Lion One Discovers Copper Porphyry Mineralization at Tuvatu

Drilling intersects multiple zones of extensive copper mineralization up to 210.8 m in length

North Vancouver, British Columbia--(Newsfile Corp. - March 4, 2024) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to announce the discovery of copper porphyry-style mineralization in a newly identified mineralized system 1 km northeast of the company's 100% owned Tuvatu Alkaline Gold Project in Fiji.

Porphyry style mineralization was discovered from surface drilling at the Wailoaloa prospect as part of the company's regional exploration program. Bench sampling in the area revealed a wide stockwork area of anomalous copper, gold and tellurium mineralization at surface. An initial drillhole (TUDDH-662) was designed to follow up the surface results. The Lion One geological team identified porphyry-style mineralization and alteration downhole and three subsequent drillholes were drilled to follow-up this discovery: TUDDH-669, TUDDH-679, and TUDDH-687. The last of these drillholes, TUDDH-687, intersected three separate zones of anomalous copper mineralization, ranging from over 120 m to over 200 m in downhole length. Copper mineralization is strongly correlated with anomalous gold mineralization downhole. Pervasive propylitic and potassic alteration was observed in TUDDH-687 with the intensity of potassic alteration increasing with depth down the hole. Copper mineralization occurs as chalcopyrite, bornite, and native copper. Mineralization remains open in all directions.

The discovery of copper porphyry mineralization at Tuvatu is an exciting development for the company. The Navilawa Caldera is known to host high-grade alkaline gold mineralization yet it has also been explored historically for copper. A large copper-gold system has long been hypothesized at depth. The drill holes included in this news release represent the first drill holes ever drilled to test for such a porphyry target. To have intersected multiple zones of extended copper mineralization at this stage of the Wailoaloa exploration program is very encouraging and indicates the potential for a much larger system nearby.

Table 1. Highlights of exploration drilling at Wailoaloa. For full results see Table 3 and Table 4 in the Appendix.

Figure 1. Plan View of Wailoaloa Drillholes in Relation to Tuvatu. The Wailoaloa discovery is approximately 1 km northeast of Tuvatu. Underground development at Tuvatu are shown in red.

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Figure 2. Cross-Section of the Wailoaloa Drillholes, Looking East. Zones of elevated copper mineralization are shown in red boxes. Three zones of anomalous copper mineralization are observed in TUDDH-687, and one in TUDDH-662. TUDDH-662 and TUDDH-687 both terminated in anomalous copper mineralization. Assays are pending for drillholes TUDDH-669 and TUDDH-679.

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Geology

Surface sampling in the Wailoaloa area led to the discovery of a widespread zone of weakly to moderately anomalous gold associated with a strong copper anomaly. Mineralization is controlled by a large stockwork system with a minimum proven surface extent of 150 m N-S by 100 m E-W. The stockwork system dips steeply to the south. Numerous copper showings have been identified in a wide halo around the Wailoaloa prospect, including strong malachite staining after chalcopyrite in the historic Qalibua adit 250 m to the northwest of Wailoaloa. This suggests a system of potentially considerable size. Additional copper showings have also been identified throughout the Navilawa Caldera, such as the historic Kingston adit as well as the Matanavatu showings, 1800 m northwest and 1500 m north of Wailoaloa respectively.

TUDDH-662

TUDDH-662 was the first drill hole designed to test the surface copper anomaly at Wailoaloa. The lithology down hole consists dominantly of alternating unsorted to poorly sorted polymictic volcanic breccia with lesser massive monzonite. The volcanic breccia includes alkaline monzonite, porphyry, and re-worked breccia clasts, with gradational zones of finer grain material. It is cross-cut locally by monomictic clast-supported hydrothermal breccias with strongly bleached angular to sub-rounded clasts, as well as monzonite intrusives and late-stage unaltered pyroxene porphyry dykes.

Drill hole TUDDH-662 intersected one major zone of elevated copper mineralization, averaging 0.17% Cu over 163.2 m from 110.8 m to 274.0 m depth with a peak copper value of 1.0%. This zone coincides both with an abundance of secondary cross-cutting stockwork veinlets and with intense bleaching that overprints the background propylitic alteration. Chalcopyrite mineralization occurs within the stockwork veinlets as well as finely disseminated throughout the zone.

TUDDH-687

TUDDH-687 was the fourth and final drillhole drilled at the Wailoaloa prospect before the onset of the wet season in Fiji. It was drilled in a south-southeast direction based on surface structural measurements and oriented drill core measurements from TUDDH-662.

The lithology in TUDDH-687 consists primarily of unsorted to poorly sorted, polymictic, matrix-supported volcanic breccia with an overall clast to matrix ratio of 70:30, with rare intervals of hydrothermal cement up to several meters in width. The volcanic breccia is locally intersected by monzonite dykes and late pyroxene porphyry dykes, similar to TUDDH-662.

Alteration throughout the hole progresses from outer propylitic in the upper part of the hole to potassic in the bottom part of the hole, with patches of intense bleaching. The outer propylitic alteration in the upper part of the hole occurs as widespread patchy to pervasive epidote-chlorite alteration with intervals of intense silica-sericite bleaching. Copper mineralization in this part of the hole occurs as cryptic hairline veinlets of chalcopyrite. This corresponds to the first major zone of copper mineralization in TUDDH-687, with the top 210.8 m of the hole returning a composite grade of 0.13% Cu.

The second major zone of copper mineralization occurs from 377.8 m to 525.2 m downhole and returned a composite grade of 0.15% Cu. This interval corresponds to an increase in alteration from pervasive bleaching (propylitic) to an assemblage of potassic feldspar, magnetite, and possibly tremolite (inner propylitic to potassic and calc-potassic alteration). Here, thin but distinct B-type veins of quartz-bornite and quartz-chalcopyrite-bornite are observed. The presence of blebby disseminated bornite and (rare) patchy native copper is a distinctive feature of TUDDH-687.

The third major zone of copper mineralization, grading 0.12% Cu from 658.1 m to 785.9 m, is dominated by intense texturally-destructive K-feldspar-magnetite alteration with coarse crystalline secondary anhedral "shreddy" biotite. Late, discrete sericite-silica-pyrite veinlets which overprint potassic alteration assemblages throughout the sequence suggest evidence of multiple overprinting alteration events.

Surface Sampling

Lion One Metals completed surface sampling programs in the Wailoaloa area in 2019 and again in 2023 as part of the regional exploration program, consisting primarily of bench sampling along newly excavated access trails. A total of 443 samples are included in this news release (Table 6), focused on the Wailoaloa drill area. Of these samples, 72 (16%) returned copper grades in excess of 2000 ppm, and 141 (32%) returned copper grades in excess of 1000 ppm. Copper grades above 500 ppm are considered anomalous. The Wailoaloa area is therefore strongly anomalous in copper. The surface copper anomaly outlined by the Wailoaloa sampling is 150 m by 100 m in size and may be expanded further with additional sampling.

Figure 3. Plan View of Wailoaloa Drillholes in Relation to Surface Sampling Results. Bench sampling in the Wailoaloa area from 2019 to 2023 revealed a strong surface copper anomaly approximately 150 m x 100 m in size.

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Table 2. Top 10 Copper Results from Surface Sampling at Wailoaloa. For full results see Table 6 in the Appendix.

Figure 4. Example Mineralization from Wailoaloa Drillholes. Top left: Coarse bornite veinlet within patch of intense potassic alteration (TUDDH-687, 709.5 m). Top middle: Inner propylitic alteration with silica stockwork veining and coarse blebs of chalcopyrite (TUDDH-687, 732.5 m). Top right: Stringers and blebs of magnetite (TUDDH-687, 739.9 m). Bottom left: Magnetite stringer crosscut by chalcopyrite-bornite veinlet (TUDDH-687, 758 m). Bottom center: Potassium feldspar vein with microcrystalline chalcopyrite within potassically altered host with secondary biotite alteration (TUDDH-687, 745 m). Bottom right: Specks of native copper (circled in red) associated with quartz-epidote vein with yellow sericite selvage (TUDDH-687, 703 m). Width of core is 4.76 cm in each photo.

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Figure 5. Example Lithology and Alteration, TUDDH-687. Sharp change in alteration style from intense bleaching to strong potassic alteration at 383.90 m, within polymictic matrix supported breccia. The increase in potassic alteration coincides with a sharp increase in copper mineralization. The composite assay value for the interval shown from 383.9 m to 389.5 m is 0.21% Cu. An isolated clast of re-worked breccia is visible within the greater breccia unit at the top right of the image. Width of core is 4.76 cm in each photo.

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Qualified Person (NI43-101)

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43- 101"), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and has reviewed, validated, and approved the technical and scientific content of this news release.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of 7 diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 0.50 g/t Au are re-assayed three times to get two assays within 10% of each other. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of all samples with grades above 0.5 g/t Au are also delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 33 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

As disclosed in its "Technical Report and PEA Update for the Tuvatu Gold Project" dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Investor inquiries: info@liononemetals.com
Phone:1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor 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.

Appendix 1: Composite Drill Results, Collar Information, and Surface Sample Results

Table 3. Composited results from Wailoaloa exploration drillhole TUDDH-662 (grade >500 ppm Cu)

Table 4. Composited results from Wailoaloa exploration drillhole TUDDH-687 (grade >500 ppm Cu)

Table 5. Collar coordinates for Wailoaloa exploration drillholes reported in this release. Coordinates are in Fiji map grid.

Table 6. Surface sample results in the Wailoaloa area, in descending order (grade >1000 ppm Cu)

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