Jaxon Minerals Inc.
TSX VENTURE : JAX

Jaxon Minerals Inc.

July 17, 2009 16:55 ET

Jaxon Minerals Inc.: Exploration Results from Nox Fort

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2009) - Jaxon Minerals Inc. (TSX VENTURE:JAX) -

The Company, advises that it has now received all of the results from its 2008 field exploration program on the Nox Fort gold-bismuth-tellurium (Au-Bi-Te) property located approximately 15 kilometers southwest of Salmo, B.C.

Management is pleased to report that two high priority Reduced Intrusion Related Gold Deposit (RIRGD) style drill targets have been identified as well as other new anomalous gold localities that will require additional detailed exploration. The 2009 Nox Fort work program which will include diamond drilling is currently being finalized to advance these potential bulk tonnage style RIRGD targets.

Situated in southern British Columbia about 6 kilometers north of the USA border, the 6,327 hectare Nox Fort property is centered on the historic placer gold-bearing Tillicum Creek drainage system. It also contains the historic Bunker Hill Mine which produced, on a limited basis (1897 to 1942 with recorded shipments during the 1930's & early 1940's of 393 tonnes, at least some of which was sorted, yielded an average grade of 8.5 gm/tne gold and 24 gm/tne silver), from three adits that were driven on or into gold-bearing quartz veins. The 2008 property-scale exploration program generated Au-Bi-Te anomalies which are more extensive than the known RIRGD mineralization at the Bunker Hill Mine area.

In the Bunker Hill area, a series of 269 chip and portable rock-sawn channel samples (generally one meter lengths) were taken from exposed RIRGD style mineralized quartz veins and skarn-alteration. Previous work from grab samples identified visible gold and associated bismuth-tellurium bearing minerals similar to those found in quartz veins in RIRGD's world-wide. Jaxon's sampling over an area about 300 meters across and about 140 meters in elevation included existing surface workings at the three underground levels of the former Bunker Hill Mine as well as neighboring quartz veins and skarn alteration.



Table One: Assay Highlights of Rock Sampling in 2008 in the Bunker Hill
Mine area, Nox Fort Property
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Sil-
Gold Bis- Tellu- ver
Sample Sample Length (gm/ muth rium (gm/
Location Number type (m) tne) (ppm) (ppm) tne)
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Portal Level 1, S 869457 Chip 0.9 6.34 40 2.2 1.3
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Portal Level 1, S 869458 Chip 1.0 3.27 229 15.8 26.0
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40m NW Portal 1 869483 Chip 0.7 17.06 1184 26 3.8
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40m NW Portal 1 869484 Chip 0.3 3.2 838 21 38.7
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Quartz vein 55m N 869476 Chip 1.0 2.80 209 6.7 26.0
Portal 1
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Quartz vein 55m N 869477 Chip 1.5 6.24 281 13.3 5.2
Portal 1
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Level 3, 55m below 918364 Grab Quartz- 18.96 1382 60.0 39.1
Portal Level 1 from sulphide
dump vein
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BiTel Knoll, upslope 869600 Channel 1.1 2.29 101 9.1 0.2
200m ENE Portal 1
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Ella vein upslope 869706 Channel 1.3 2.28 201 14.2 1.1
175m ENE Portal 1
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Highlights of 2008 - detailed rock sampling includes DRILL TARGET ONE: BUNKER HILL MINE AREA

Typically RIRGD mineralization is found in quartz veins hosted in a granitic intrusion and in adjacent hornfelsed altered country rock. At the Bunker Hill Mine area target, several vein orientations occur but generally the meter-scale quartz veins exhibit low sulphide content and little alteration. The portal veins occur in metasediments near the western contact of the Bunker Hill granitic sill while the BiTel Knoll sheeted veins and veinlets are hosted in the Bunker Hill Sill and its contact. The quartz vein material results highlighted in Table One contain the distinctive Au-Bi-Te geochemical signature typical of the better known RIRGD of Alaska and Yukon.

DRILL TARGET TWO: LEFERVE SKARN AREA

Typically RIRGD may have associated gold-rich skarns developed in contact with the host granite intrusive. At Nox Fort the undrilled historic pits and trenches exposing pyroxene-garnet scheelitebearing skarn at the Lefevre Zone are gold-bearing mineralized examples. Overprinting gold-bearing sulphide and quartz veinlets cross-cut the calcareous rocks hosting the gold skarn and are believed to be genetically related to the adjacent western contact of the Bunker Hill intrusive Sill. Tungsten (W) is generally confined to a single large zone of skarn alteration, and from 97 samples of that skarn material, W ranged to 4620 ppm (or 0.46%). Highlights of RIRGD skarn hosted mineralization exposed in numbered pits and trenches are presented in Table two.



Table Two: Highlights of Rock Sampling in 2008 at Lefevre Skarn Zone,
Nox Fort Property
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Len-
Sample Sample gth Gold Bismuth Tellurium Silver
Location Number type (m) (gm/tne) (ppm) (ppm) (gm/tne)
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Lefevre skarn-1 945424 Channel 0.8 1.27 105 1.6 0.5
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Lefevre skarn-3 945516 Channel 1.8 1.42 116 3.3 11.6
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Lefevre skarn-3 945523 Channel 1.4 3.95 256 8.4 0.9
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Lefevre skarn-4 945530 Channel 1.1 3.30 355 10.0 0.8
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Lefevre skarn-4 945544 Chip 0.5 14.02 1247 33.9 2.6
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Lefevre skarn-5 945547 Channel 0.8 1.38 103 1.4 0.6
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SOIL SURVEYS: Activation Laboratories Ltd., Ancaster, Ontario has developed an innovative geochemical methodology using soil gas hydrocarbon (SGH) analysis of surface soil samples. Jaxon Minerals collected and submitted 152 surface soil samples from a 1.0 kilometer by 0.2 kilometer grid located in the Bunker Hill Mine-BiTell Knoll and Lefevre Skarn area. Actlabs used high resolution capillary column gas chromatography and mass spectrometry to produce SGH data which they interpreted to be indicative of signatures of gold mineralization from multiple targets in the grid area. Six SGH gold target anomalies were reported as possible vertical drill targets. The primary gold indicator class map located three separate priority target anomalies (400m, 200m & 100m in length) with a 5.0 rating on a 6.0 scale and the secondary gold indicator class map located three more separate targets with a 3.0 rating. The Company intends to drill test the overburden covered SGH survey gold drill targets as they appear to expand the potential for RIRGD mineralized zones along the strike of the Bunker Hill Sill and its contact.

The 2008 conventional soil sampling grid survey collected 1,512 B horizon soils, the majority of which were gathered in the Bunker Hill area. Ranging from individual to tight clusters of anomalous results for Au-Bi-Te, several targets are interpreted to highlight parts of the granite contact that controls the RIRGD Bunker Hill mineralization, while some others outline certain rock types in the enclosing metasediments. These soil survey patterns continue to expand the granite hosted quartz vein-skarn and hornfels zone RIRGD model for mineralization in under-explored portions of the Nox Fort Property.

Stream sediment sampling and gold panning of the well developed drainage systems which cross the early Cretaceous granites and their contacts return anomalous gold, bismuth, and tellurium contents across the Nox Fort property. Known mineralization has not been drilled nor does it adequately explain the extent of placer gold and stream sediment gold contents or gold-bismuth-tellurium soil and till geochemical anomalies generated during the 2008 property-scale exploration program.

As a follow-up to sampling completed by the Nox Fort Property vendor, new stream sediment sampling by Jaxon returned several strongly anomalous silt assays in both gold and bismuth. Those anomalous results cover an area about a kilometer across, located about 2.5 kilometers northeast of the Bunker Hill occurrence. Anomalous gold and bismuth indicate a potential for the Bunker Hill-type mineralization to extend along a northeast trend in an area where very little historical exploration has occurred. That area is a target for further exploration of the highest priority.

Jaxon also extended its exploration into the east portion of the Property which had seen little to no previous exploration. A series of strongly anomalous results were obtained from stream sediment samples taken over a 2-kilometer length of Wallack Creek which drains the Early Cretaceous Wallack Creek granitic stock and its contact. These favorable results, lying about 4 kilometers east of the Bunker Hill Mine, are interpreted to suggest that the RIRGD mineralization associated with the Bunker Hill Sill may have broader distribution at another high-priority target, the Wallack Creek Stock. Detailed followup exploration is justified in this under-explored eastern portion of the Nox Fort Property.

During the 2008 field season Jaxon collected 3,227 samples. This sampling was organized into stages that included rock, soil, silt and till sampling as well as a soil gas hydrocarbon (SGH) survey. The purpose of the 2008 exploration was threefold:

- to sample, in detail, many of the historical Bunker Hill mine area gold-bismuth-tellurium (Au-Bi-Te) quartz vein showings and some newly discovered mineralized gold showings along the Bunker Hill granitic intrusive and the trend of its contact, and to expand the existing soil sample coverage in the same area,

- to follow-up on certain anomalous results recorded by previous workers, and

- to prospect and rock sample as well as conduct a reconnaissance stream sediment and till survey in previously under-explored portions of the property.

All field work was conducted from Salmo, B.C. by the geotechnical staff of Minconsult Exploration Services under the daily field supervision of J. David Williams, P. Eng., Senior Project Geologist.

All samples were delivered to Acme Analytical Laboratories (Vancouver) Ltd. for analysis in sealed and serialized bags under secure transport from Castlegar, B.C. Geochemical samples were collected in the field in weights of about 2 kilograms in large bags and sieved by the laboratory for their -230 mesh fraction. A 30-gram subsample from each geochemical sample or a 30-gram pulp split from each rock sample was analyzed by a 58-element wet geochemical ultratrace ICP-MS procedure (Acme procedure 1F06). Analytical and replicate samples were inserted into the sample stream by the laboratory.

Samples overlimit in tungsten were rerun with a phosphoric acid digestion and analyzed by an ICPEmission Spectrometer (Acme procedure 7KP). Thirty-seven rock samples selected to cover a range of low and high-grade determinations in gold were repeated by fire assay. The results of that test showed a high correlation (r-value of 0.994). A similar test with twenty silver samples showed high correlation between wet geochemical ICP-MS and ICP-ES procedures (r-value of 0.991).

Mr. J. David Williams has compiled all data from the 2008 Nox Fort Exploration Program and written an Assessment Report which has been filed in 2009 with the government. All claims under option are and have been kept in good standing due to the execution of the 2008 work program.

A technical report, conforming to National Instrument 43-101, that details the results of the 2008 exploration program is in preparation and is expected to be submitted for posting on SEDAR during July 2009.

In the coming months, Jaxon Minerals intends to conduct a field program of geological mapping, prospecting and sampling to assess the pair of high-priority target areas as well as other anomalous locations. An application for an exploration permit for that proposed work program was submitted to the Province in a "Notice of Work" at the end of May. An exploration permit for a planned drill program is in preparation for filing. That drill program will test the two high priority, RIRGD, Bunker Hill Mine target areas identified during the 2008 program and perhaps other gold targets to be identified as high priority areas for later in the year or in early 2010.

J. David Williams, P.Eng., a qualified person as defined by National Instrument 43-101, has supervised the preparation of the technical information in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

JAXON MINERALS INC.

LAURENCE STEPHENSON, P.Eng., MBA, PRESIDENT

About Jaxon Minerals Inc.:

Jaxon Minerals Inc. is focused primarily on its Nox Fort Property where it has an option to acquire 100% interest from Clarke Gold of Calgary, AB. This large land package of about 64 square kilometers consists of 16 mineral claims and two Crown Granted claims which cover potentially Reduced Intrusion Related Gold Deposits. Although these style of deposits have been actively explored for in Alaska and Yukon this is the first mineral property in Southern British Columbia to exhibit the many classic geologic and unique mineralogical and geochemical associations of Au-Bi-Te that are characteristic of the producing Fort Knox Mine in Alaska.

Since the property has never been diamond drilled, the Company in 2008 planned and implemented modern exploration methods and models to evaluate the spectrum of mineralization potentially present. This systematic approach has successfully identified drill ready gold RIRGD targets and suggested further discovery potential in under-explored, poorly exposed areas of the Nox Fort Property. Further detailed exploration and drilling is planned in 2009.

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, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in the 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 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 to the date of the 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.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for, the accuracy of this release.

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