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Vancouver, British Columbia--(Newsfile Corp. - April 23, 2018) - Jaxon Mining Inc. (TSXV: JAX) (FSE: OU31) (OTC: JXMNF) is pleased to announce that it has acquired additional claims contiguous to its Hazelton Project, located 50 kilometres north of Smithers BC. The claims cover numerous showings and historical grab samples include:
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3.4 g/t gold and 1924 g/t silver (Higgins Showing)
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3.15 g/t gold and 2614.7 g/t silver (Ellen Showing)
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Over 1% copper, over 1% lead, over 100 g/t silver, and 2.59 g/t gold (Daisy Showing)
The claims cover 2,760.6 hectares, at the north-east corner of the Hazelton Project. Mineralization found to date consists of polymetallic quartz and sulphide veins as well as porphyry-style molybdenum and copper/molybdenum/tungsten mineralization, hosted within the Bowser Lake Group and associated with a number of Buckley Group granodiorite intrusions. The most recent sampling on the properties occurred in 2009, with an airborne magnetic survey flown over the properties in 2012 on behalf of adjacent property owner, Amarc Resources Ltd.
Jason Cubitt, President of Jaxon Mining, noted: "these claims cover very interesting mineralization and some very high grades, adding further dimension to the many targets we are exploring on the Hazelton Project. The historical data from this project will be integrated into our existing database and will add to our knowledge of the multiple mineralizing events that occurred here at Hazelton."
The acquisition will be staged by paying $25,000 cash ($10,000 already on deposit) and issuing 250,000 shares of Jaxon over 3 years. The claims are subject to a 2% NSR, which can be bought back for $1 million per 1%. If the claims are placed into production, a further $50,000 payment and issuance of 100,000 Jaxon shares is due. The acquisition is subject to TSX Venture approval.
A claims boundary map is found below and is also posted on the Company's website — www.jaxonmining.com.
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.
About Jaxon
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.
Map 1 — Hazelton Project Claim Map showing new claims (shaded areas)
Cannot view Map 1? Please visit:
https://orders.newsfilecorp.com/files/881/34169_a1524455780625_33.jpg