Vancouver, British Columbia--(Newsfile Corp. - August 30, 2018) - Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC: JXMNF) has
confirmed a discovery of a structurally controlled body of tourmaline breccias which have been traced over 500 metres in strike
length with a variable width up to 15 metres, now called the Backbone Prospect.
The Company is prioritizing a drill program to test the extent of the mineralization at Backbone in October 2018. The other 4
areas will undergo detailed data compilation for a drill program to follow the testing of the Backbone Prospect.
Reconnaissance sampling done in the Fall of 2017 at the Backbone returned a gold assay averaging 33 g/t from a composite sample
of 12 in-situ rock samples over 8 metres (see JAX NR dated May 16, 2018). Jaxon has just completed an additional 112 channel
samples from nine locations along that strike length. The channel samples have been dispatched to the assay lab and results are due
in two batches in mid-September. Additionally, preliminary reports from Induced Polarization (IP) and Magnetics surveys indicate a
number of very strong conductors at depth associated with the Backbone and the larger porphyry system.
The overall program at Red Springs includes to date 1,000 samples taken, and 23 line-kilometres of a ground-based IP and
magnetic survey. Results are consistent with mineralisation being associated with a large porphyry system including porphyry
copper, sulphidic mineralized breccia and sulphide-rich vein styles of mineralisation. These newly identified prospects lie within
the 36km2 area of interest at Red Springs project area, which locates within Jaxon's Hazelton Project, covering 390
km2 (39,000 hectares), 40 kilometres north of Smithers, BC, in the Skeena Arch.
Tourmaline-rich breccia mineralization is uncommon in Canada. A close geological analogy to Jaxon's discovery is located at the
recently discovered Valentine deposit in Newfoundland. Pictures of the Jaxon and Valentine outcrops (see Jaxon's website) show
great similarities with gold being present in quartz breccia veins and associated thrust faults and veinlets.
IP Program
Simcoe GeoScience completed an expanded 23 line-km survey over most of the known target zones at Red Springs (see attached map),
adding 7 line-km to the original program to cover emerging areas of significant mineralization. Preliminary results indicate very
strong and large conductors associated with:
- Red Cirque/Prime Ridge copper porphyry prospects
- Potential pipe-like or discrete intrusive bodies within the Red Cirque sericite-quartz-pyrite alteration zone
- Thrust emplaced mineralisation associated with the Backbone Prospect (discussed above) and other related breccia/sulphide
mineralisation in the Main Cirque, North Cirque, and NW Cirque areas
Simcoe is completing final processing and reporting this week, and Jaxon expects to be able to post select images from this
survey in early September.
Detailed Sampling Program
The Jaxon geological team sampled and mapped geology and alteration over a significant portion of the 36 km area of Interest at Red
Springs. Assays are awaited on 286 of the 1000 samples, along with results from 35 stream sediments and 26 hydrogeological samples
taken since June 1st — originally, 400 samples were planned, with assays originally expected at the beginning of August.
The database of previous and current results has also been upgraded into Microsoft Access, to permit more rapid integration and
compilation of results as they are received. Jaxon expects to be able to report the majority of results in the first week of
September.
Map 1: Backbone Prospect
Cannot view this image? Visit:
https://orders.newsfilecorp.com/files/881/38404_map
1 backbone prospect1.JPG
Map 2: Simcoe IP Lines
Cannot view this image? Visit:
https://orders.newsfilecorp.com/files/881/38404_map
2 simcoe ip lines 2.JPG
Photos referred to above and an updated map showing completed IP lines and sample locations are posted on the Company's website
— www.jaxonmining.com.
Technical information in this news release has been reviewed and approved by Carl Swensson, F. AusIMM., a qualified person as
defined in National Instrument 43 -101.
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 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.
