Red Springs Project Update: Jaxon Discovers Additional High-Grade Gold Mineralization In North Cirque, Determines Low Angle Thrust Fault Bounded Quartz Tourmaline Breccia Minerlization Zone Extends Over 1 Km2

Jaxon Mining
Jaxon Mining Inc

TSXV: JAX

February 4th, 2019, Vancouver, Canada – Jaxon Mining
Inc. (TSXV: JAX, FSE: OU31, OTC: JXMNF) (“Jaxon” or the “Company”) is
pleased to announce additional high grade gold mineralization
discoveries of up to 55.26 g/t gold equivalent which includes 40.41 g/t
gold, 6.77% copper, 110 g/t silver, 1.29% bismuth and 0.02% cobalt from
its 2018 surface sampling and geological mapping program at the Red
Springs Project and determines the low angle thrust fault bounded
sill-like gold-bearing quartz tourmaline breccia mineralized zone
extends over 1 km2. Jaxon’s conceptual geological model indicates this
large brecciated zone is distal to and was generated by Red Springs’
porphyry system. This system is indicated to be a large porphyry system
by the presence of the large hydrothermal brecciated zone, strong IP
anomalies and the sampling and mapping work completed in 2018.

A total of 42 additional surface outcrop grab or chip samples have
been collected from the field within tourmaline breccia zones/veins area
(Figure 1) at the Red Springs Project. Assay results show high grade
gold of up to 43.50 g/t, high grade copper of up to 8.33%, high grade
silver of up to 846 g/t, high grade cobalt of up to 0.37% and high-grade
bismuth of up to 1.29%, respectively (Table 1). All three of the
highest-grade gold (>1 ounce per tonne) samples (A0020152, A0020661
and 719782) were collected in the North extension part of the Backbone
tourmaline breccia zone in North Cirque, in the direction of one
porphyry intrusion. The average grades from the total 42 surface samples
are 11.20 g/t gold equivalent with 7.81 g/t gold, 54.38 g/t silver,
0.06% cobalt, 0.61 % copper and 0.18% bismuth. Significant assay results
are highlighted in Table 1. The assay results confirm the existence of a
low angle thrust fault bounded sill-like high-grade gold bearing
tourmaline breccia mineralization mat with silver, copper, cobalt and
bismuth credits at Red Springs.

Figure 1, Outline Geology Map of Tourmaline Breccia Mineralization Mat Area at Red Springs Project

Table 1, Assay Results of 42 Surface Samples from Tourmaline Breccia Zones/Veins Area at Red Springs Project1

Sample_ID Lithologies Au (g/t) Ag (g/t) Co (%) Cu (%) Bi (%) EqAu (g/t)
A0020661 Quartz vein with massive sulfides 40.41 110.00 0.02 6.77 1.29 55.26
A0020152 Massive sulfide veins 31.81 133.00 0.24 8.33 0.53 52.32
719782 Greenish weathering
soft rock
43.50 17.00 0.00 0.08 0.26 44.48
523415 Weathered sulfide lens 4.93 846.00 0.01 3.49 0.29 24.96
A0003779 Quartz sedimentary breccia 18.30 85.84 0.12 0.38 0.92 24.60
A0003787 Black shale with semi massive sulfides 17.57 77.90 0.13 0.06 0.66 22.89
A0003680 Black mudstone with quartz veinlets and semi massive sulfide veins 17.55 3.47 0.18 0.00 0.49 22.11
A0003770 Banded sedimentary quartz breccia with sulfides 18.43 27.71 0.02 0.14 0.24 19.94
A0020147 Hornfels sedimentary breccia clastic with sulfides 10.38 4.00 0.37 0.12 0.04 18.07
A0003772 Grab float within crystalline layer breccia 11.38 7.59 0.14 0.10 0.11 14.73
A0003778 Banded sediments 10.81 20.47 0.01 0.08 0.14 11.65
A0003685 Quartz veins in sandstone with semi massive sulfides 9.80 13.78 0.03 0.28 0.14 11.41
719891 sulfides vein 7.74 120.00 0.01 0.59 0.03 10.80
A0020150 Quartz tourmaline Breccia 6.77 5.00 0.17 0.17 0.03 10.54
A0003777 Quartz shale breccia with semi massive sulfide 5.99 26.91 0.09 0.95 0.05 9.84
719892 Sulfide vein with 2.04 293.00 0.01 0.90 0.06 8.52
A0020148 Massive sulfide veins 3.34 7.00 0.23 0.23 0.03 8.46
719885 rusty black mudstone with sulfides 5.37 20.00 0.03 0.76 0.06 7.58
A0020458 Tourmaline quartz sulfide breccia. 4.70 43.00 0.01 0.32 0.27 6.68
A0003682 Black mudstone with semi massive sulfide veins 4.23 1.55 0.07 0.00 0.44 6.43
A0003684 Quartz vein in black mudstone 3.48 0.68 0.12 0.00 0.20 6.20
A0020293 Siliceous sediments with sulfides 1.49 237.00 0.00 0.16 0.07 5.89
A0003773 Black shale with quartz breccia 5.24 5.18 0.01 0.04 0.03 5.66
719890 Quartz breccia in sediments with sulfides in fractures 3.51 77.00 0.00 0.41 0.05 5.59
A0003691 Breccia quartz mudstone 3.18 7.05 0.09 0.09 0.02 5.36
A0020063 Quartz tourmaline breccia with sulfides 2.18 2.00 0.14 0.05 0.04 5.17
A0003686 Mudstone with semi massive sulfides 4.17 7.05 0.01 0.08 0.06 4.72
A0003875 Brecciated sandstone 3.66 1.00 0.03 0.00 0.01 4.27
A0003775 Quartz, sediments breccia with semi massive sulfide 3.61 5.03 0.01 0.05 0.03 4.05
719562 Arsenopyrite mineralized vein intruding hornfels sandstone. 2.77 2.00 0.06 0.00 0.02 4.03
A0003679 Black mudstone with 20% sulfide 2.52 1.33 0.02 0.01 0.38 3.66
A0003768 Black shale with quartz breccia sulfide veins 3.07 3.68 0.01 0.01 0.04 3.37
A0020053 Float massive sulfide boulder 1.82 2.00 0.04 0.26 0.01 2.97
A0020113 Grab sample of talus float in oxidized gossan 1.63 2.00 0.03 0.44 0.05 2.95
A0020057 Float with 10cm massive sulfide vein in sandstone, massive sulfide 1.07 1.00 0.05 0.16 0.01 2.40
A0020459 Tourmaline -quartz-sulfide breccia. 1.32 18.00 0.01 0.17 0.08 2.14
719882 Black dense mudstone with fragments of quartz 1.27 32.00 0.00 0.00 0.14 2.10
A0020674 Intrusive with tourmaline stringers with minor sulfides 1.56 1.00 0.02 0.01 0.01 2.02
A0003774 Fractured black shale with quartz breccia with sulfide veins 1.77 2.69 0.01 0.02 0.01 1.97
A0020153 Very fine grained hornfels sedimentary rock 1.37 5.00 0.01 0.02 0.01 1.67
719783 Sedimentary rock 1.27 7.00 0.00 0.00 0.02 1.46
719615 Intrusive rock 1.20 1.00 0.00 0.01 0.01 1.28

1 EqAu is calculated using long term prices for gold
at $1250 USD per ounce, silver at $20 USD per ounce, cobalt at $60K USD
per tonne, copper at $6K USD per tonne and bismuth at $10K USD per
tonne.

Surface geological mapping (Figure 1) from the 2018 field program
confirms the gold-bearing quartz tourmaline breccia zones or veins
distribute from the Backbone tourmaline breccia zone at East longitude
612100 to West Cirque at longitude 610500 (approximately 1600 m wide)
and North West Cirque at coordinates of longitude 611100 and latitude
6113800, which covers over 1 km2 area. The outcrop of tourmaline breccia
at the Backbone zone extends over a strike length of 1000 m to North
Cirque and is up to 15 to 50 m wide on surface outcrops. Gold grades
from surface channel samples are up to 25.86 g/t gold, with cobalt and
copper grades up to 0.05% and 1.34 %, respectively. The Backbone
tourmaline breccia zone extends to the West at a dip angle of
approximately 15 to 17 degrees, confirmed by the outcrops of the
tourmaline breccia zone along the contour lines at the South end of the
Backbone tourmaline breccia zone (Figure 2) and drilling holes BB18-04
and BB18-04 at the Backbone zone area (Figure 3). The outcrops of
multiple short tourmaline breccia veins at both West Cirque and North
West Cirque may represent the top part of tourmaline stringers derived
from the thick tourmaline breccia mineralization zone at depth which
extends from the Backbone tourmaline breccia zone along the dip
direction (Figure 2-3). The tourmaline breccia zone (or pipe) depth may
extend down to 300 m to 400 m deep which is also indicated by the strong
IP anomaly (Figure 4) at the depth in the North West Cirque and West
Cirque areas.

Figure 2, Topographic Map Overlapped with Tourmaline Breccia Zones/Veins at Red Springs Project

Figure 3, Projected Cross Section Map of Backbone Tourmaline Breccia
Mineralization from Backbone to North West Cirque at Red Springs Project
(B to A line in Figure 1)

Figure 4, Line 800 Interpreted 2D Resistivity and Chargeability Section Map, Showing Possible Tourmaline Breccia Pipe

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 were securely closed for transport to
Jaxon’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. 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 over limit gold the FAS-415 method of 30 g fusion Gravimetric
method was used to report gold ASSAYS. Over limit silver is determined
by Fire ASSAY 415 method. Laboratory standards and QA – QC is monitored
by Jaxon.

About the Red Springs Project

Located in North Western B.C., the Red Springs Project contains
porphyry–related, sedimentary-hosted gold-cobalt tourmaline breccia
mineralization with associated copper, bismuth and antimony (Figure 3).
It is in a well-developed infrastructural area and only 10 km away from
major highway and 2 km from a local forest logging road. It is a new
discovery for this type of mineralization in B.C.

Tourmaline breccia mineralization in the “Backbone” area of the Red
Springs Project is partially controlled by a low angle thrust fault
occurring as sill-like tourmaline-sulfide zones within the fault and
along bedding planes and as discordant breccia zones in the hanging wall
of the fault. Mineralized intervals display multiple phases of
hydrothermal activity accompanied by strong silicification and
tourmaline-sulfide mineralization.

Tourmaline-sulfide breccia zones and veins have been widely found in
the Backbone, North Cirque and North West Cirque prospects. At Backbone,
breccia mineralization extends over a strike length of 1000 m and is up
to 15 to 50 m wide on surface (Figure 5). Gold grades from surface
channel samples range from 1 g/t to 32 g/t Au, with cobalt and copper
grades up to 0.36% and 8.33 %, respectively.

The 2018 drilling program confirmed the continuity of mineralization
over a strike length of 300 m from BB18-01/02 to BB18-03/04/05 and low
angle (<30 degree) dip extent of over 100 m from surface channels to
the West (Figure 1). Mineralized tourmaline-sulfide breccia zones in
drill core extend discontinuously over lengths of more than 26 m at a
gold equivalent grade of 1.44 g/t in BB18-03 at the down hole depth from
67 m to 93 m, 20 m at a gold equivalent grade of 0.53 g/t in BB18-04 at
the down hole depth from 64 m to 84 m and 21 m at a gold equivalent
grade of 0.58 g/t in BB18-05 at the down hole depth from 66 m to 87 m.
The assay results also confirm a 2 to 3 m wide high-grade band existing
under the hanging wall within approximately a 20 m wide mineralization
zone with a gold equivalent grade from 2.40 g/t to 15.0 g/t at the
Backbone tourmaline breccia zone.

The Backbone tourmaline breccia zone consists of different phases of
sedimentary breccia and tourmaline veins or metrics. The sulphide
mineralization within the tourmaline breccia zone consists of
pyrrhotite, arsenopyrite, chalcopyrite and pyrite. The most intense
mineralization is associated with strong silicification and sulphidation
alterations near the hanging wall. A set of late quartz-carbonate veins
are concentrated within the tourmaline breccia mineralized zone and
contain variable amounts of chalcopyrite and bismuthinite. The cobalt
grade can be up to 0.36% on the surface outcrops and 0.10 % in the drill
hole cores based on the current exploration data and is closely related
to the gold, telluride and bismuth grade within tourmaline breccia
mineralization in both surface outcrops samples and drill hole cores.

Based on the 2018 IP survey and drilling program, the Company has
identified multiple high priority IP anomalies for sulfide
mineralization. High priority IP anomalies extend from the Backbone to
North Cirque and North West Cirque areas and cover a 1 km2 area at
depths ranging from 350 m to 430 m. The IP survey also indicates the
existence of a system of porphyritic anomalies located at the Red
Springs Project area. Deeper drilling into these high priority IP
anomalies is being planned for spring and summer of 2019.

The objective of the Phase One drilling program was to determine the
widths, continuity and grade of gold-cobalt tourmaline breccia
mineralization at depth and along the strike. In addition, the results
added to the Company’s knowledge of the nature of the tourmaline breccia
mineralization and its controls.

Figure 5: Outline Geology Map of Red Springs Project Area

Qualified Person

Yingting (Tony) Guo, P.Geo., COO for 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.

John King Burns, Chairman, commented, “We would like to thank all
the companies and their geologists who viewed our core at the AME
Roundup Core Shack from January 30 and 31st. It was encouraging to see
so many professionals attending the Roundup take interest in our work at
Red Springs. Even when exploration companies face challenging markets,
it remains the case that when a company announces a discovery using the
proper applied geological disciplines to make the discovery and to
produce a conceptual geological model to describe it, the industry is
interested in learning about it and sharing ideas. It will be very
exciting for Jaxon’s technical team to get credit for finding, exploring
and developing what, with a lot of further work, is shaping up to be
the discovery of a major polymetallic, Au, Ag, Cu, Co and Bi, with other
metals, porphyry system at Red Springs.”

Jaxon invites everyone to visit booth number 3007 at PDAC in Toronto,
from March 3 to 6, to examine the core and learn more about the Red
Springs Project.

About Jaxon Mining Inc.

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-Central British Columbia and
the More Creek Project (consolidating the Wishbone and Foremore
properties) in British Columbia’s Golden Triangle.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.

John King Burns

John King Burns, Chairman

For Capital Markets for Jaxon Mining Inc., call 778-938-4459, for
Investor Relations 604-558-2630 or 1-888-280-8128 and for Corporate
enquiries 604-398-5394.

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.

First Published: February 4, 2019, www.jaxonmining.com