Mr. John Burns reports

JAXON TARGETS ANTIMONY & COPPER RICH PORPHYRY SYSTEMS AT BLUNT & KISPIOX MOUNTAINS; ADVANCES MODELING TO SUPPORT FUTURE DRILL TESTS OF COPPER RICH, POLYMETALLIC PORPHYRY SYSTEMS AT NETALZUL MOUNTAIN & RED SPRINGS

The 2021 soil sampling program conducted at Jaxon Mining Inc.'s Hazelton property has been extended to include an additional 509 samples sent for assaying. The additional soil samples comprise 409 samples from Netalzul Mountain, 89 samples from Blunt Mountain and 11 samples from Kispiox Mountain.

The 509 soil samples were tested in 2022 using an XRF analyzer and have now been sent to Bureau Veritas in Vancouver to be analyzed by aqua regia digest with ICP-MS finish for 53 elements, including all major-porphyry-system-associated elements. The new assay results, together with the results from the 1,000 soil samples previously assayed, will be used to generate an updated 3-D model targeting the porphyry system at Netalzul Mountain. This modelling will also shed light on the nature of the epithermal-porphyry antimony targets at both Blunt Mountain and Kispiox Mountain.

The new geochemical data set, along with the additional newly inverted and processed geophysical data sets, will be sent to Fathom Geophysics. Fathom will update its existing 3-D comparative model comparing the Netalzul Mountain porphyry target with the other porphyries in Fathom's database. Fathom's original model of Netalzul Mountain was first generated in May, 2021.

Highlights from the 2022 XRF analysis of 509 soil samples from the Hazelton property:

• Four hundred nine soil samples collected from Netalzul Mountain were tested with a hand-held XRF analyzer. A large, strong zinc anomaly (up to 3,681 parts per million, 11.7 per cent of soil samples greater than 1,000 ppm) was identified in the strongly faulted hornfels area to the northern boundary of the Netalzul granodiorite intrusion). This anomaly overlaps with the porphyry modelling Rocks 1 target previously defined by Fathom Geophysics in early 2021 and coincides with a discrete demagnetized zone, comparable with the Blackwater deposit in the same geological setting 250 kilometres southeast of the Netalzul Mountain project.
• Ninety-nine soil samples collected along the strike of the mineralization zone were tested with a hand-held XRF analyzer. Elements silver, copper, lead, zinc, antimony and arsenic show the same pattern of strong chemistry in soil anomalies confirming the existence and continuation of this silver-antimony-rich polymetallic epithermal mineralization along strike, with Ag in soil up to 496 ppm and Sb in soil up to 15,745 ppm.
• Eleven soil samples, collected from between the KS zone 1 and KS zone 2 area and tested with a hand-held XRF analyzer in the field, confirmed a high antimony-in-soil anomaly, with the highest Sb in soil up to 736 ppm.

John King Burns, chief executive officer of Jaxon Mining, commented: "The size and grade of the antimony anomaly discovered at Kispiox Mountain in 2021 defines potentially the largest antimony discovery in North America today. Antimony is a strategic mineral, and the Western world is critically short of antimony resources. A 2023 summer field program is being planned for Kispiox Mountain and Blunt Mountain, which will include backpack drilling and further mapping to extend the high-grade antimony zones discovered there.

"Netalzul Mountain exhibits some of the largest and highest-grade copper and molybdenum geochemical anomalies observed in [British Columbia] to date. Netalzul Mountain is Jaxon's priority porphyry target, the first of seven targets on the Hazelton property, as ranked in 2021 by Fathom Geophysics' comparative porphyry model. During the winter of 2022/2023, our team has been working to reprocess all existing geochemical and geophysical data sets, as well as assay results, integrating the additional data collected in 2021/2022 and regenerating all of our geological models to show the geometry of and to generate more precise locational co-ordinates of the centre and shells around the Netalzul Mountain porphyry system.

"All of this information will be reviewed by our team of geochemical, geophysical, structural and directional drilling advisers as part of our expanded 2023 comprehensive porphyry target vectoring, drilling design and programming exercises. Later in the spring and summer of 2023, we expect to publish an updated 3-D geological model with more precise projections of the location of the Netalzul Mountain porphyry system."

Soil sampling and analytical procedures

All samples described in the news release were collected by the company's qualified professional geologists. Soil samples were taken on a 50-metre-by-50-metre grid or along the mineralization zone. Approximately 200 grams to 300 grams of soil were sampled at a depth of approximately 25 to 30 centimetres from surface. Soil sampling primarily targeted the B horizon where appropriate, and samples were collected in labelled craft paper bags. Soil samples were analyzed by PXRF (portable thermo scientific Niton XL3t GOLDD+ X-ray fluorescence analyzer) for copper, lead, zinc, silver, molybdenum, antimony and tungsten. All work was conducted by the company's team of qualified geologists.

Correction to previous news release

In a news release dated April 17, 2023, the company announced the appointment of Brian Crawford as chief financial officer and corporate secretary. In that announcement, the company erroneously reported that Mr. Crawford currently serves as an officer to Colibri Resources. Mr. Crawford currently serves as a director, corporate secretary and/or CFO of Silver Bullet Mines Corp., Searchlight Resources Inc., CBLT Inc. and Tempus Capital Inc.

Qualified person

Yingting (Tony) Guo, PGeo, president and chief geologist of Jaxon, a qualified person as defined by National Instrument 43-101, has reviewed and 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 pursues the discoveries of deeper, undercover, commercial-scale and high-grade Cu, Au, Ag, polymetallic porphyry epithermal systems. Jaxon has seven large-scale porphyry system targets on its 100-per-cent-controlled Hazelton property, an interconnected network of concessions spanning approximately 730 square kilometres in the Skeena arch in northwest British Columbia, Canada. The company's flagship projects Netalzul Mountain and Red Springs are drill ready. The Kispiox Mountain and Blunt Mountain projects host both extensive and high-grade occurrences of antimony, a strategic and critical metal as designated by the governments of Canada and the United States.

We seek Safe Harbor.