Shown at the 1986 AM (Arcade) Show in Japan (Oct. 7,8), is Sunsoft's Lionex for the VS Unisystem. 'Unisystem' means 'Famicom' in another guise, so it's no surprise that this game wasn't released on either arcade or home format. Famitsu reviewed this and other arcade games in their November 14 issue.
The caption to the right says that the graphics are "Plain. So it's probably a Famicom game" The writer goes on to say that although he played the game, he didn't understand it so well, calling it "mysterious".
Speculation puts it as a sequel to Dead Zone (FDS), or something that eventually became Meta Fight / Blaster Master.
*NEW* Here's a video of the game in action!