Mr. Jason Cubitt reports

JAXON REPORTS 3.4 KG PER TONNE SILVER, 12.7 GRAMS PER TONNE GOLD AT PRICE CREEK, VMS TARGET - SKEENA ARCH, NORTH-CENTRAL BC

In anticipation of a scheduled summer 2017 drill program, Jaxon Minerals Inc. continues to review recent and historic data on the Price Creek volcanogenic massive sulphide property. Highly anomalous precious and base metal values were recorded from surface samples over a widespread area within the Max target, one of several prospective targets on the property, with mineralization exposed over a vertical extent of 750 metres within a one-square-kilometre area.

Surface rock-chip and grab samples

One hundred twelve mineralized rock-chip-grab samples were collected from the property. Of these:

• The highest recorded silver value was 3,398 grams per tonne Ag. Sixteen samples recorded silver values in excess of 250 g/t Ag.
• The highest recorded lead value was 39.46 per cent Pb. Ten samples recorded lead values in excess of 10 per cent Pb.
• The highest recorded zinc value was 18 per cent Zn. Six samples recorded zinc values in excess of 10 per cent Zn.
• The highest recorded gold value was 12.7 g/t. Twenty samples recorded gold values in excess of one g/t.

The 10 highest silver-equivalent values are summarized in the table.

             HISTORICAL SAMPLING RESULTS

Sample           Ag      Pb     Zn      Au      AgEq*
               (g/t)     (%)    (%)   (g/t)      (g/t)

1050803         419    14.0   11.6     2.6    1,404.0
1050804         347     6.5    7.0     1.3      860.8
1050807         469    39.5    9.8     0.6    2,053.1
1050808         480    26.8    6.5     2.9    1,722.5
1050809         481    27.2    6.4     3.4    1,767.5
1050811         353    30.6    0.5     2.0    1,453.7
1050812       3,398    15.1   11.9     2.3    4,403.2
1050814         233     7.5   10.1     1.2      869.5
1050815         286    16.2   12.1     0.4    1,201.4
1050818       1,231     5.8    9.6     0.4    1,744.9

Channel samples

Over 175 metres of cut channel samples were collected from six trenches. Each channel sample represents a one-metre-long interval and averaged 10 kilograms in weight. A total of 174 cut channel samples were taken and preliminary assaying indicates high quantities of Ag and Au and multipercentage values of Pb and Zn. However, a significant number of samples assayed for silver, zinc and lead exceeded the maximum threshold for the assay method used (see table). These overlimit samples may be reassayed to determine their true metal content.

           OVERLIMIT CHANNEL SAMPLES

Metal     Overlimit samples    Max threshold

Silver               32/174         >100 g/t   
Lead                 51/174              >1%        
Zinc                 75/174              >1%        
Manganese            91/174              >1%

"We're very excited to see these kinds of bonanza silver and base metals grades distributed over a large surface area and a vertical extent of 750 metres," said Jason Cubitt, Jaxon's president and chief executive officer. "Price Creek is obviously mineral rich at surface, but what's most interesting to us is that although the property bears all the hallmarks of an Eskay Creek style precious and base metals rich VMS deposit, it's never been explored as such."

Jaxon continues to review data from recent and historic work on the Price Creek property. These data will inform the planned spring/summer drill program and further results will be released as appropriate. Jaxon also advises that it has elected not to pursue the Hot Bath property in Northern British Columbia.

* For the purposes of silver-equivalent calculation, the following metals prices were used in the table: $18.2 (U.S.)/ounce silver, $1,240 (U.S.)/ounce gold, 91 U.S. cents/pound lead and 94 U.S. cents/pound zinc.

This news release has been reviewed by Glen Macdonald, PGeo (a qualified person for the purpose of National Instrument 43-101).

About Jaxon Minerals Inc.

Jaxon is a base and precious metals exploration company with a regional focus on Western Canada. The company is currently advancing its optioned Price Creek property in north-central British Columbia in the Skeena arch.

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