Jaxon Closes Price Creek Project Acquisition and 10,400,000 Unit Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2016) - Jaxon Minerals Inc. (TSXV: JAX) is pleased to announce that it has closed a 10,400,000 unit private placement at $0.07 per unit to raise $728,000. Each unit consists of a common share and one half share warrant with one full warrant required to purchase an additional common share at $0.10 up to October 28, 2017.
The Company also reports that the TSX Venture Exchange has accepted for filing the acquisition of the Price Creek Option agreement with CJL Enterprises Ltd. as reported on in the News Release dated September 29, 2016. The Price Creek Property has seen considerable historic exploration and the Company is in the process of reviewing data and planning for the coming exploration and drilling campaign. This property with reported potential Eskay Creek/Equity Silver style mineralization was visited by Company personnel during the course of its due diligence and grab samples taken from trenches reported the following assay results:
Sample No. | Location (showing) | Au PPB (g/t) | Ag PPM (oz/t) | Pb % | Zn % |
| 16-01 | Knoll View | 6259 (6.26) | 39 (1.25) | 4.99 | 4.45 |
| 16-02 | Creek | 4732 (4.73) | > 1500 (>48.2) | 19.59 | 5.7 |
| 16-03 | Ted | 488 (0.49) | 213 (6.85) | 12.21 | 6.46 |
| 16-04 | Main | 659 (0.66) | 65 (2.1) | 1.07 | 21.29 |
This news release has been reviewed by Glen Macdonald, P.Geo. (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
Leif Smither, President, states: "The Price Creek acquisition is a compelling story and has significant upside as an advanced exploration project that Jaxon intends to aggressively explore. The coming year will be an exciting time for shareholders".
During the compilation and analysis of historical information, the Company will from time to time be publicizing results of its findings.
ON BEHALF OF THE BOARD OF DIRECTORS
Jaxon Minerals Inc.
"Leif Smither"
Leif Smither, President.
For further information regarding Jaxon Minerals Inc., please contact Leif Smither at 604-608-0400, Toll free: 1-877-608-0007.
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.