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Jaxon Reports High-Grade Gold, Copper Tourmaline Breccia Zone Chip Samples from 2019 Field Program at Red Springs

Vancouver, British Columbia--(Newsfile Corp. - December 2, 2019) - Jaxon Mining Inc. (TSXV: JAX) (FSE: OU31) (OTC: JXMNF) ("Jaxon" or the "Company") is pleased to report high-grade gold-copper tourmaline breccia chip samples from its 2019 field season program at its Red Springs Project located near Smithers in northwestern B.C.

Chip sample results (Table 1) from the surface outcrops of the tourmaline breccia zone collected from the North Cirque area confirm the high-grade gold-copper bearing tourmaline breccia mineralization extends to the North Cirque area from the Backbone area, as previously reported (Figure 1).

2019 Chip Sampling Program Highlights

  • 2 metres grading 9.23 grams per tonne (g/t) gold and 2.43% copper including 1 metre grading 12.21 grams per tonne (g/t) gold, 4.76% copper and 907 ppm cobalt in Channel NC005;
  • 3 metres grading 1.90 grams per tonne (g/t) gold equivalent including 1 metre grading 0.86 grams per tonne (g/t) gold, 0.44 % copper and 1006 ppm cobalt in Channel NC004 and;
  • 4 metre grading 1.42 grams per tonne (g/t) gold equivalent including 2 meters at 1.88 g/t grams per tonne (g/t) gold equivalent in Channel NC006.

Other Highlights

  • Gold grades up to 40.41 g/t, copper grades up to 8.3% and cobalt grades up to 0.36% were observed in samples taken from the North Cirque area during the 2018 field sampling program (Table 2 and Figure 1).
  • IP survey results at IP line EW at North Cirque completed by Simcoe GeoScience in 2018 are also very encouraging (Figures 1-3). S1 and P1 anomalies (Figure 2) may be caused by the tourmaline breccia zone or pipe that extends from the North Cirque area to the North West (NW) Cirque area (Figure 1, B-A cross section, Figure 3). This data will be further evaluated and used to vector in on the 2020 drill targets.

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Figure 1: Tourmaline Breccia Gold-Copper-Cobalt Mineralization Zone at the North Cirque and Backbone Areas

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Figure 2: IP chargeability and resistivity anomalies in IP Line EW. S1 and P1 anomalies in the North West (NW) Cirque area are considered to be an extension of the North Cirque tourmaline breccia zone.

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Figure 3: Conceptual Model of Tourmaline Breccia Zone/Pipe (Cross Section B-A in Figure 1) and Porphyry System at the Red Springs Project

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Table 1: 2019 program assay results from three chip channel samples at the North Cirque tourmaline breccia zone*

ppm
ppm
ppm
ppm
ppm
Sample ID
Sample Location
lithology
Length
Au
Ag
Cu
Co
AuEq
Mineralization Zone
A0027003
NC004
hornfel with tourmaline breccia
1mchip
0.03
0.5
109
31
0.10
A0027004
NC004
hornfel with tourmaline breccia
1mchip
0.609
0.5
176
16
0.67
A0027005
NC004
thick Qz vein tourmaline breccia with sulfide
1mchip
0.144
1.4
287
30
0.25
A0027006
NC004
thick Qz vein tourmaline breccia with sulfide
1mchip
0.57
4.5
2379
324
1.48
3 metres
at 1.9 g/t Gold Equivalent
A0027007
NC004
thick Qz vein tourmaline breccia with sulfide
1mchip
0.809
1.1
730
117
1.11
A0027008
NC004
thick Qz vein tourmaline breccia with sulfide
1mchip
0.859
6.8
4418
1006
3.13
A0027009
NC004
hornfel with tourmaline breccia
1mchip
0.034
0.5
104
40
0.12
A0027021
NC005
massive sulfide Tourmaline breccia
1mchip
12.21
74.1
47640
907
21.78
2 metres
at 14.13 g/t
Gold Equivalent
A0027022
NC005
massive sulfide Tourmaline breccia
1mchip
6.259
3.8
935
18
6.48
A0027014
NC006
tourmaline breccia zone with calcite vein and massive sulfide
1mchip
1.017
5.6
1602
418
1.96
4 metres
at 1.42 g/t
Gold Equivalent
A0027015
NC006
semi-massive sulfide tourmaline breccia
1mchip
0.892
7.7
1420
388
1.80
A0027016
NC006
semi-massive sulfide tourmaline breccia
1mchip
0.833
0.5
257
51
0.96
A0027017
NC006
hornfel with tourmaline breccia and sulfide
1mchip
0.589
2.7
669
162
0.97
A0027018
NC006
hornfel with tourmaline breccia and sulfide veins
1mchip
0.133
0.5
119
22
0.19
A0027019
NC006
hornfel with tourmaline breccia and sulfide1mchip0.570.5140680.70

*1250 USD/oz for gold, 6000USD/T for copper and 60000USD/T for cobalt are used for gold equivalent grade calculation

Table 2: Significant assay results from the North Cirque area, 2018 surface sampling program

Sample ID
Easting
Northing
Elevation
Sample 
Type
Au 
(g/t)
Cu
 (ppm)
Co
 (ppm)
A0020661
611727
6113575
1993
Float
40.41
67670
154
A0020152
611842
6113645
1928
Grab
31.81
83000
2325.4
A0020147
611888
6113627
1946
Grab
10.384
1229.9
3631.4
A0020150
611842
6113641
1928
Grab
6.773
1772.6
1671.1
A0020148
611885
6113629
1956
Grab
3.337
2481
2135.4
A0020063
611017
6113597
1704
Float
2.18
513.6
1536.1
A0020053
610667
6113927
1542
Grab
1.817
2410.4
360.8
A0020113
611558
6113740
1935
Grab
1.628
4270.8
279.2
A0020674
611200
6113734
1809
Grab
1.558
124.5
236
A0020057
610751
6113884
1598
Float
1.069
1482.2
555.4
A0020146
611920
6113626
1962
Grab
0.881
707.6
951.2
A0020149
611852
6113639
1934
Chip
0.817
560.9
276.9
A0020062
610861
6113729
1664
Float
0.512
16.8
862.3
A0020056
610736
6113887
1594
Float
0.401
2929.1
273.9
A0020656
611761
6113822
1873
Grab
0.392
1707.6
609.9
A0020657
611613
6113652
1958
Grab
0.345
521.6
511.8
A0020008
610454
6113924
1529
Grab
0.256
138.9
3.3
A0020009
610454
6113924
1529
Grab
0.179
254.9
26
A0020060
610866
6113935
1661
Grab
0.153
18.6
59.8
A0020145
611990
6113600
2002
Chip
0.135
93.5
5.1

 

Qualified Person

Yingting (Tony) Guo, P.Geo., President and Chief Geologist of Jaxon Mining Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed the chip channel sampling program, prepared the scientific and technical information and verified the data supporting such scientific and technical information contained in this news release.

Sample Preparation and Analyses

Prospecting samples were collected in the field by experienced, professional prospectors and geological staff who selected hand samples from outcrop, 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 which was securely closed for transport to Jaxon's secure cold storage locked facility in Smithers, BC. Representative sample slabs were cut from large specimens and halved rock samples so that portions of select samples could be saved for the Jaxon's rock library, descriptive purposes and petrographic study. MS Analytical of Langley B.C. received the Rice Bag shipments after secure transport from Smithers and they prepared the samples by crushing, grinding and pulverizing to a pulp with barren material washing between each sample at the crush and pulverizing stages. Then 20 g of pulp was used for the (IMS-117 code) ultra-trace level ICP/MS AR digestion method, and four acid 0.2 g ore grade ICP - AES 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 QA - QC is monitored by Jaxon.

About Jaxon Mining

Jaxon is a precious and base metals exploration company with a regional focus on Western Canada. The company is currently focused on advancing its Red Springs Project in north-western British Columbia.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.

"John King Burns" 
John King Burns, Chairman and CEO

For more information, please contact:

Investor Relations
Kaye Wynn Consulting
T: 604-558-2630
TF: 1-888-280-8128 
E: info@kayewynn.com

Freeform Communications
T: 604-243-0499
E: enquiries@freeform.com

Corporate
T: 604-398-5394
E: info@jaxonmining.com
www.jaxonmining.com

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.