Jaxon Reports 3.4 Kg per Tonne Silver, 12.7 Grams per Tonne Gold at Price Creek, VMS Target - Skeena Arch, BC
Vancouver, February 1, 2017 - In anticipation of a scheduled summer 2017 drill program, Jaxon Minerals Inc. (TSXV: JAX) (FSE: 0U3) ("Jaxon" or the "Company") continues to review recent and historic data on the Price Creek volcanogenic massive sulphide (VMS) property. Highly anomalous precious and base metal values were recorded from surface samples over a widespread area within the Max target, one of several prospective targets on the property, with mineralization exposed over a vertical extent of 750 metres within a one square kilometre area. Surface Rock Chip and Grab Samples
112 mineralized rock chip-grab samples were collected from the property. Of these:
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The highest recorded silver value was 3,398 g/t Ag. Sixteen samples recorded silver values in excess of 250 g/t Ag.
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The highest recorded lead value was 39.46% Pb. Ten samples recorded lead values in excess of 10% Pb.
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The highest recorded zinc value was 18% Zn. Six samples recorded zinc values in excess of 10% Zn.
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The highest recorded gold value was 12.7 g/t. Twenty samples recorded gold values in excess of 1 g/t.
The ten highest silver equivalent values are summarized in the table below.
| Sample # | Ag (g/t) | Pb (%) | Zn (%) | Au (g/t) | Ag Eq g/t* |
| 1050803 | 419 | 14.0 | 11.6 | 2.6 | 1,404.0 |
| 1050804 | 347 | 6.5 | 7.0 | 1.3 | 860.8 |
| 1050807 | 469 | 39.5 | 9.8 | 0.6 | 2,053.1 |
| 1050808 | 480 | 26.8 | 6.5 | 2.9 | 1,722.5 |
| 1050809 | 481 | 27.2 | 6.4 | 3.4 | 1,767.5 |
| 1050811 | 353 | 30.6 | 0.5 | 2.0 | 1,453.7 |
| 1050812 | 3398 | 15.1 | 11.9 | 2.3 | 4,403.2 |
| 1050814 | 233 | 7.5 | 10.1 | 1.2 | 869.5 |
| 1050815 | 286 | 16.2 | 12.1 | 0.4 | 1201.4 |
| 1050818 | 1231 | 5.8 | 9.6 | 0.4 | 1744.9 |
Channel Samples
Over 175 metres of cut channel samples were collected from 6 trenches. Each channel sample represents a 1 metre long interval and averaged 10 kilograms in weight. A total of 174 cut channel samples were taken and preliminary assaying indicates high quantities of Ag and Au, and multi-percent values of Pb and Zn. However, a significant number of samples assayed for silver, zinc and lead exceeded the maximum threshold for the assay method used (see table below). These over-limit samples may be re-assayed to determine their true metal content.
| Metal | # Over-limit Samples | Max Threshold |
| Silver | 32/174 | > 100 g/t |
| Lead | 51/174 | > 1% |
| Zinc | 75/174 | > 1% |
| Manganese | 91/174 | > 1% |
"We're very excited to see these kinds of bonanza silver and base metals grades distributed over a large surface area and a vertical extent of 750 metres," said Jason Cubitt, Jaxon's president and CEO. "Price Creek is obviously mineral-rich at surface-but what's most interesting to us is that, although the property bears all the hallmarks of an Eskay Creek style precious and base metals rich VMS deposit, it's never been explored as such."
Jaxon continues to review data from recent and historic work on the Price Creek property. This data will inform the planned spring / summer drill program and further results will be released as appropriate. Jaxon also advises that it has elected not to pursue the Hot Bath property in northern British Columbia.
* For the purposes of silver equivalent calculation, the following metals prices were used in the table above: US$18.2/oz silver, US$1,240/oz gold, US$0.91/lbs lead and US$0.94/lbs zinc.
This news release has been reviewed by Glen Macdonald, P.Geo. (a qualified person for the purpose of National Instrument 43-101, Standards and Disclosure for Mineral Projects).
About Jaxon
Jaxon is a base and precious metals exploration company with a regional focus on western Canada. The company is currently advancing its optioned Price Creek Property in north-central British Columbia in the Skeena Arch. The property has seen considerable historic exploration work and presents a VMS-style target with reported potential for Eskay Creek Mine / Equity Silver Mine style mineralization.
ON BEHALF OF THE BOARD
Signed "Jason Cubitt"
Jason Cubitt, President and Director
For further information regarding Jaxon Minerals Inc., please contact Jason Cubitt at 604-608-0400, Toll free: 1-877-608-0007.
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