JXMNF - Jaxon Completes 2021 Drilling Program Intersects Multiple Monzonite Dykes At Netalzul Mt Assay Results From Hole NET21-05 Confirm Porphyry Mineralization Containing Cu Mo And Ag

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2021) - Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) ("Jaxon" or the "Company") announces that due to early snow and inclement weather the Company concluded the 2021 drilling program on September 23, 2021. A total of 2,483 metres were drilled (Table 1).

Assay results continue to be delayed; however, on September 28, 2021, the Company received the assay report for drill hole NET21-05. The results confirm the presence of Cu-Mo-Ag monzonite porphyry mineralization generated by a larger and deeper porphyry system within Netalzul Mt, setting up deeper drilling tests to define the extent of the porphyry system in the 2022 work season. Netalzul Mt is one of seven porphyry generated targets on Jaxon's Hazelton Property near Smithers, B.C.

NET21-05 was designed to locate and follow to depth the monzonite dykes outcrops on surface. Rock sample #A0027511 from a 4 m wide outcrop in the area returned 2700 ppm Cu and 7.97 g/t Ag (https://bit.ly/3ilWmQb). The drill test of the dykes was terminated prematurely at 98 m depth when the drill intersected a severely broken fault zone. Before the targeted monzonite dyke could be located, the drill intercepted other concealed, intensely altered and mineralized monzonite porphyry dykes from 33.6 m to 46.25 m (Figure 1), containing 0.48% Cu or 0.64% CuEq with 190 ppm Mo and 12 g/t Ag (Table 2).

Highlights of the Monzonite Dykes Containing Porphyry Mineralization

• Two monzonite dykes from 33.65 m to 36.80 m and 39.40 m to 46.80 m were intercepted at hole NET21-05. Both dykes contain disseminated pyrite, chalcopyrite and molybdenite minerals of up to 3% to 5% (Figure 2).
• Assay results from a 7.4 m monzonite porphyry dyke returned Cu grades from 0.35% to 0.67% with an average of 0.48% or 0.64% CuEq with 0.019% Mo and 12 g/t Ag; and a 3.15 m monzonite porphyry dyke returned Cu grades from 0.11% to 0.22% with an average of 0.17% or 0.25% CuEq with 0.010% Mo and 2.16 g/t Ag (Table 2, Figure 3). The copper grades of the monzonite porphyry at Netalzul Mt are higher than most existing copper mines or deposits in BC (Figure 4).
• Multiple narrow to medium sized monzonite porphyry dyke swarms from several centimetres to several metres wide have been widely intercepted in all holes (primarily NET21-04 to NET21-07 and NET21-09) within Daisy North Contact Zone and Daisy Central Zone at Netalzul Mt (Figures 5-7). Examples include the monzonite dykes from 164.0 m to 176.0 m at hole NET21-04 and from 98.0 m to 99.2 m at hole NET21-06 (Figures 5, 6). Small dykes (up to 40 cm in width) with strong potassic feldspar, chlorite, muscovite, secondary biotite and sericite alteration around this major dyke have also been observed. Based on the results from portable XRF testing conducted in the field, the sulfide minerals consist of disseminated chalcopyrite, pyrite and molybdenite.

Detailed logging and sampling of NET21-06 to NET21-09 are currently underway at our facilities in Smithers. With core still waiting to be assayed, the data on the multiple monzonite dykes swarm observed in the core logging have been added to the Company's geological model which predicts that the remaining drill holes should intersect additional mineralized monzonite porphyry dykes at depth (Figure 8).

Gregory Hall, senior advisor to Jaxon's Technical Advisory Committee, observed, "It is highly exciting to see those grades in the monzonite dykes as it means the system does not leak (the main mass will likely have those grades or better) and the faults have tapped the system but again the system does not leak."

John King Burns, Chairman and CEO of Jaxon Mining, commented, "The results from the drilling we were able to complete before the weather set in are on target to confirm the existence of, and will allow us to better vector in on, the deeper, mineralized porphyry system that is our ultimate target at Netalzul Mt. The results to date position Netalzul Mt to become an extensible Huckleberry analogue. We expect the core from the other 2021 drill holes, which we are still awaiting assay results, to further confirm and indicate more about the scope and scale of the porphyry system. We will be reprocessing our magnetic data and adding other new and repossessed geophysical, geochemical data to our model in Q4 2021 and Q1 2022. The 2022 work season will provide more results about the scope and scale of the porphyry at Netalzul Mt. Netalzul Mt is our priority; however, the Company will continue exploration work on the six other targets we are systematically advancing on the Hazelton Property."

Figure 1. Cores from 40 m to 46 m from NET21-05 showing mineralized monzonite porphyry dykes.

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Figure 2. Core at 43.5 m from NET21-05 showing disseminated chalcopyrite and pyrite in monzonite.

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Figure 3. Section map of NET21-04 to NET21-05 and assay results of monzonite from hole NET21-05.

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Figure 4. Cu or CuEq grades in BC Cu Porphyry Mines or Deposits (Modified after Western Copper and Gold, 2021).

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Figure 5. Plan map of monzonite dyke outcrops and monzonite interceptions at drilling holes at the Netalzul Mt project.

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Figure 6. Core from 164.0 m to 176.0 m at hole NET21-04 showing multiple disseminated sulfides monzonite porphyry dykes.

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Figure 7. Core from 93.5 m to 100.5 m at NET21-06 showing multiple disseminated sulfide monzonite dykes; one large dyke from 98.0 m to 99.2 m showing strong disseminated and vein sulfides and silicification.

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Figure 8. Conceptual model of monzonite porphyry system at Netalzul Mt.

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Table 1. Drilling Holes and Drilled Metres from 2021 Drilling Program at the Netalzul Mt. Project

Table 2. Assay Report from NET21-05 at the Netalzul Mt Project

* The stated widths in metres are downhole core lengths and not true widths.
* $1,800/oz Au, $25/oz Ag, $2.75/lb Cu, $42/kg Mo. CuEq calculations do not account for relative metallurgical recoveries of the metals.

Sample Preparation and Analyses

Core samples were cut and collected under the supervision of an experienced, professional QP geologist at the field camp's core shack facility at the Netalzul Mt project, near Smithers, B.C. Numbered core sample tags were placed inside each bag, then securely closed for transport. MSALabs of Langley, B.C., received the rice bag shipments after secure transport directly from Smithers. All samples have been prepared by crushing, grinding and pulverizing to a pulp with barren material washing between each sample at the crush and pulverizing stages. Then 30 g of pulp was used for the gold assay using Fire Assay code FAS111, AA finish. Other elements assay used code ICP230 (Four Acid Digestion with ICP_ES finish).

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, 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 Mining is a Canadian-based exploration and development company pursuing the discoveries of commercial scale and grade Cu, Au, Ag, polymetallic projects. Jaxon focuses on overlooked and underexplored targets with deeper intervals that have not been identified or adequately explored; in areas that often have not been systematically mapped, modeled or drilled. Jaxon is currently focused on the Skeena Arch, an exceptionally orogenic and metallogenic area, in one of the most richly endowed terrains in British Columbia. The Company is drilling the Netalzul Mountain project and preparing a drilling program to test the Red Springs project. Netalzul Mt and Red Springs are two of seven projects the Company is advancing on its 100% controlled Hazelton property.

ON BEHALF OF THE BOARD OF DIRECTORS

JAXON MINING INC.

"John King Burns"

John King Burns, Chairman

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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.

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