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Jaxon Mining Inc.

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Jaxon Drills High Grade Silver-Zinc at Hazelton, Expands System

Vancouver, British Columbia--(Newsfile Corp. - February 16, 2018) - Jaxon Mining Inc. (TSXV: JAX) (FSE: OU31) (OTC: JXMNF) is pleased to announce assay results from 2,281 metres of diamond drilling in 12 exploratory drill holes completed in December 2017 on the Max silver-zinc target at the Hazelton Project, located 50 kilometres north of Smithers, B.C. All drill holes intercepted sulphide mineralization indicating widespread distribution of mineralization describing a robust system.

Highlights:

  • 11 discrete intervals of high-grade silver (over 100g/t Ag) were intercepted in 7 of 12 holes drilled.
  • These intercepts occur as antimony-rich silver sulphosalts in polymetallic veins, feeder breccias and stratiform beds, returning grades from 103 g/t to 1,206 g/t silver, up to 11.1% zinc and up to 2.07 g/t gold.
  • The multiple-phase overprinting of polymetallic sulphide-sulphosalt mineralization is suggestive of a large and long-lived shallow-marine volcanogenic massive sulphide (VMS) system in this portion of the volcanic-sedimentary Rocky Ridge sequence.

Carl Swensson, Jaxon's VP Exploration, stated: "We've ticked all the boxes with this first pass drilling on the Max target. The drill results, as modeled, indicate that we're in a large mineralized volcanogenic system. It's evident that the system carries high grades of precious and base metals, and, importantly, we're beginning to understand its diagnostic signature at depth."

Jason Cubitt, Jaxon's President, added: "We'll be able to build on what we're seeing here. The next task for us is to add this drill data to our conceptual model, locate the boundaries of this large mineralized system, and vector to the areas where the highest grade mineralization is structurally controlled."

A total of 2,281 metres were drilled at the Max target in 12 holes, and 1,019 core samples were selected for assay. The drilling targeted modeled high chargeability and low resistivity locations from the ground-based 2D and 3D induced polarization (IP) survey. The 12 completed drill holes tested a roughly one-square kilometre area at the Max target along the northeastern slope of Blunt Mountain, from elevations of 550m to 775m, coincident with the channel sampling completed in the summer of 2017. This drill zone at Max only represents 0.2% of the area of the Hazelton Project, which covers a contiguous 47,000 hectares.

Drilling confirmed the diagnostic signature (antimony) of a precious metal rich shallow marine VMS system. The Max target displays characteristics of the nearby Equity Silver Mine (once Canada's most profitable silver mine) including similar age rock, shallow marine setting, and possible remobilization of precious metal rich mineralization.

Polymetallic sulphides with variable presence of sulphosalts were found in rhyolite and tuffs, monzonite, and in marine sediments such as argillite and arenite. Variable quantities of semi-massive to massive stratiform-bedding parallel sulphides, cross cutting veins, and fractures have been found in all lithologies. It is evident that the IP survey responses tracked sulphides. No evidence of folding or major structural disruptions or faults was observed.

Due to the success of blind IP targeting, particularly in drill holes 17-11 and 17-12, Jaxon has made preliminary plans for an additional 1,000 — 4,000 metres of drilling at the Max zone in the coming 2018 field season. This drilling will also cover the area directly adjacent to the north of the known mineralized Max target, where a magnetic low (potentially due to hydrothermal alteration) is coincident with high chargeability targets. Jaxon's technical team and consultants continue to assess data from the 2017 field program and detailed plans for proposed work in 2018 at the Max target, as well as other highly prospective gold, silver and non-ferrous metals targets on the Hazelton Project, will be provided by separate press release.

Table of Significant Intercepts from 2017 Max Drilling of IP Survey, Hazelton

Hole ID

Alt (m)

Depth (m)

from (m)

to (m)

Length (m)

Ag ppm

Sb %

Pb %

Zn %

Au ppm

JAX17-08

775

150

120.2

121.4

1.2

111

0.691

1.82

4.88

0

JAX17-08

775

 

123.1

123.6

0.5

273

0.906

3.13

11.1

0

JAX17-04

725

129

37.9

38.3

0.4

15

0.268

0.64

7.78

0.268

JAX17-07

700

192

76.5

78

1.5

103

0.282

0.53

3.08

0.01

Jax17-05

700

129

85

86.1

1.1

13

0.258

0.62

2.97

0.166

JAX17-06

700

144

95.2

96.2

1.0

114

0.509

0.73

5.27

0.003

JAX17-09

675

108

30

31

1.0

109

0.256

0.53

4.16

0.257

JAX17-10

625

201

no high grade intercepts

JAX17-12

605

174

104.8

105.3

0.5

153

1.942

2.15

3.62

0.654

JAX17-12

605

 

107.5

108.1

0.62

418

5

6.87

10.29

1.077

JAX17-11

605

150

92.33

92.53

0.2

1206

4.731

5.29

10.83

2.075

JAX17-03

550

231

114.1

114.6

0.5

306

1.192

2.44

0.44

0.925

JAX17-03

550

 

181.3

181.8

0.5

265

2.002

3.87

2.01

0.038

JAX17-03

550

 

192.2

192.8

0.6

146

1.316

1.51

1.23

0.085

JAX 17-02

550

201

no high grade intercepts 

JAX 17-01

550

171

no high grade intercepts


2017 Max Target Drill Hole Location, Hazelton Project

To view an enhanced version of 2017 Max Target Drill Hole Location, Hazelton Project, please visit: http://orders.newsfilecorp.com/files/881/32859_a1518730953278_92.jpg

All core was transported daily to Jaxon's secure core logging/cutting facility in Smithers. The core was logged by a professional geologist and selectively sampled. The selected core sections were cut in half with one half placed back in the core box, and the other half prepared for shipment for analysis assay. The core sample lengths were generally one-metre displaying mineralized massive sulphide sections varying from 0.2m to 0.5m in length. All samples were packed in rice sacks, sealed, palettized, and securely shipped to MS Analytical Laboratories in Langley (ISO/IEC 17025:2005 certified), B.C. to undergo analysis.

The analyses included; ore grade poly metallics Code ICP-240 for Lead, Antimony, and Zinc in percent. Gold underwent 20g Aqua Regia ICP-AES-MS Code IMS-117, silver fire assay of a 30g Gravimetric Fusion Code FAS-418 was used to obtain the value of 1,206 g/t silver. Jaxon retains the remaining core samples in numbered core boxes stacked in a secure gated storage facility.

Jaxon conducted its own independent QA/QC program for the drill program inserting quality control samples - 1 in every 10 samples. This included the insertion of certified standards with 3 standards having silver contents in the high-grade range of the Max mineralized samples. Jaxon also inserted blanks and limited duplicate samples. These samples are checked to ensure results fall within acceptable target ranges and all results from the controls were acceptable.

A drill plan-view map is included in this news release. Additional material including drill site and core photos is available on the company's website at www.jaxonmining.com

Derrick Strickland P. Geo. is a Qualified Person for the purpose of National Instrument 43-101, standards and disclosures for mineral projects and has reviewed and approved all technical information in this news release

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.

"Jason Cubitt"                 
Jason Cubitt, President.

For further information regarding Jaxon Mining Inc., please contact Mark Carruthers at 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

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