Ms. Cynthia Le Sueur-Aquin reports

LAURION ANNOUNCES THE SUCCESSFUL CONCLUSION OF ITS 2023 EXPLORATION PROGRAM AND THE COMPLETION OF ITS DRILLING PROGRAM

Laurion Mineral Exploration Inc. has successfully completed the fall diamond drilling program and has thus concluded all its exploration objectives for its 2023 exploration program, which was previously announced in the corporation's press release dated March 15, 2023.

Laurion completed its fall drill program of 3,636 metres in nine diamond drill holes and was successful in targeting the northeast and southwest extensions of the Sturgeon River mine structure. The key objectives were to target the No. 1, 2 and 3 quartz veins and other quartz veins and shear structures encountered in the historic mining of the Sturgeon River mine.

Laurion has submitted all its drill core for assays to ALS Global Laboratories in Thunder Bay, Ont., and anticipates results in approximately three to five weeks after submission, thus anticipating the last of the drill core results in January, 2024.

In 2010, six drill holes totalling 3,511 metres of drilling were completed, which were designed to define the down-plunge extent of the Sturgeon River mine below the 1,750-foot (530-metre) level below the Sturgeon River mine workings, resulting in the discovery of seven new shear-hosted gold zones. Laurion drilling in 2010 (LME-10-008, 009 and 010) intersected several additional veins north of the underground workings.

The 2018/2019 channel sampling on the Sturgeon Rive mine outcrops formed an integral part of a three-staged 18-month program with the strategic objective of outlining the precious metals upside potential at Ishkoday. Channel sampling of the No. 3 vein established that the No. 3 vein is actually a swarm of interconnected, anastomosing quartz veins oriented in two main directions: one north-south, the other northeast-southwest. The No. 3 quartz vein was mined between 1936 and 1942. Of significance is the strike of 200 m in length of the ore grade shoot within the No. 3 vein at surface, which increases at depth. At 530 m depth, the ore shoot reaches a strike length of 466 m. At around 460 m, two other veins intersect the No. 3 vein (No. 10 and the M veins). This validates the suggestion of the potential for this well-mineralized structure to widen along strike and at depth. Compilations from the 2010 drilling and the 2018/2019 channel sampling aided the determination of other potential target shoots for future drilling (see the corporation's press releases dated Aug. 20, 2019, and Dec. 20, 2019, respectively).

2024 objectives

With a strong foundation and increased confidence in the exploration pipeline resulting from the successful completion of its 2023 exploration program, Laurion is planning its 2024 drill program, which is expected to consist of the following:

• A two-phase drill program in 2024, consisting of a winter drill program of approximately 3,000 metres of diamond drilling, and a fall drill program consisting of approximately 3,500 metres;
• Prospecting, sampling, mapping at Twin Falls, induced polarization targets on the Brenbar and the Maloney-Sturgeon prospects;
• Mechanical trenching, power washing, stripping and channel sampling of trenches planned to northwest of the Sturgeon River mine, west of the Brenbar mine, northeast of the 801 and the Namewaminikan River and the Twin Falls project.

Qualified person

The technical contents of this release were reviewed and approved by Jean-Philippe Paiement, PGeo, MSc, a consultant to Laurion and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Laurion Mineral Exploration Inc.

The corporation is a junior mineral exploration and development company listed on the TSX Venture Exchange under the symbol LME and on the OTC under the symbol LMEFF. Laurion now has 263,346,102 outstanding shares of which approximately 80 per cent are owned and controlled by insiders who are eligible investors under the friends and family categories.

Laurion's emphasis is on the exploration and development of its flagship project, the 100-per-cent-owned, mid-stage, 57-square-kilometre Ishkoday project, and its gold-rich polymetallic mineralization.

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