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Jaxon Mining Inc
Symbol JAX
Shares Issued 66,636,085
Close 2017-10-27 C$ 0.215
Market Cap C$ 14,326,758
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Jaxon Mining to start 2,000 m drill program at Hazelton

2017-10-30 07:03 ET - News Release

Mr. Jason Cubitt reports

JAXON COMMENCING DRILLING PROGRAM ON MAX TARGET AT HAZELTON

Jaxon Mining Inc. will be commencing its phase 1 2,000-metre diamond drilling program this week on the Max target at its 44,000-hectare Hazelton project in the famed Skeena Arch of northwestern British Columbia, Canada.

As previously reported, the Max target is characterized by volcanogenic massive sulphide (VMS) high-grade silver, zinc and lead mineralization in sporadic outcrops over a roughly one-square-kilometre area. Highlights:

  • Apex Diamond Drilling of Smithers, B.C., is mobilizing this week to commence a phase 1 diamond (core) drilling program on the Max target consisting of 13 drill holes (NQ size) totalling approximately 2,000 metres.
  • Drilling in the phase 1 program will be focused primarily on geophysical targets interpreted to be associated with sulphide mineralization. Recent channel samples believed to be related to these anomalies returned values including 6,958 grams per tonne silver over 0.5 metre and 31.92 per cent zinc over 1.0 m.
  • Recently completed 2-D and 3-D induced polarization (IP) geophysical surveys indicate extensive high-chargeability and low-resistivity anomalies from surface to a depth of approximately 150 metres. These anomalies are interpreted to be related to sulphide-rich material.

Jason Cubitt, Jaxon's president and chief executive officer, commented, "We are obviously excited to be drill testing a target with this kind of potential and I would like to congratulate the entire team on the exceptional work they've done both in the field and behind the scenes -- compiling, integrating and interpreting historic and current data."

Carl Swensson, Jaxon's vice-president, exploration, commented: "We have benefited from a significant amount of historic work by previous operators in the area, including a 1988 shallow-depth drilling program. Out of 18 holes from this historical program, six came close to the edge or minimally penetrated our geophysical target zones. Significant mineralization was found to be coincident with high chargeability anomalies in each of these six holes."

The first batch of samples is expected to be delivered to the lab for assay by mid-November. The objective of the phase 1 drilling program is to determine the geometry, continuity and grade of mineralization at depth. A further objective is to demonstrate the viability of electrical geophysics as an exploration tool for the Max mineralization 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 the company's knowledge of the nature of the Max mineralization and its controls.

The company will provide timely news release updates on the progress of drilling over the coming weeks and will post videos and photos on its website.

Sampling methods

All channel samples were shipped to MS Analytical of Langley, B.C., where they underwent 39 multielement, 20-gram aqua regia ICP-AES/MS (inductively coupled plasma atomic emission spectroscopy/mass spectrometry) ultratrace-level analyses (Code IMS-117). Overlimits were reassayed using multielement four-acid, ICP-AES, ore-grade analysis (Code ICP-240), and for select samples a silver fire assay 30-gram gravimetric fusion (Code FAS-418).

This news release has been reviewed by Case Lewis, PGeo (a qualified person for the purpose of National Instrument 43-101, standards and disclosure for mineral projects).

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 B.C.'s Golden Triangle.

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