassium-rich hydrothermal feldspar, called adularia, and carbonate minerals. The dark-grey host monzonite wallrock is also flooded with these minerals, generating lighter shades of grey. Vugs, or open spaces, are evident in some veins. Green, vanadium-rich mica, called roscoelite, has been spotted in some veins. Native gold occurs as fine-grained aggregates that appear to clump together, forming larger particles. This may reflect rapid colloidal deposition of gold from a gold-saturated, ore-forming fluid.
• Both TUDDH500 and TUDDH500w1 encountered multiple other mineralized intercepts thought to be more typical Tuvatu lode structures. These are generally narrower and lower grade than the high-grade feeder structure.

"We are intrigued by the apparent east or east-northeast trend of the newly discovered high-grade structure," commented Dr. Quinton Hennigh, technical adviser to Lion One. "Although we need data from our second wedge hole to better assess its precise orientation, it appears to trend in a similar orientation to the Murau lodes comprising the West Tuvatu lode system situated immediately to the west. If so, then this important structure may actually be the root of that system, too. This opens up the possibility of about 700 m of westward strike. It is also open to the east, and our CSAMT data clearly indicate it is open at depth, where it appears very deep rooted. With information in hand, we are currently preparing drill pads to the south of this area so we can aggressively drill this target at a more orthogonal orientation along strike and at depth."

Drilling and assay processes and procedures

The company is utilizing its own diamond drill rig, using PQ-sized, HQ-sized and, ultimately, NQ-sized drill core rods. Drill core is logged by company geologists and then sawn in half and sampled by Lion One staff.

Samples are analyzed at the company's own geochemical laboratory in Fiji, whilst pulp duplicates of samples with results greater than 0.5 gram per tonne gold are sent to ALS Global Laboratories in Australia for check assay determinations. Assays reported here will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80 per cent passing through 75 micrometres. Gold analysis is carried out using fire assay with AA finish. Samples that have returned grades greater than 10 grams per tonne gold are then reanalyzed by gravimetric method. 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 nine important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia, are analyzed by the same methods. ALS also analyzes for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES.

Qualified person

The scientific and technical content of this news release has been reviewed, prepared and approved by Stephen Mann, PGeo, managing director of Lion One, who is a qualified person pursuant to National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu, Fiji. The mineral resource for Tuvatu, as disclosed in the technical report titled "Tuvatu Gold Project PEA," dated June 1, 2015, and prepared by Mining Associates Pty. Ltd. of Brisbane, comprises 1.12 million tonnes indicated at 8.17 grams per tonne gold (294,000 ounces Au) and 1.3 million tonnes inferred at 10.6 grams per tonne gold (445,000 ounces Au) at a cut-off grade of three grams per tonne gold. The technical report is available at the Lion One website and on SEDAR.

About Lion One Metals Ltd.

Lion One's flagship asset is the 100-per-cent-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, alkaline gold system with a seven-kilometre diameter. Lion One's chief executive officer, Walter Berukoff, leads an experienced team of explorers and mine builders, and has owned or operated over 20 mines in seven countries. As the founder and former chief executive officer of Miramar Mines, Northern Orion and La Mancha Resources, Mr. Berukoff is credited with building over $3-billion of value for shareholders.

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