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Jaxon Discovers Cobalt. This Season’s Channel Sampling Program Confirms Occurrences of Gold with Copper, Cobalt and Antimony Credits

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Jaxon is Preparing to Drill Test a Number of Pronounced Anomalies in October of 2018

Vancouver, British Columbia–(Newsfile Corp. – September 20, 2018) – Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC: JXMNF) is pleased to report it has received initial assay results from its first 112 chip samples from the Backbone Prospect at its Red Springs Project in BC and preparation for a drilling program is underway.

These chip sample results (see Table 1) and other 55 surface grab/chip sample results (Table 2) were collected at Backbone and North Cirque areas from the 2017 and early 2018 exploration seasons confirm up to 1000 metres of strike length at the high-grade gold-bearing tourmaline breccia mineralization zone at Backbone and North Cirque areas (Figure 1).

Highlights of the chip channel sampling program are:

  • 5 metres grading 6.78 grams per tonne (g/t) gold including 2 metres grading 15.28 grams per tonne (g/t) in Channel E;
  • 13 metres grading 2.86 grams per tonne (g/t) gold including 2 metres grading 8.96 grams per tonne (g/t) in Channel D and;
  • 1 metre grading 6.57 grams per tonne (g/t) gold and 1.35 % copper in Channel A.

Importantly, most chip channels taken at tourmaline breccia zone have ended in good mineralization before the outcrop was covered by overburden and floats. Some chip channels such as Channel B and C taken from wall rocks also show reasonable gold mineralization. Other results included surface outcrops a further 200 metres north with channel samples of 1 m @ 1.07 g/t Au at the top of the mountain. Together, the separate chip channels covered at least 500 metres along the strike at Backbone area only. Chip Channel sample assays reported today total 112 samples with gold grades ranging from nil to 25.86 g/t Au. Chip channel samples are completed either over the tourmaline breccia zone or its wall rocks.

Other highlights include:

  • Cobalt grades from 4 grab samples in the gold-bearing tourmaline breccia zone in the North Cirque is up to 0.10% to 0.36%.
  • Another 80 chip channel samples from Backbone and North Cirque areas are expected to arrive in lab on Sept 20, 2018, to furtherly define the drilling targets for Jaxon’s 2018 drilling campaign.

With completion of surface chip channel sample program at Red Spring project, materials are being delivered for the construction of drill pads underway in Backbone and North Cirque areas.

Preliminary IP survey results at Backbone and North Cirque completed by Simcoe GeoScience are very encouraging (Figure 2) and are being evaluated to help define the drill targets.

John King Burns, Jaxon’s Chairman comments, “We are now preparing to drill test a number of anomalies indicated by our geophysical, surface and structural mapping and confirmed by our channel sampling work. Our team’s work continues to reveal more and more signs that we have discovered a remarkable and expansive poly metallic system. As the system’s scope is unfolding, each of our indicators is confirming the other and the geology holds together. The assay results currently received show consistent occurrences indicating the potential for the presence of more high grade gold mineralization with cobalt, copper and antimony credits. We are mobilizing to conduct an end of season, drill program that will test these very attractive anomalies at Backbone. Please stay tuned – if the weather holds and markets allow, the truth machines will start turning in the next few weeks.”

Figure 1 – Gold-Bearing Tourmaline Breccia Mineralization Zone (red outline) at Backbone and North Cirque Area

To view an enhanced version of Figure 1, please visit:
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Table 1 – Significant Assay Results From Backbone Chip Channel Samples *

Method FA/AAS ICPM ICPM ICPM
Element
Au

Cu

Ag

Te
Unit Length g/t ppm ppm ppm
A0020755 Trench A 1m chip 0.660 41.6 1.4 1.5 Wall Rock
A0020756 Trench A 1m chip 0.013 111.1 0.5 1.5 Wall Rock
A0020757 Trench A 1m chip 6.570 13575.2 37.7 57.9 Tml Bx
A0020754 Trench B 1m chip 0.195 38.8 1.7 1.9 Wall Rock
A0020759 Trench C 1m chip 1.753 424.0 8.6 <1.5 Wall Rock
A0020760 Trench C 1m chip 0.074 127.9 10.2 <1.5 Wall Rock
A0020761 Trench C 1m chip 0.535 182.7 7.5 <1.5 Wall Rock
A0020762 Trench C 1m chip 0.276 225.1 4.0 <1.5 Wall Rock
A0020763 Trench D 1m chip 0.009 9.4 0.5 <1.5 Wall Rock
A0020764 Trench D 1m chip 1.628 138.8 1.6 9.2 Tml Bx
A0020765 Trench D 1m chip 1.971 26.8 0.7 12.0 Tml Bx
A0020766 Trench D 1m chip 1.809 20.3 0.5 5.4 Tml Bx
A0020767 Trench D 1m chip 2.955 48.7 1.0 10.1 Tml Bx
A0020768 Trench D 1m chip 0.759 21.1 0.5 4.9 Tml Bx
A0020769 Trench D 1m chip 0.804 39.7 0.6 3.6 Tml Bx
A0020770 Trench D 1m chip 2.397 117.8 1.3 8.5 Tml Bx
A0020771 Trench D 1m chip 7.110 161.4 2.1 16.7 Tml Bx
A0020772 Trench D 1m chip 10.810 141.7 3.1 27.9 Tml Bx
A0020773 Trench D 1m chip 0.381 161.8 1.5 <1.5 Tml Bx
A0020774 Trench D 1m chip 1.030 35.4 1.1 <1.5 Tml Bx
A0020775 Trench D 1m chip 4.160 115.1 1.3 7.6 Tml Bx
A0020776 Trench D 1m chip 1.361 137.7 0.8 <1.5 Tml Bx
A0020781 Trench E 1m chip 1.170 417.9 1.1 5.0 Wall Rock
A0020782 Trench E 1m chip 0.440 172.0 0.5 2.1 Wall Rock
A0020783 Trench E 1m chip 1.833 227.2 1.9 4.9 Tml Bx
A0020784 Trench E 1m chip 25.860 229.8 6.3 43.9 Tml Bx
A0020785 Trench E 1m chip 4.590 509.6 4.7 9.9 Tml Bx
A0020792 Trench F 1m chip 2.366 404.3 3.2 6.7 Tml Bx
A0020793 Trench F 1m chip 0.335 260.2 1.3 <1.5 Tml Bx
A0020822 Trench H 1m chip 1.074 350.7 16.0 2.4 Tml Bx
A0020860 Trench J 1m chip 0.345 450.2 17.5 <1.5 Tml Bx
A0020861 Trench J 1m chip 0.312 244.4 7.9 <1.5 Tml Bx
A0020862 Trench K 1.3m chip 0.685 3382.1 7.2 3.2 Tml Bx

* Interval lengths may not represent true widths. “Tml Bx” means Tourmaline Breccia

Table 2 – Significant Assay Results From Backbone and North Cirque area from 2017 and 2018 Surface Sampling Program

To view an enhanced version of Table 2, please visit:
https://orders.newsfilecorp.com/files/881/38805_a1537450465180_30.jpg

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Figure 2 – NE IP Line crossing the Backbone and North Cirque Areas at Red Springs

To view an enhanced version of Figure 2, please visit:
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Qualified Person Yingting (Tony) Guo, P.Geo., COO for Jaxon Mining Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed the chip channel sampling program, prepared the scientific and technical information and verified the data supporting such scientific and technical information contained in this news release.

Sample Preparation and Analyses:
Prospecting samples were collected in the field by experienced, professional prospectors and geological staff. The samples were numbered, described and located in the field for follow-up. Numbered rock samples tags were placed inside each bag which was securely closed for transport to Jaxon’s secure cold storage locked facility in Smithers, BC. Representative sample slabs were cut from large specimens and halved rock samples so that portions of select samples could be saved for the Jaxon’s rock library, descriptive purposes and petrographic study. Bureau of Veritas Commodities Canada, Metallurgical Division of Richmond B.C. received the Rice Bag shipments after secure transport from Smithers and they prepared the samples by crushing, grinding and pulverizing to a pulp with barren material washing between each sample at the crush and pulverizing stages. Then 30 g of pulp was used for the gold assay using code A0368AUAA1 Au by Fire Assay, AAS finish in g/mt and over limit gold using code A0364AU Au FA/Gravity in g/mt. Tellurite assay using code AMA270TE_R ICP ES/MS_Multi Acid. Other elements assay using code ICPMA270 ICP ES/MS_ Multi Acid.

About Jaxon
Jaxon is a precious and base metals exploration company with a regional focus on Western Canada. The company is currently focused on advancing its Hazelton Project in north-central British Columbia and the More Creek Project (consolidating the Wishbone and Foremore properties) in BC’s Golden Triangle.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.

John King Burns” ______
John King Burns, Chairman.

For further information regarding Jaxon Mining Inc., please call 604-608-0400
Toll free: 1-877-608-0007.

This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.