Mr. Jason Cubitt reports

JAXON COMPLETES FIELDWORK AT RED SPRINGS, DRILL PROGRAM PROPOSED

Jaxon Mining Inc. has confirmed a discovery of a structurally controlled body of tourmaline breccias that 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 four 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 grams per tonne from a composite sample of 12 in situ rock samples over eight metres (see Jaxon's news release 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 prospect 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 mineralization being associated with a large porphyry system, including porphyry copper, sulphidic mineralized breccia and sulphide-rich vein styles of mineralization. These newly identified prospects lie within the 36-square-kilometre area of interest at the Red Springs project area, which locates within Jaxon's Hazelton project, covering 390 square kilometres (39,000 hectares), 40 kilometres north of Smithers, B.C., 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.

Induced polarization program

Simcoe GeoScience completed an expanded 23 line-kilometre survey over most of the known target zones at Red Springs, adding seven line kilometres 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 mineralization associated with the Backbone prospect (discussed herein) and other related breccia/sulphide mineralization in the Main Cirque, North Cirque and Northwest 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-square-kilometre area of interest at Red Springs. Assays are awaited on 286 of the 1,000 samples, along with results from 35 stream sediments and 26 hydrogeological samples taken since June 1; 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.

Photos and an updated map showing completed induced polarization lines and sample locations are posted on the company's website.

Technical information in this news release has been reviewed and approved by Carl Swensson, FAusIMM, a qualified person as defined in National Instrument 43-101.

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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