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PRESS RELEASE: Lion One Intersects 13.12 g/t Gold over 3.60m from Second 'Tuvatu Deeps' Drill Hole, Escalates Drilling Program

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DGAP-News: Lion One Metals Limited / Key word(s): Miscellaneous
Lion One Intersects 13.12 g/t Gold over 3.60m from Second 'Tuvatu Deeps'
Drill Hole, Escalates Drilling Program

2020-01-22 / 15:15
The issuer is solely responsible for the content of this announcement.

North Vancouver, British Columbia(Newsfile Corp. - January 22, 2020) -
*Lion One Metals Limited *(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) *("Lion One"
or the "Company")* is pleased to announce the results of the first part of
the second diamond drill hole completed into the "Tuvatu Deeps" area at the
Company's 100% owned and fully permitted Tuvatu Alkaline Gold Project in
Fiji. The Company previously announced (_December 18__th__, 2019_) the
results of the first "Tuvatu Deeps" drill hole, TUDDH493.

*Highlights*

? The second diamond drill hole, TUDDH494, into "Tuvatu Deeps" is still in
progress and currently at a depth of 700m

? Results received for the first half of the hole drilled to date include:

? 1.47m @ 1.45 g/t Au from 157.15m from Murau 1 lode

? 3.60m @ 13.12 g/t Au from 188.80m from Murau 2 lode

? Lion One to escalate the drilling program by moving to double shifting
its own drill rig and review options for mobilising further drill rigs to
the property

The second diamond drill hole (TUDDH494) of the planned program of deep holes
into the "Tuvatu Deeps" is currently at a depth of 700m and is continuing to
approximately 1000m. Drilling has been slowed by the Christmas and New Year
holiday period, and the commencement of the wet season.

Results have been received from the first 400m of drilling with one
significant intersection having been returned. The first diamond drill hole
(TUDDH493) of the program was completed to a downhole depth of 536.90 meters
late in 2019. Both TUDDH494 and the previously drilled TUDDH493 targeted the
east-west striking Murau 2 lode in addition to the downdip extensions on the
two main mineralised north-south structures at Tuvatu, namely the URW1 and
the UR2 lodes. TUDDH494 was collared with a dip of 67o degrees and an azimuth
of 097o TN.

As can be seen in Figure 1 below, Tuvatu itself sits in the only area of
systematic drilling in the entire 7km strike of the most highly prospective
host rock within this significantly mineralised volcanic centre. Drilling to
date indicates the mineralisation is open at depth, and mapping, geochemical
sampling, and geophysics highlight the fact that this prospective zone is
strongly mineralised along its entire 7km strike length. Figure 2 below shows
a cross section including the previous drill hole, TUDDH493, and the current
hole, TUDDH494. TUDDH494 is still in progress and results have been received
for the first 400m of drilling.

Results to date from TUDDH494 are included in the table below.

From (m) To (m) Interval (m) True Width Intersection Lode
(m) (g/t Au)
157.15 158.62 1.47 0.9 1.45 Murau1
188.80 192.40 3.60 2.2 13.12 Murau 2
including
*189.90* *190.51* *0.61* *0.37* *64.24*

As with the intersection of 105g/t Au in TUDDH493, the *3.60m interval
grading 13.12 g/t Au* beginning at 188.80 m down hole (true width estimated
to be 2.2 m) in this hole TUDDH494 is interpreted to be part of the east west
striking Murau 2 lode and clearly demonstrates that hydrothermal fluids are
capable of depositing high-grade mineralization were active in this part of
the Tuvatu system. This intercept shows this lode is open at depth where it
might link up with a feeder structure.

In an effort to escalate the speed of drilling at Tuvatu, Lion One is
planning to double shift its drill rig from the single shift currently in
place. Additionally, the Company is in discussions with several external
drilling contractors regarding access to further drill rigs for the project.

The Tuvatu Deeps program comprises a number of deep diamond drill holes
targeting downdip extensions of the Tuvatu resource from 500m to 1,000m
depths. The program is also designed to test the geological model for a deep,
high grade alkaline gold system associated with the interpreted magma chamber
of the Navilawa Caldera. The Company currently utilizes its own diamond drill
rig.

Samples are analysed at the Company's own geochemical laboratory in Fiji,
whilst duplicates are sent to ALS laboratories in Australia for check
analysis and quality control. All samples are pulverised to 80% passing
through 75 microns. Gold analysis is carried out using fire assay with an AA
finish (by Lion One and ALS [code Au-AA26]). Samples returning grades greater
than 10g/t Au by Lion One and ALS are routinely reanalysed by gravimetric
method (ALS code Au-GRA22). All samples are also routinely analysed for a
range of additional elements using ICP-OES. The Lion One laboratory is not
internationally certified, but the Company is anticipating certification in
the next 12 to 18 months.

*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).

*About Tuvatu*

The Tuvatu gold deposit is located in 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 [1] and on the SEDAR website at www.sedar.com [2].

[3]

*Figure 1: Location of TUDDH 494 below Tuvatu resource in relation to entire
Navilawa Caldera*

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/51718_ff6807e07419dbff_002full.jpg
[3]

[4]

*Figure 2: Section 3920700N highlighting TUDDH493 and current drill hole
TUDDH494*

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/51718_ff6807e07419dbff_003full.jpg
[4]

*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*
"_Stephen Mann_"
Managing Director

*For further information
Contact Investor Relations*
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com [5]

*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

(MORE TO FOLLOW) Dow Jones Newswires

January 22, 2020 09:15 ET ( 14:15 GMT)
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