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Jaxon Mining Inc
Symbol JAX
Shares Issued 84,480,084
Close 2018-10-04 C$ 0.125
Market Cap C$ 10,560,011
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Jaxon Mining starts drill program at Red Springs

2018-10-04 10:40 ET - News Release

Mr. John Burns reports

JAXON COMMENCES DRILLING PROGRAM ON BACKBONE GOLD-BEARING TOURMALINE BRECCIA ZONE AT ITS RED SPRINGS PROJECT

Jaxon Mining Inc., as of this week, has commenced phase one of a 2,000- to 2,200-metre diamond drilling program on the Backbone gold-bearing tourmaline breccia zone at its Red Springs project, located on part of its 44,000-hectare Hazelton property in the Skeena Arch area of northwest British Columbia, Canada.

In a previous news release dated Sept. 20, 2018, Jaxon identified the Backbone as a gold-bearing tourmaline breccia zone with a 1,000-metre-long strike, up to 15 metres wide. This zone, per previously released assay results, indicates the mineralization existence of high-grade gold up to 25.86 grams per tonne with cobalt, copper, antimony and silver credits.

Drill program highlights:

  • Apex Diamond Drilling of Smithers, B.C., is engaged to commence a phase one diamond (core) drilling program on the Backbone tourmaline breccia zone consisting of eight drill holes (HQ/NQ size) totalling approximately 2,000 to 2,200 metres at two drilling pads.
  • Drilling in the phase one program will test an up-to-15-metre-wide surface high sulphide, quartz-carbonate-tourmaline breccia zone using the shallow and lower dip angle holes such as BB18-01, BB18-03, BB18-06 and BB18-07p.
  • Other deep holes with higher dip angles such as BB18-02, BB18-04-05 and BB18-08p will focus on either high IP chargeability or lower resistivity anomalies which are interpreted to be associated with sulphide mineralization.
  • Recent channel samples believed to be related to these anomalies returned values such as 13 metres grading 2.86 grams per tonne gold, including a two-metre interval grading 8.96 grams per tonne.
  • Recently completed induced polarization (IP) geophysical surveys indicate extensive high-chargeability and low-resistivity anomalies from surface to a depth of approximately 350 metres. These anomalies are interpreted to be related to sulphide-rich material.

Tony Guo, Jaxon's chief operating officer, commented, "We are fortunate the weather in the Smithers area in October of this year is still good to drill this significant high-grade gold-bearing quartz-carbonate-tourmaline breccia mineralization zone which was found to be coincident with high-chargeability and low-resistivity anomalies in the Backbone area."

The first batch of samples is expected to be delivered to the lab for assay by early November of 2018. The drilling program is expected to be completed by the end of October, 2018.

The objective of the phase one drilling program is to determine the width, continuity and grade of gold-bearing tourmaline breccia mineralization at depth. A further objective is to demonstrate the viability of IP geophysics as an exploration tool for the mineralization at the Red Springs project and will provide the opportunity for further down-hole geophysics to better define the geometry of any mineralization intersected during the program. In addition, it is anticipated that the results will add to Jaxon's knowledge of the nature of the tourmaline breccia mineralization and its controls.

The company will provide further information as it becomes available and will release updates on the progress of drilling over the coming weeks, including posting videos and photos on its website.

Sample preparation and analyses

Prospecting samples were collected in the field by experienced, professional prospectors and geological staff. The samples were numbered, described and located in the field for follow-up. Numbered rock samples tags were placed inside each bag which was securely closed for transport to Jaxon's secure cold storage locked facility in Smithers, B.C. Representative sample slabs were cut from large specimens and halved rock samples so that portions of select samples could be saved for Jaxon's rock library, descriptive purposes and petrographic study. Bureau of Veritas Commodities Canada, metallurgical division, of Richmond, B.C., received the rice bag shipments after secure transport from Smithers and it prepared the samples by crushing, grinding and pulverizing to a pulp with barren material washing between each sample at the crush and pulverizing stages. Then 30 grams of pulp were used for the gold assay using code A0368AUAA1 Au by fire assay, AAS finish in grams per metric tonne (g/mt) and overlimit gold using code A0364AU Au FA/gravity in g/mt.

Qualified person

Yingting (Tony) Guo, PGeo, COO for Jaxon Mining, a qualified person as defined by National Instrument 43-101, has reviewed the drilling program, prepared the scientific and technical information, and verified the data supporting such scientific and technical information contained in this news release.

About Jaxon Mining Inc.

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 British Columbia's Golden Triangle.

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