Ms. Cynthia Le Sueur-Aquin reports

LAURION CONFIRMS THE EXTENSION OF THE STURGEON RIVER MINE MINERALIZATION BY 600 METRES TO THE NORTHEAST WITH GRADE INTERCEPTS AS HIGH AS 29.45 G/T AU OVER 3.5 METRES, INCLUDING 186.00 G/T AU OVER 0.55 METRES

Laurion Mineral Exploration Inc. has released assay results of the first five diamond drill holes from its fall 2023 diamond drill program, which was completed on the corporation's Ishkoday project, located in Ontario, 220 kilometres northeast of Thunder Bay and 28 kilometres northeast of the town of Beardmore.

Laurion recently announced the completion of its fall drill program of 3,636 metres in nine diamond drill holes. The primary objective of the first five diamond drill holes was to target the northeast extension of the Sturgeon River mine structure. The Sturgeon River mine mineralization system comprises the Nos. 1, 2 and 3 (main) quartz veins as well as other quartz veins and shear structures encountered in the historic mining of the Sturgeon River mine. The No. 3 quartz vein was mined between 1936 and 1942.

The No. 3 quartz vein (historically mined) consists of anastomosing quartz veins oriented north-northeast and steeply dipping to the southeast. The mineralized system also comprises other mineralized structures, such as the Nos. 1 and 2 quartz veins, Coniagas and Nos. 8 to 11 quartz veins (the three-vein quartz vein system or 3QVS) along with additional secondary (for now) quartz veins and shears of different sizes and trends. The original system was historically defined over a strike length of 450 metres.

The drill program targeted the extension of the system to the northeast with the intention of doubling the strike length of the mineralized structures. The results received to date demonstrate that the system extends on significant strike length and is still open at depth and along strike. Confirming the extensions of this known structure will assist with updating the 2-D and 3-D geological mineralization model, which should provide a solid technical base to initiate further diamond drilling programs in this area.

Drilling highlights

The results for the five aforementioned diamond drill holes, LBX22-032 to LBX22-036, include the intersection highlights as shown in the attached table.

Sampling and quality assurance/quality control protocols

All core was transported and stored inside the core facility located in Beardmore.

Laurion employs an industry-standard system of external standards, blanks and duplicates for all of its sampling, in addition to the QA/QC protocol employed by the laboratory.

After logging, core samples were identified and then cut in half along the core axis in the same building and then zip tied individually in plastic sample bags with a bar code. Approximately five or six of these individual bags were then stacked into a rice white material bag and stored on a skid for final shipment to the laboratory.

All core samples were shipped to the ALS facility in Thunder Bay, which were then prepared by ALS Global Geochemistry in Thunder Bay and analyzed by ALS Global's analytical lab in North Vancouver, B.C.

Samples are processed by four-acid digestion and analyzed by fire assay on 50-gram pulps and ICP-AES (inductively coupled plasma -- atomic element spectroscopy). Overlimit analyses are reprocessed with gravimetric finish. A total of 5 per cent blanks and 5 per cent standards are inserted randomly within all samples. Five per cent of the best assay result pulps were sent for reassays. A total of 8.7 per cent blanks and 9.5 per cent standards were randomly inserted during the pXRF (portable X-ray fluorescence) analysis of the soil sampling; 2.8 per cent was reanalyzed. All quality assurance/quality control was verified, and no contamination or bias have been observed.

The remaining half of the core as well as the unsampled core were stacked on a skid outside in Beardmore and then transferred to the Sturgeon mine site core farm for final storage.

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 (over-the-counter) market under the symbol LMEFF. Laurion now has 263,346,102 outstanding shares, of which approximately 72 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, 57.43-square-kilometre Ishkoday project, and its gold-rich polymetallic mineralization.

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