It marks the deadliest such voyage yet from Lebanon, where mounting economic desperation has led many to board often rickety and overcrowded boats in the hope of reaching Europe.
Syrian authorities began finding bodies off the coast of Tartus on Thursday afternoon.
The Syrian transport ministry has quoted survivors as saying the boat left from Lebanon's northern Minyeh region on Tuesday with between 120 and 150 people onboard, bound for Europe.
The family of Mustafa Misto, a Lebanese man who was on the boat with his wife and three young children, were accepting condolences at their apartment in the impoverished Bab Al-Rangel neighbourhood of the northern city of Tripoli. "We have no one but God," an elderly relative cried as mourners paid their respects.
People who feared their relatives were among the dead gathered at the border crossing with Syria, where the bodies were due to be brought later in the day.
Lebanese transport minister Ali Hamiye said 20 survivors were being treated in Syrian hospitals, the bulk of them Syrians - around 1 million of whom live in Lebanon as refugees.
Palestinians living at a refugee camp in the north said several dozen people on board came from the camp.
Hamiye said the boat was "very small" and made of wood, describing such sailings as an almost daily occurrence organised by people who did not care for safety.
Samer Qubrusli, the Syrian director general of ports, said rescue efforts were continuing on Friday.
The spate of such voyages has been fuelled by Lebanon's financial collapse in the last three years - one of the worst ever recorded globally. Poverty rates have sky-rocketed among the population of some 6.5 million.
Cyprus scrambled search and rescue crews late on Monday and Tuesday when in the space of hours two vessels carrying migrants from Lebanon put out distress signals; there were 300 in one vessel, 177 in the other. In those cases, all on board were rescued, the island's Joint Rescue Coordination Center said.
The number of people who have left or tried to leave Lebanon by sea nearly doubled in 2021 from 2020, the United Nations refugee agency told Reuters earlier this month.
It rose again by more than 70 per cent in 2022 compared with the same period last year.
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