Jaxon Mining Inc. Announced that it has received the ‘Updated 3D porphyry footprint modeling incorporating new rock samples, Netalzul, British Columbia' report from Fathom Geophysics (the ‘Report'), which was commissioned as part of Jaxon's ongoing conceptual geological modeling and porphyry target visualization and vectoring programs. Fathom Geophysics completed the first 3D porphyry footprint modeling exercise over the Netalzul Mountain and Red Springs target areas in early 2021. Jaxon utilized Fathom's 2022 modeling to rank its porphyry targets at Netalzul Mountain, to create 3D visualizations of those targets, and to provide vectors pointing to the locations around the porphyry centre where there is the highest probability for intersecting volumes of porphyry copper mineralization. Additional geochemical samples taken in 2021 were included in the dataset used in the Report.

The entire Netalzul dataset will be reprocessed and remodeled again by Fathom in the spring of 2022. Fathom's porphyry footprint modeling method works by taking an idealized model of a porphyry copper system and moving it through 3D space. The core of the targeted porphyry system is placed at every voxel in a 3D model until it fits the most logical location per the reference models.

The idealized or reference model used for this work was derived from Halley et al, 2015. The geochemical model Halley uses is largely derived from Yerington and includes zonation information from other significant porphyry deposits. Jaxon is using the same modeling team and approach as was used by SolGold at the Alpala epithermal porphyry discovery in Ecuador.

The modeling reveals and confirms Jaxon's view of Netalzul Mountain as a geological analog of Alpala. Many of the samples used for the previous work included only nine of the 11 elements used to generate the footprint analysis in May 2021. Those samples did not include analyses for Li and Sn.

Other assays included fewer elements. An additional 38 samples were collected and analyzed in 2021. The new data have been analyzed for all 11 of the elements that the Halley model requires for the footprint modeling.

The new and old data were merged into a single dataset. The new samples closed some spatial gaps in the previous dataset. The new dataset also provides more complete coverage for Sn and other elements that allow the model to approximate more accurately the actual depth of Jaxon's targeted porphyries.