Jaxon Mining Inc V.JAX.H

4000m Drill Program Underway

[tsxventurewatch]

Jaxon Commences Drilling at Netalzul Mt and Announces Private Placement of Convertible Debentures Vancouver, British Columbia--(Newsfile Corp. - July 28, 2021) - Jaxon Mining Inc. (TSXV: JAX) (FSE: OU31) (OTC: JXMNF)("Jaxon" or the "Company") is pleased to announce it has commenced drilling at its 100% owned, never before been drilled, Netalzul Mountain project on July 25, 2021. The 2021 drilling program is designed to trace three high-grade silver-copper-gold polymetallic zones exposed at surface to a depth of 300 metres: Daisy North Contact Zone, Daisy Central Zone and Daisy South Adit Zone. Daisy South Adit Zone extends 1,600 metres (1.6 km) along strike, Daisy North Contact Zone extends along 1,200 metres (1.2 km) and Daisy Central Zone extends approximately 1,000 metres (1.0 km). The three mineralization zones involve large volumes of mineralized rock; all have 300-400 metres of vertical relief and the potential for several hundred metres of inferred down-dip extent. These zones are distal to the porphyry system which the Company has modeled and identified as their source. Following analysis of Phase One results, the Company plans to conduct a deeper drill test vectored in on the mineralized core areas of the Netalzul Mt porphyry system. Private Placement of Convertible Debentures The Company announces a proposed non-brokered private placement offering of unsecured convertible debentures (the "Debentures") to raise aggregate gross proceeds of up to $1,350,000 (the "Offering"). The Debentures will have a maturity date of ninety (90) days from the date of issuance (the "Maturity Date") and shall bear interest at a rate of 10% per annum. The principal sum of the Debentures, or any portion thereof, may be converted by the holder into units (the "Units") of the Company at a conversion price of $0.075 per Unit. Unconverted Debentures will automatically be converted into Units on the Maturity Date. Each Unit shall be comprised of one common share (a "Conversion Share") and one share purchase warrant (a "Warrant"). Each whole Warrant shall entitle the holder to acquire one additional common share (a "Warrant Share") in the capital of the Company at a price of $0.15 per share for a period of two years from the date that the Warrants are issued. The Offering is subject to regulatory approval. All securities to be issued pursuant to the Offering are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars. A finder's fee commensurate with regulatory policies may be paid if applicable. Proceeds raised from the Offering will be used to fund the drilling programs for the Netalzul Mt and Red Springs projects, additional field exploration programs and for general working capital.