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Jaxon Mining Inc
Symbol JAX
Shares Issued 70,529,835
Close 2017-11-21 C$ 0.275
Market Cap C$ 19,395,705
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Jaxon Mining completes 1,344 m at Hazelton to date

2017-11-21 16:39 ET - News Release

Mr. Jason Cubitt reports

DRILLING AT JAXON'S HAZELTON SILVER-ZINC PROJECT SUPPORTS MINERALIZED VMS MODEL, SAMPLES AT LAB

Jaxon Mining Inc. has provided an update from the fall/winter 2017 drilling program at its 44,000-hectare Hazelton silver-zinc project, located 50 kilometres north of Smithers in the Skeena arch of British Columbia.

Eight out of 14 drill holes are completed, totalling 1,344 metres out of a planned 2,000 metres, and the ninth hole is under way. Four pallets of core samples have been shipped to MS Analytical Laboratories in Langley and Jaxon is awaiting assay results.

Drilling highlights:

  • 1,344 metres in eight holes drilled to date; four pallets of core samples have been sent for assay;
  • Observations from drill core provide strong evidence for a shallow marine VMS (volcanogenic massive sulphide) depositional environment;
  • Sulphide mineralization has been intersected in all holes in the form of veins and disseminated sulphides; this mineralization includes pyrite, sphalerite and sulphosalts and has been encountered at both shallow depths and up to 190 metres downhole; a number of holes bottomed in mineralization;
  • Multiple phases of mineralization have been observed, which is suggestive of a potentially large and long-lived system.

Max drilling targets

The phase 1, 2,000-metre drilling program is taking place on the Max target on the northeastern slope of Blunt Mountain. The program is targeting volcanogenic massive sulphide (VMS) occurrences, high-chargeability and low-resistivity/high-conductivity anomalies from the recently completed 2-D and 3-D induced polarization survey coincident with highly mineralized channel, and soil assays. Many of the targets are a combination of these targeting parameters. Data from a helicopter-borne electromagnetic survey (VTEM) were also useful in drill target selection.

Preliminary geological observations

Preliminary observations of drill core provide strong evidence for a shallow marine VMS depositional environment. The notable features include intercalated rhyolitic and monzonitic volcanics with well-preserved volcanic tuffs intercalated with argillite and altered greywacke beds. The nature of the sequences in the core generally indicates an active geological environment. Sulphide mineralization has been intersected in each hole drilled. To date, ground conditions for drilling are excellent with all holes reaching their projected depths.

All core samples are transported daily to Jaxon's secure core logging/cutting facility in Smithers. After logging, the selected sections are cut in half, with one-half placed back in the core box and the other half prepared for shipment to the assay lab. The sample is placed in numbered plastic sample bags along with a sample number tag and immediately sealed. Samples are packed in rice sacks, sealed and palletized. The pallets are delivered to Bandstra Transportation Systems Ltd. in Smithers to be shipped to MS Analytical in Langley, B.C., for analysis. MS Analytical is ISO/IEC 17025:2005 certified and has its own in-house quality assurance/quality control program utilizing blanks, duplicates and standards. Jaxon is conducting its own independent quality assurance/quality control program for the drill program, which includes the insertion of certified standards, blanks and limited duplicate samples. These samples are checked to ensure results fall within acceptable target ranges.

It should be noted that turnaround times for assays are currently unusually long due to an increase in exploration activity in British Columbia. Jaxon has a policy of not reporting visual estimates of mineralization as such estimates cannot be relied upon with the same confidence as assay results.

This news release has been reviewed and approved by Derrick Strickland, PGeo, a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Jaxon Mining Inc.

Jaxon is a precious metal and base metal 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 British Columbia's Golden Triangle.

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