Ms. Cynthia Le Sueur-Aquin reports

LAURION'S 2023 DRILLING CAMPAIGN SUCCESSFULLY DEFINES THE STURGEON RIVER MINERALIZED SYSTEM OVER A STRIKE LENGTH OF 1,600M AND TO DEPTH OF 600M

Further to its news releases dated Dec. 13, 2023, Jan. 5, 2024, and Jan. 12, 2024, Laurion Mineral Exploration Inc.'s 2023 drilling campaign was successful in confirming the strike length of the Sturgeon River mineralized system over 1,600 metres at its Ishkoday project, located 220 kilometres northeast of Thunder Bay, Ont. The nine drill holes from 2023 intercepted the seven veins comprising the Sturgeon River mineralized system.

The Sturgeon River mineralized system is composed of seven distinct quartz veins and mineralized shear zones. The drilling intercepts vary in true widths between 0.5 m and 7.95 m, with grades ranging from 0.1 gram per tonne (g/t) gold (Au) and 7.78 g/t Au. The drilling intercepted the No. 3 vein, which was historically mined between 1936 and 1942, producing 73,438 ounces of gold and 15,922 ounces of silver from 145,123 tonnes of ore, milled grading an average 0.51 ounce per ton (oz/ton) gold (17 g/t) (W.O. Mackasey, 1976 -- geology of Walters and Leduc township, district of Thunder Bay, Ont., Div. Mines, GR149). This vein is part of a series of three parallel veins striking roughly north 20 degrees with a subvertical dip. A second vein system, consisting of four parallel subvertical veins strike roughly at north 30 degrees, was also intercepted during the drilling.

Highlights from the 2023 drilling program include:

• Confirmation of 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 (along core), including 186 g/t Au over 0.55 metre (along core);
• Confirmation of the extension of the Sturgeon River mine mineralization by 320 metres to the southeast, with grade intercepts as high as 3.088 g/t Au over 7.5 metres (along core), including 36 g/t Au over 0.5 metre (along core), and including nine g/t Au over 0.65 metre (along core).

The mineralized intervals identified in the drilling are mostly associated with the massive Sturgeon River quartz-bearing diorite and exhibits characteristics typical of orogenic gold deposits. These intervals are predominantly hosted within a massive, quartz-bearing diorite, in association with shear zones and mafic volcanic dikes indicative of a deep-seated and structurally controlled geological environment. The presence of quartz-carbonate veins, often accompanied by chlorite, points toward significant hydrothermal alteration processes, a hallmark of orogenic gold systems. The alteration is typically associated with the influx of mineral-rich fluids during deformation and metamorphism. The vein types observed, particularly those rich in quartz and carbonate, with varying proportions of chlorite, suggest episodic fluid flow and vein formation, commonly seen in orogenic gold settings.

It is interpreted that the veins are associated with a major shear zone trending northeast that stems from the Niish shear zone, bordering the south of the property. The strong structural control of the mineralization and association with the proximity of a mafic dike are key exploration features that will help in further exploration efforts. Laurion's team will be further refining the current 3-D model of the vein system by systematically reviewing mineralized intervals with core pictures and oriented core to improve in further geometric prediction of the vein system.

Laurion's team recognizes its ability to generate actionable insights from its significant exploration database by utilizing artificial intelligence (AI) to analyze data to refine targeting by using machine learning to map out alteration and structural signatures from drilling. Laurion also recognizes that its significant database is able to leverage the power of AI and other advanced technologies, and thus, moving forward, expects to be better positioned to optimize its advancement in exploration efficiencies.

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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