Mr. John Burns reports

JAXON REPORTS ON PETROGRAPHIC STUDY CONFIRMING DISCOVERY OF HIGH-GRADE ANTIMONY MINERALIZATION AT THE KISPIOX MOUNTAIN PROJECT; AND RECEIVES $741,000 MINERAL EXPLORATION TAX CREDIT

Jaxon Mining Inc. has released the results of a petrographic study confirming the discovery of high-grade antimony mineralization at the Kispiox Mountain project. Conducted by John G. Payne, PhD, PGeo, of Surrey, B.C., Canada, the study describes the petrography of sampled stibnite mineralization and confirms the discovery of three high-grade stibnite-bearing epithermal zones in the propylitically altered areas above what the company's model concludes to be another, deeper Cu-Ag-Au (copper-silver-gold), Zn-Mo (zinc-molybdenum) porphyry mineralized system -- geologically analogous to Jaxon's Netalzul Mountain and Red Springs porphyry targets.

The discovery of the three zones of massive to disseminated sulphides high-grade antimony epithermal mineralization at the Kispiox Mountain project was made in 2021. Assay results of the rock samples collected from the outcrops were released March 10, 2022 (see the table entitled "Sample details from petrographic study report of Kispiox Mountain project").

Antimony is listed on the critical mineral lists published by the governments of the United States, Canada and the European Union. According to the United States Geological Survey, in 2022, China accounted for 54.5 per cent of total antimony production, followed by Russia (18.2 per cent) and Tajikistan with (15.5 per cent).

Highlights of petrographic study at the Kispiox Mountain project:

• Three petrographic samples (A0027274, A0027275A and A0027275B) from the KS Zone 2 are of massive to disseminated sulphides.
• Sample A0027274 is zoned, with more abundant patches of finer-grained quartz with minor sericite and stibnite, and less abundant, coarser-grained patches of quartz, stibnite and calcite, with minor pyrite. Two discontinuous proximal veinlets are of stibnite with envelopes of acicular grains of an unknown mineral (A), probably stibnite, in which grains are oriented perpendicular to the veinlet walls.
• Sample A0027275A contains a large band in the centre of altered host rock dominated by very fine grained, in part elongate prismatic quartz, with disseminated patches of sericite and scattered patches of calcite, of pyrite and of stibnite. A small patch is of calcite with a thin rim of sericite. The vein material is of fine- to medium-grained quartz and stibnite, with quartz commonly having euhedral terminations against stibnite.
• Sample A00275275B contains scattered patches up to a few millimetres across of altered host rock (hornfels) consisting of one or more quartz, sericite and calcite. These are contained in a vein that is dominated by quartz with abundant stibnite along one side of the section.

The petrographic study shows the mineralization at Kispiox Mountain is dominated by quartz-stibnite veins with lesser amounts of carbonate minerals (calcite) and minor amounts of pyrite, with very strong siliceous and phyllic alteration.

Mineral exploration tax credits

The company is pleased to announce that in February, 2023, it received its British Columbia mineral exploration tax credit (BCMETC) in the amount of $741,890.96, generated from qualified exploration incurred in 2021. The BCMETC is calculated as 20 per cent of qualified mining exploration expenses incurred in B.C. by eligible corporations, with an enhanced rate of 30 per cent available for qualified mineral exploration undertaken in prescribed Mountain-Pine-Beetle-affected areas. The BCMETC reduced Jaxon's qualified exploration costs by the amount of the credit.

The critical mineral exploration tax credit (CMETC) is a new 30-per-cent investment tax credit available to investors. The credit would apply to specified exploration expenditures renounced to investors under eligible flow-through share agreements. The CMETC doubles the 15-per-cent non-refundable tax credit previously available to investors under the existing mineral exploration tax credit (METC). The CMETC applies to 15 critical minerals, including copper and zinc. The predominance of copper and zinc in the porphyry systems which Jaxon is targeting at the Hazelton property should qualify the company to raise funds under the new CMETC requirements. The CMETC will be a valuable tool in assisting the company in raising funds to support continued exploration and planned confirmation drilling programs at the Kispiox Mountain, Netalzul Mountain and Red Springs projects on the Hazelton property.

John King Burns, chief executive officer of Jaxon Mining, commented: "The company wishes to thank Dr. Payne for his petrographic report. This study is part of Jaxon's systematic approach to exploration in advance of confirmation drilling. The petrologic results, together with the geological mapping, soil geochemistry and magnetic survey results, already in hand, will be used to design a backpack and portable rig drilling program.

"These high-grade antimony results confirm the pervasive nature of mineralization at Kispiox Mountain. Given what we know, we may have discovered what is potentially the largest high-grade, pure antimony deposit in North America sitting on top our third major porphyry target. A further systematic soil and sulphide rock outcrop channel sampling program, followed by backpack and portable rig drilling are planned for the summer of 2023. The elevated values of Cu, Mo, Pb, Zn and As [arsenic] elements in the strongly oxidized hornfels suggest a potential genetic relation between the epithermal stibnite mineralization and a deep porphyry system at Kispiox Mountain."

About Kispiox Mountain project

Location

The Kispiox Mountain project is located approximately 16 kilometres northwest of New Hazelton, B.C., and 70 km northwest of Smithers, B.C. It is one of seven projects 100 per cent owned by Jaxon Mining.

Historical works

Limited historical work has been carried out at the Kispiox project area. Only one minfile showing (Date) is recorded on the Kispiox project area.

The Date showing is located on the southeast flank of Kispiox Mountain, 19 kilometres northwest of Hazelton. The area is underlain by sedimentary rocks of Late Jurassic Bowser Lake group, which intruded by small granodiorite body of the Late Cretaceous Bulkley intrusions. Noranda Exploration Company Ltd. carried out exploration activities on the Date showing area due to anomalous molybdenum contents in silt samples and trace chalcopyrite observed in the field. During July, 1981, and 1983, Noranda Exploration conducted geological and geochemical surveys on the Date showing area. Noranda collected and analyzed 195 soil samples and six rock samples in 1981, and 18 rock samples were collected and assayed in 1983. Anomalous Au, Ag, Cu, Mo, Pb and Zn were found in various rock and soil samples. Due to the rugged nature of the terrain, the exploration work was of a limited extent (P. McCarter, 1981, and Delbert Myers, 1983).

There has been no previous trenching and drilling sampling at the Kispiox area.

Geology

The Kispiox project is underlain by a series of sedimentary strata of the Late Jurassic Bowser Lake group and Lower Cretaceous Kitsuns Creek formation of Skeena group, which have been intruded by numerous Late Cretaceous porphyritic intrusions of Bulkley plutonic suite.

Mineralization

The associated quartz-sulphide veins are centred on the area of most abundant intrusive rocks, and the veins are most prevalent along the margins of the intrusions and sheared contact zones (P. McCarter, 1981). A great amount of stibnite was observed in the veins, and trace amount of very-fine-grained chalcopyrite and molybdenite were also noticed within and adjacent to the veins. The sulphides are mostly fine-grained and disseminated in the veins. Pyrite is common on the quartz veins, and as fracture coating in the hornfels.

Taking into consideration the widespread rusty pyritic zone, intrusive dikes and plugs, mineralized quartz veins, and anomalous Cu, Mo, Sb (antimony) values, a porphyry-epithermal Sb-Cu-Mo system is interpreted to exist at the Kispiox project.

Sample preparation and analysis

Chip and prospecting samples were collected in the field by experienced, professional prospectors and geological staff who selected hand samples from outcrops, chip samples, boulder and talus debris samples suitable for slabbing by rock saw. The samples were numbered, described and located in the field for follow up. Numbered rock samples tags were placed inside each bag, securely closed for transport to the company's secure cold-storage locked facility in Smithers, B.C. Representative sample slabs were cut from large specimens and halved rock samples so that portions of select samples could be saved for the company's rock library, descriptive purposes and petrographic study. MS Analytical of Langley, B.C., received the rice bag shipments after secure transport from Smithers. Samples were prepared by crushing, grinding and pulverizing to a pulp, with barren material washing between each sample at the crush and pulverizing stages. Then 20 grams of pulp was used for the (IMS-117 code) ultratrace level ICP-MS (inductively coupled plasma mass spectrometry) AR digestion method and four-acid 0.2 g ore-grade ICP-AES (inductively coupled plasma atomic emission spectroscopy) method (ICP-240), and for the overlimit gold, the FAS-415 method of 30 g fusion gravimetric method was used to report gold assays. Overlimit silver is determined by fire assay 415 method. Laboratory standards and quality assurance/quality control (QA/QC) is monitored by the company.

Qualified person

Yingting (Tony) Guo, PGeo, president and chief geologist of Jaxon Mining, 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 and 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 km 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 both host extensive and high-grade occurrences of antimony, a strategic and critical metal as designated by the governments of Canada and United States.

We seek Safe Harbor.