Mr. Jason Cubitt reports

JAXON TO START PHASE 1 AT RED SPRINGS TARGET, HAZELTON

Jaxon Mining Inc.'s first phase exploration program of the 2018 field season will commence in the beginning of June. While detailed reinterpretation and analysis of geophysics data from last year's fall program continue at the Max project, Jaxon will initially focus on the newly discovered Red Springs target within the same Hazelton project area, 50 kilometres north of Smithers in the Skeena Arch of British Columbia.

The objective of this first phase (six weeks) program at the Red Springs target is threefold:

• To define the extent, distribution and geometry the of high-grade gold-mineralized breccia occurrences at surface;
• To define the genetic and spatial relationships between the large porphyry alteration zone and the mineralized breccias;
• To establish high-priority drill targets for a scheduled summer 2018 drill program.

Prospecting at the end of the 2017 field season identified a suite of high-grade gold-bearing breccias spatially associated with argillic and sericitic alteration (see Feb. 20, 2018, news release). Although snow cover limited the opportunity to do extensive fieldwork, a total of 49 surface samples were collected from tourmaline breccia exposures on the western side of the Red Springs alteration zone, 26 of which were gold-bearing and eight of which contained gold ranging from 10 grams per tonne gold to 33 g/t Au. Notably, the 33 g/t sample was a composite, comprising 12 grab (in situ) samples over an eight-square-metre area.

The identified area of breccia occurrences and alteration is approximately 36 square kilometres and Jaxon is pursuing an exploration methodology that the high-grade gold tourmaline breccias are a manifestation of a significant porphyry system at depth.

Two alpine-experienced geological teams will be dispatched in the first week of June to sample and map the geology and alteration over the 36-square-kilometre area of interest. This first pass reconnaissance effort will lead to detailed channel sampling.

Simcoe GeoScience has been retained to use its experience in the Golden Triangle to complete a detailed ground magnetometer survey and time domain IP (induced polarization)/resistivity survey. This will total 16 line kilometres to depths of at least 400 metres, covering the gridded high-priority 6.4-square-kilometre target area. This program is designed to evaluate the depth of tourmaline breccia bodies and outline their associated intrusive centres with developed porphyry systems. This method has been successfully used to explore gold-copper-bearing tourmaline-rich mineralized systems in Peru and Mongolia. Jaxon will utilize the expertise and interpretation products of Simcoe GeoScience in preparation for a fall drilling campaign.

Technical information in this news release has been reviewed and approved by Carl Swensson, FAusIMM, a qualified person as defined in National Instrument 43-101.

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.

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