Mr. Tony Guo reports

JAXON ANNOUNCES COMPLETION OF FIRST DIAMOND DRILL HOLE ON BACKBONE GOLD-BEARING TOURMALINE BRECCIA ZONE AT ITS RED SPRINGS PROJECT

Jaxon Mining Inc. has completed its first diamond drill hole, BB18-01, as part of its phase 1 diamond drilling program on the Backbone gold-bearing tourmaline breccia zone at its Red Springs project. Red Springs is located on part of Jaxon Mining's 44,000-hectare Hazelton property, in the Skeena Arch area of northwest British Columbia, Canada.

Drilling program highlights:

• BB18-01, a diamond drill hole with HQ core (63.5 millimetres in diameter), has now been completed to a depth of 148 metres with a dip angle of minus-50 degrees.
• BB18-01 intercepts the gold-bearing tourmaline breccia zone from a depth of 18 metres to 35 metres, which includes six metres of strongly silicified sulphide mineralization from 20 metres to 26 metres.
• BB18-01 confirms the dip extension of the high-grade gold-bearing tourmaline breccia mineralization at the channel A outcrop, which has reported a channel sample with a gold grade of up to 6.57 grams per tonne, 1.35 per cent copper and 0.04 per cent cobalt.
• Drilling has commenced on the second drill hole, BB18-02, with a dip angle of minus-85 degrees, to test the induced polarization chargeability anomaly, which is interpreted to be associated with sulphide mineralization, using the same drill pad and azimuth as BB18-01.

Tony Guo, PGeo, chief operating officer of Jaxon Mining, commented: "We are encouraged that we have intercepted a very strong silicified and sulphide tourmaline breccia zone with a reasonable thickness at our first drill hole, BB18-01. We are expecting our second drill hole to confirm this tourmaline breccia zone again and also test a moderate IP chargeability anomaly at a depth of 150 to 200 metres in the Backbone area."

About Jaxon Mining's Red Springs drilling program

Jaxon Mining's phase 1 of a 2,000-to-2,200-metre diamond drilling program consists of eight drill holes on the Backbone gold-bearing tourmaline breccia zone. Drilling commenced on Oct. 4, 2018, and is due to be completed by the end of October, 2018.

The Backbone gold-bearing tourmaline breccia zone target has a 1,000-metre-long strike with outcrops up to 15 metres in width on surface. This zone, per previously released assay results, indicates the mineralization existence of high-grade gold of up to 25.86 grams per tonne with cobalt, copper, antimony and silver credits.

The objective of the phase 1 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 induced polarization geophysics as an exploration tool for the mineralization at the Red Springs project and will provide the opportunity for further downhole 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 Mining'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.

Qualified person

Mr. Guo, 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 Mining is a precious and base metals exploration company with a regional focus on Western Canada. Jaxon Mining 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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