Vancouver, British Columbia–(Newsfile Corp. – March 5, 2018) – Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC: JXMNF) is pleased to announce that it has finalized its proposed exploration budgets for its two district-sized projects in British Columbia — the Hazelton Project in the Skeena Arch, and the More Creek Project in the Golden Triangle. Jaxon has approximately $1 million flow-through funds remaining to begin the 2018 season, including follow-up drilling at the Max Target, as outlined below. Highlights of the 2018 program include:
Extension drilling at Max Target on high-grade silver and zinc; holes 17-11, 17-12
Detailed mapping/sampling at new porphyry discovery; CRT-RS Target, Hazelton
Five targets at More Creek, Golden Triangle; initial program- ground geophysics
Exploration at Max Target, Hazelton
The exploration program on the Max silver-zinc volcanogenic massive sulphide target is fully drill permitted for another four years with up to 19 new drill platform locations permitted for 2018. The successful 2017 drill results (see news release dated February 16, 2018) and the alteration-mineralization of the rock units hosting these high grades has confirmed the technical team’s observations that an extensive shallow-marine VMS system has developed at Max.
The 2017 Volterra 2D/3D IP ground geophysical survey defined several significant chargeability zones to depth. Interestingly, several targets exclusively identified by ground IP were determined by drilling as significant sulphide bearing zones. Jaxon will utilize state of the art down-hole geophysics at several of the 2017 drill locations as a first step in identifying which of these developed IP targets host abundant VMS mineralization. Jaxon is also commissioning an expanded Volterra IP geophysical survey to cover well-developed airborne magnetic lows to the north. These are believed to be an extension of the mag low associated with the strong sulphide mineralization encountered in holes 17-11 and 12. The 2017 drill pad locations are prepared for further 2018 drilling and Jaxon expects to create up to 13 more new locations for new 2018 holes.
Exploration at CRT-RS Target, Hazelton
The CRT-RS zones are recent discoveries by Jaxon, and are 17 km south of Max (see news release dated February 20, 2018). This 3 km by 1.5 km discovery area appears to include partially unroofed gold-copper porphyry systems with exposed gold-tellurium enriched tourmaline breccia developed at high levels in the hydrothermal-magmatic system. Exploration plans include detailed mapping and geophysics, to generate initial drill targets.
West and other targets, Hazelton
Another significant breccia system exists 10 km west of the Max Target. The high grade silver-tellurium West Target, has over 6 km of showings, is also gold enriched and will see significant work this season to select drill targets. In addition, there are numerous geophysical as well as geochemical anomalies that require prospecting and mapping follow-up throughout the 47,000 hectare Hazelton Project.
More Creek, Golden Triangle
Jaxon is also nearing completion of a comprehensive data compilation at its More Creek Project in the Golden Triangle, covering over 24,000 hectares, and hosting 23 targets with over $10 million spent historically. Numerous promising results did not have the benefit of any follow-up. The current plan is to test 4 of those 23 targets, with additional geological work and ground geophysics. A fifth target, the TS Target, represents a new mineralized exposure from the receding glacial cover, which was identified during Jaxon’s brief site visit in October 2017. More information will follow upon release of the full results of the data compilation at More Creek.
Technical information in this news release has been reviewed and approved by Derrick Strickland, P.Geo., a qualified person as defined in National Instrument 43 -101.
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 BC’s Golden Triangle.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.
“Jason Cubitt” ______
Jason Cubitt, President.
For further information regarding Jaxon Mining Inc., please contact Mark Carruthers at 604-608-0400
Toll free: 1-877-608-0007.
This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.