Mr. John Burns reports

JAXON'S RED SPRINGS DRILL HOLE BB18-04 INTERCEPTS A THICKNESS OF 51 METRES OF QUARTZ TOURMALINE BRECCIA MINERALIZATION

Jaxon Mining Inc. has completed its fourth diamond drill hole, BB18-04, as part of its 2018 phase 1 diamond drilling program, which was designed to test the extent of the gold-bearing tourmaline breccia zone at its Red Springs project. Red Springs is located on its 100-per-cent-optioned 44,000-hectare Hazelton property in the Skeena Arch area of northwest British Columbia, Canada.

Drilling program highlights:

• BB18-04, a vertical (minus-90-degree dip angle) diamond drill hole with HQ core (63.5 millimetres in diameter), was completed to a depth of 147 metres.
• BB18-04 intercepted a thickness of up to 51 metres of tourmaline breccia mineralization from a depth of 64.0 metres to 115.2 metres. The core exhibits multiple, naturally discontinuous occurrences of strongly silicified and sulphide mineralization over that depth.
• BB18-04, drilled on an azimuth of 125 degrees, confirms the downdip extension of quartz tourmaline breccia mineralization in BB18-03 and trench E. Previously released assays of the samples from the trench E outcrop reported five metres grading 6.78 grams per tonne gold, including two metres grading 15.28 grams per tonne.
• Results from BB18-04 and the previously reported BB18-03, both located 295 metres north of BB18-01 and BB18-02, confirm the continuity of the tourmaline breccia zone along that strike distance.
• Drilling of the fifth hole, BB18-05, with a minus-70-degree dip angle on an azimuth of 165 degrees is under way, reaching a depth of 186 metres. BB18-05 is designed for a total depth of approximately 400 metres and will test the IP (induced polarization) chargeability anomaly which indicates further sulphidized mineralization at depth. BB 18-05 is drilled from the same pad used for BB18-04 and BB18-03.

Tony Guo, Jaxon's chief operating officer, commented: "We are pleased that BB18-04 has intercepted a thickness of up to 51 metres of strongly silicified and sulphide tourmaline breccia mineralization. These results confirm the dip extension of the quartz tourmaline breccia mineralization already indicated by the channel E sampling, BB18-03 and 295-metre strike continuity from BB18-01. We await the assay results that will confirm the amount of gold contained in this extension of tourmaline breccia mineralization at the Backbone."

About Jaxon's Red Springs drilling program

Jaxon's phase 1 of a 2,000--metre-to-2,200-metre diamond drilling program, consisting of up to eight drill holes on the Backbone gold-bearing tourmaline breccia zone, commenced on Oct. 4, 2018, at its Red Springs project, located on its 44,000-hectare Hazelton property in the Skeena Arch area of northwest British Columbia, Canada.

The Backbone gold-bearing tourmaline breccia zone is a 1,000-metre-long strike and up-to-15-metre-wide surface outcrop mineralization. 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 first batch of samples is expected to be delivered to the lab for assay by early November, 2018. The drilling program is expected to be completed by the end of October, 2018.

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 IP 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'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

Yingting (Tony) Guo, PGeo, chief operating officer 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 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.

We seek Safe Harbor.