Jaxon Consolidates and Extends Land Position at Netalzul Mountain AOI, Defines New Au/Ag/Cu Targets and Reports 2019 Netalzul Surface Sampling Assay Results

Vancouver, British Columbia--(Newsfile Corp. - February 3, 2020) - Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC: JXMNF) ("Jaxon" or the "Company") is pleased to report surface sample assay results from the Netalzul Mountain project area, one of four areas of geologic interest identified at the Company's Hazelton Property, as announced January 16, 2020 (Figure 1).

Figure 1: Jaxon's Hazelton Property Map in the Skeena Arch Area, NW BC

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The Netalzul Mountain project (Netalzul MT AOI) is located in a Cu-Mo-W-Ag-Au polymetallic and porphyry mineralisation area, which covers 62.06 km² and consists of 14 claims (Figure 2). A newly consolidated project area, it includes five previously held claims, five newly optioned claims and four newly acquired claims. After reviewing historical prospecting, staking and geological work previously completed, the Company opted to expand the project area.

In 2019, Jaxon's team conducted field work at Netalzul, focusing on the Daisy (1043657) and Ellen (1043658) occurrences (claims). Both occurrences are hosted in the contact zone between sedimentary hornfels and granodioritic to quartz monzonitic plug of the Late Cretaceous Bulkley Intrusions (Figure 2). Historical sample NATMR006 at the Daisy claim is described as occurring in a fracture-controlled shear zone in granodiorite with assay results >1% Cu, >1% Pb, >100 g/t Ag and 2.26 g/t Au (Assessment Report 32043). The sparse molybdenite and chalcopyrite are associated with a northeast trending set of fractures which dip 60 degrees north in this contact zone which is 200 to 250 metres wide and is confined to the quartz monzonite (Figure 6). Molybdenite is disseminated in the granitic host rocks and also occurs as coatings and fracture fillings associated with quartz stringers.

Figure 2: Geology and claims map of Netalzul mountain project area (Netalzul MT AOI)

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Historical assay results from several 1 - 2 metre wide quartz veins in granodiorite at the Ellen claim are up to 1.0 g/t Au and 340.5 g/t Ag. Grab sample assays are up to 2614.7 g/t Ag and 3.15 g/t Au (Assessment Report 15186).

Mineralization in the claims identified in the project area are polymetallic sulfide/quartz vein type Ag-Pb-Zn (Au) and porphyry type Mo mineralization. Sulfide veins contain pyrite, galena and tetrahedrite occurring in sedimentary hornfels and granodiorite. Quartz veins contain sphalerite, galena, pyrite and chalcopyrite. The porphyry type Mo mineralization is hosted in the contact area of a granodioritic to quartz monzonitic plug of the Late Cretaceous Bulkley Intrusions. This porphyry type Mo mineralization observed at the Ellen, Daisy and other claims occur as disseminated and films of molybdenite in quartz veins in granodiorite.

The Company conducted a field prospecting program in the 2019 field season on both the Daisy and Ellen occurrences, collecting 19 outcrop chip samples (Figures 3-5). See Table 1 for assay and sample details.

At the Daisy claim, the team observed one area of intrusive breccia composed of a clast of granodiorite and a matrix of rock flour and quartz composition (Figures 4 and 6). Locally, there is visible malachite staining in the intrusive breccia matrix and a sample returning 1031 ppm Cu indicates the potential to host a significant copper bearing zone. At the head water area of the Higgins claim (1043656), a strong white clay alteration zone has developed, causing the water in the creek to run white. Figure 6 illustrates a west to east corridor trending along the contact zone of granodiorite intrusion and sedimentary hornfels, where the air magnetic survey has defined a transition zone between the magnetic high and magnetic low. Similar mineralisation and magnetic features have been discovered in the Big Onion copper porphyry deposit 26 km south of Smithers.

Table 1: Assay and sample details from the Daisy and Ellen claims in the Netalzul project area*

*$1,500 USD/oz for gold, $5,000USD/T for copper, $20 USD/oz for silver, $30,000USD/T for Molybenum and Tungsten are used for copper equivalent grade calculation

Half of all outcrop grab or chip samples taken during the 2019 field season from the Netalzul mountain project area have copper equivalent grades of more than 1.80% with copper grades of up to 0.81%, molybdenum grades up to 0.25%, silver grades up to 93.4 g/t and tungsten grades up to 0.11 %. The rock sample prospecting work along the traverse geology line shows the reported vein type Cu-Au-Ag mineralization in both the hornfels altered sedimentary rock and immediately near the contact intrusive granodiorite. Porphyry type Mo mineralization occurs in quartz veins in granodiorite. One sample taken from the intrusive breccia returned 0.1% Cu. The historical air magnetic map outlines the transition zone between the magnetic high to magnetic low, along the contact zone of Bowser Lake sedimentary rocks and Bulkley Creek intrusive. The developed quartz vein type Cu-Au-Ag mineralization is overprinted near the contact intrusive and sedimentary rocks, interpreted as potential to host the porphyry type Cu-Mo-Au-Ag mineralization along the magnetic transition belt.

Figure 3: Outcrop of sample A0027126 quartz vein at Daisy, which returned Cu of up to 0.84 %, Au 0.114 g/t, Ag 47.1 g/t and 314 ppm Mo. The quartz vein structure zone could be one metre wide.

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Figure 4: Outcrop of intrusive breccia sample A0027132 at Daisy, which is a clast of granodiorite set in the same composition of rock flour and smaller clasts; locally, hydrothermal quartz cements and malachite staining are visible; grab sample returned Cu of up to 0.10 %.

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Figure 5: Sample A0027097 brecciated dilation lens with broken quartz veins cross cut in two different directions; quartz vein, >1.5 m diameter sampling returned 6.39 g/t Ag, 0.25% Cu, 0.12% Mo, 0.11% W. Quartz vein contains spotty pyrite chalcopyrite and molybdenite.

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Figure 6: Netalzul Mountain Project area interpretation plan

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Mr. John King Burns, CEO and Chairman of the Board, commented, "We are pleased to have consolidated the Netalzul area. The Netalzul project has prospective geology, an interesting history of exploration and evidence of rocks with 1.5% (+/-) copper equivalents found during our 2019 surficial work program at Daisy and Ellen. This fourth AOI, on our Hazelton property, provides our stakeholders and future partners with additional, prospective copper-gold-silver targets."

"The Company has retained Martial Levasseur of Van Silver Holdings Ltd. as a consultant. Mr. Levasseur is a highly regarded prospector with extensive historical knowledge of the Smithers area and more specifically, the Netalzul Mt project. Having worked in the area independently as well as for Placer Dome and Noranda, Mr. Levasseur brings a wealth of knowledge and will assist our team in developing high value targets at Netalzul."

Sample Preparation and Analyses

All samples described in the news release were collected by the Company's Qualified Professional Geologists. Chip and prospecting samples were collected in the field by experienced, professional geological staff who selected hand samples from outcrop or chip samples. 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. 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 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 are monitored by the Company.

Qualified Person

Yingting (Tony) Guo, P.Geo., President and Chief Geologist 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.

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.

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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