Mr. Jason Cubitt reports

JAXON MINING INC.: FURTHER EVIDENCE OF A PRECIOUS METALS RICH VMS SYSTEM AT HAZELTON

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

Jaxon has successfully drilled 10 of 13 drill holes totalling 1,956 metres out of a planned 2,000 metres, and the 11th hole is under way. As previously reported, all core samples are being transported to MS Analytical laboratories in Langley, B.C., for analysis. Delays are still being experienced at the lab due to an above-average volume of business late in the season.

Jason Cubitt, Jaxon's president and chief executive officer, commented, "While we're still waiting for analytical data from the lab, our team is very satisfied that we're seeing visual evidence of a large mineralised system in drill core." He continued, "We have a lot of ground yet to explore in the Hazelton district but these first 10 holes makes a compelling case for the region in general and of good things to come."

Observed drilling highlights:

• Volcanic-hosted sulphides (in rhyolite) and marine sediment argillite, arenite, wacke and tuff-hosted sulphides have been observed and logged in all holes.
• Certain key observed features support the Max target model of the unusual polymetallic, precious metal-rich volcanic massive sulphide style of mineralization.
• Zinc sulphides (sphalerite) have been intersected in fractures as crosscutting veins, veinlets, stockworks, breccias and at least one occurrence of stratiform-hosted mineralisation.
• Intersections of various widths of semi-massive to massive stratiform-bedding parallel sulphides, crosscutting veins -- veinlets and fractures have been found in all lithologies.
• The multiple-phase overprinting of polymetallic sulphide-sulphosalt mineralization is suggestive of a potentially large and long-lived system in this portion of the volcanic-sedimentary Rocky Ridge sequence.

Jaxon expects to receive all assay data by late January, 2018. Results will be integrated into a three-dimensional data model and its technical team will use this to establish a phase 2 program beginning spring 2018.

All core samples are transported daily to Jaxon's secure core logging/cutting facility in Smithers. Once there, the samples are logged by a professional geologist, selected sections are cut in half, with one-half placed back in the core box and the other half prepared for secure shipment to the assay lab. Each sample is placed in a numbered plastic sample bag 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.

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