JAXON VECTORS IN ON UNDER COVER PORPHYRY SYSTEM AT NETALZUL MT, DRILLS 14.2 METRES OF SULFIDE QUARTZ BRECCIA WITH 0.77% CUEQ AND 7.4 METRES OF MONZONITE DYKES WITH 0.71% CUEQ AND ANNOUNCES 2021 AGM RESULTS

Canada - Jaxon Mining Inc. ('Jaxon' or the 'Company') (TSX.V: JAX, FSE: 0U31) is pleased to announce it has received assay results from the Netalzul Mt project on its 100% owned Hazelton property near Smithers, BC.

A total of 2,483 metres of diamond drilling over nine holes in the epithermal cap above the deep porphyry at Netalzul Mt are highlighted by 14.2 m of 0.77% copper equivalent (CuEq) in sulfide quartz breccia zone and 7.4 m of 0.71% CuEq in disseminated sulfide monzonite porphyry dykes. The deeper porphyry system has been identified as the source of the monzonite dykes observed in the core and in outcrops on surface. The Netalzul Mt porphyry system represents the first of seven targeted porphyry systems on the Hazelton property to be programmed for testing at depth.

The nine holes targeted near surface epithermal vein type mineralization and other evidence of the deeper porphyry. Four holes were drilled at the Daisy South Adit zone, two holes targeted the Daisy Central zone, and three holes targeted the Daisy North Contact zone. Drilling intercepted multiple styles of mineralization including epithermal intermediate sulfidation type (IS) Ag-Cu-Au polymetallic quartz veins, fracture filling sulfides veins, sulfide quartz breccia and a multiplicity of disseminated sulfide monzonite porphyry dykes. A Volterra IP and MT survey, a high-resolution LiDAR survey, petrological studies, rock dating studies, and structural mapping work were also completed during the 2021 work season. The LiDAR results will be utilized to reset and reprocess the life of project, geophysical, geochemical and structural data. The updated models will then be used to more precisely vector in on the deeper porphyry system target within Netalzul Mt. The Company expects to publish in Q1 and Q2 of 2022 the results of the new modeling, depicting the orientation and more precise depth of the porphyry system, using 3D projections.

Highlights of the 2021 Drilling Assay Results

NET21-06 at Daisy Central zone intercepted 1 m of high-grade polymetallic sulfide quartz breccia mineralization with 8.67% CuEq, consisting of 1.5% Cu, 612 g/t Ag, 1.21 g/t Au, 0.58% Sb, 0.12% Pb and 0.58% Zn contained within 4 m of 2.53% CuEq, consisting of 0.46% Cu, 178 g/t Ag, 0.35 g/t Au, 0.16% Sb, 0.04% Pb and 0.16% Zn contained within 14.2 m of 0.77% Cu, 50 g/t Ag, 0.10 g/t Au, 0.045% Sb, 0.01% Pb and 0.05% Zn at a depth of 95 m to 109.2 m and 1 m of high-grade polymetallic sulfide quartz breccia mineralization with 1.39% CuEq consisting of 0.22% Cu, 84.4 g/t Ag, 0.49 g/t Au, 0.05% Sb, 0.04% Pb and 0.08% Zn at a depth of 426 m to 427 m.

NET21-01 at Daisy South Adit zone intercepted 1 m of high-grade polymetallic sulfide quartz mineralization with 5.03% CuEq, consisting of 0.74% Cu, 354 g/t Ag, 0.57 g/t Au, 0.42% Sb, 0.36% Pb and 0.44% Zn contained within 7.2 m of 0.93% CuEq, consisting of 0.13% Cu, 53 g/t Ag, 0.12 g/t Au, 0.06% Sb, 0.06% Pb and 0.13% Zn contained within 14.5 m of 0.50% Cu, 28 g/t Ag, 0.07 g/t Au, 0.03% Sb, 0.03% Pb and 0.07% Zn at a depth of 22.9 m to 37.4 m and 1 m of high-grade polymetallic sulfide quartz mineralization with 3.37% CuEq consisting of 0.42% Cu, 76 g/t Ag, 0.65 g/t Au, 0.11% Sb, 4.22% Pb and 1.80% Zn contained within 10.0 m of 0.47% CuEq, consisting of 0.09% Cu, 9.82 g/t Ag, 0.08 g/t Au, 0.01% Sb, 0.44% Pb and 0.20% Zn at a depth of 148 m to 158 m.

NET21-05 at Daisy North Contact zone intercepted 7.4 m disseminated monzonite porphyry mineralization with 0.71% CuEq consisting of 0.45% Cu, 12 g/t Ag, 0.019% Mo and 0.026% Zn contained within 13.15 m of 0.44% CuEq, consisting of 0.30% Cu, 7.13 g/t Ag, 0.013% Mo, 0.01 g/t Au and 0.016% Zn at a depth of 33.65 m to 46.8 m.

Multiple narrow monzonite porphyry dyke swarms measuring several centimetres to 1 to 2 metres wide have been widely intercepted in all holes (primarily NET21-06, 07 and NET21-09) at Daisy North Contact zone and Daisy Central zone. Examples include the monzonite dykes from 98.0 m to 99.2 m at hole NET21-06 with CuEq grade of 0.21% including Cu grade of 0.11% with 6.2 g/t Ag and 63 ppm Mo and intercalating layers between monzonite dykes and granodiorite hosting rocks at 154 m to 164 m with CuEq grade of 0.15% including 918 ppm Cu, 3.57 g/t Ag and 137 ppm Zn.

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.

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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.

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