Jaxon Mining Inc. announced the preliminary summary report on results of the DC resistivity/3D induced polarization (IP) and a short interval magnetotelluric (MT) geophysical survey over the Netalzul Mt porphyry target area, conducted by SJ Geophysics of Delta, B.C. The IP survey results define a large annular IP chargeability anomaly interpreted as propylitic alteration. The MT survey results show a deep central conductive MT anomaly further lighting up the deeper porphyry target. The MT survey results vector in on the porphyry at the same target area as the comparative modeling of surface geochemistry produced by Fathom Geophysics in early 2021.

Fathom identified the Netalzul Mt porphyry system and provided directional vectors to its location using their comparative porphyry vectoring model. As a result of this modeling exercise, Netalzul Mt is the priority and most advanced of seven epithermal porphyry system exploration projects on Jaxon's 100% owned Hazelton property approximately 40 km north of Smithers, B.C. In 2021, Jaxon drill tested locations inside the propylitic alteration over the deeper porphyry target where multiple zones with high-grade, epithermal, polymetallic sulfide quartz veins had been identified. As a result, Jaxon has confirmed the presence of a large number of monzonite dykes and monzonite altered granodiorite.

The monzonite is attributed to the deeper porphyry system. Monzonite dykes are classically associated with, are generated by and are signatures of a large porphyry system. The discovery and identification of the monzonite dykes supports Jaxon and Fathom's modeling which projects the location of the copper/molybdenum porphyry system at a depth of ~800 m within Netalzul Mt.

SJ Geophysics conducted a high resolution and deep penetrating DC resistivity, Voltara 3D induced polarization (IP) and MT geophysical survey in September and October of 2021. The MT survey will be reprocessed in early 2022 to provide a more precise 3D projection of the porphyry system at depth. The IP survey shows that the faults structurally control the location of the deeper porphyry system.

In the 2022 summer work season, Jaxon's consulting structural geologist will confirm the extent to which these faults control the location and the shape of the deeper porphyry system and also examine how these same faults control/influence the propylitic alteration zones with their nearer-to-surface, epithermal sulfide quartz veining mineralized areas. A large (2.5 km x 2.3 km) annular resistivity and chargeability anomaly has been identified. The strong chargeability anomaly is interpreted as due to pyrite in the propylitic zone surrounding a deep porphyry centre.

The small chargeability features within the annular anomaly are of classic chalcopyrite chargeability likely caused by the mineralized monzonite dykes. These chargeability, resistivity and magnetic features are analogous to Surge Copper's Seel and Ox porphyry copper deposits. Surge's targets are satellite porphyry deposits surrounding the large Huckleberry porphyry Cu-Au mine located 150 km south of the Netalzul Mt project, in a similar geological setting and of similar age (Surge Copper Corp.

| Exploration Targets). A deep northwest trending fault structure has been identified in the centre of the annular chargeability anomaly. This fault controls the location of the targeted porphyry system at Netalzul.

A large, deep magnetotelluric conductivity anomaly at the central north surveying area is identified within the annular chargeability anomaly and is interpreted to be a large porphyry system at depth. These results confirm the previously defined Rocks 1 and Soils 1 geochemical targets based on the porphyry footprint modelling by Fathom Geophysics in early 2021. The annular chargeability anomaly is open to the southeast where there is strong magnetic anomaly from the granite intrusion and where IP surveying will be conducted in 2022.

This survey has resulted in the discovery of an annular high chargeability zone (2.5 km x 2.3 km) surrounding the geochemically defined soil and rock porphyry targets. The new chargeability anomaly is best developed below 200 metres. The MT anomaly at a depth of ~1000 m confirms previous models and interpretations of the porphyry.